The global medical electrodes market was valued at $842.9 million in 2020, and it is expected to advance at a CAGR of 6.7% between 2021 and 2025. The market will also generate a revenue of $1,151.6 million by 2025, as per the forecast of P&S Intelligence, a market research company based in India. The factors fueling the growth of the market are the rising incidence of chronic diseases, mushrooming geriatric population, and the rapidly developing healthcare infrastructure across the world.
Additionally, the burgeoning requirement for advanced medical devices including diagnostic instruments and equipment, is also propelling the advancement of the market. Several technologically advanced devices are increasingly being adopted in the healthcare sector for providing better healthcare to patients, improving the quality of patient care, enhancing the performance of medical devices, and increasing their monitoring accuracy. For example, Ambu A/S’ Ambu BlueSensor BR is equipped with a skin-friendly solid gel that provides an excellent signal quality in several applications.
Another major medical electrodes market growth driver is the increasing incidence of chronic diseases. Chronic illnesses, which last for a long period of time, severely limit the daily activities of patients and require continuous medical attention. Moreover, these diseases are the leading cause of disability and death around the world. As medical electrodes are widely used in electrical stimulation for providing a statistical basis for medical treatment and diagnosis, the increasing prevalence of chronic illnesses is pushing up their demand.
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When usability is taken into consideration, the medical electrodes market is divided into reusable and disposable categories. Between these, the disposable category is predicted to demonstrate the faster growth in the market in the forthcoming years. This is attributed to the soaring demand for disposable medical electrodes, on account of their greater ease of use and lower costs than the reusable electrodes. Moreover, these electrodes do not need sterilization before usage and are thus, widely preferred over the reusable variants.
Depending on modality, the market is classified into electroencephalography (EEG) & brainstem auditory evoked potential (BAEP), electrocardiography (ECG), and electromyography. Amongst these, the ECG category held the largest share in the market in 2020, because of the high incidence of cardiovascular diseases such as coronary artery diseases, atherosclerosis, and arrhythmias. ECG is mainly used for measuring the rate and ascertaining the rhythm of the heartbeat and providing an indirect evidence of the blood flow to the heart muscles.
Geographically, the North American region contributed the highest revenue to the medical electrodes market in 2020, primarily because of the presence of a large geriatric population and the huge requirement for the early diagnosis of neurological and cardiovascular diseases among the ageing people in the region. However, in the forthcoming years, the market will demonstrate the fastest growth in Asia-Pacific (APAC), due to the growing healthcare expenditure and surging geriatric population in the region.
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The major players operating in the global medical electrodes market include 3M Company, Medtronic plc, CONMED Corporation, Johnson & Johnson, Koninklijke Philips N.V., Nihon Kohden Corporation, Natus Medical Incorporated, The Cooper Companies Inc., Ambu A/S, Leonhard Lang GmbH, Symmetry Surgical Inc., and BIONEN s.a.s.
Market Size Breakdown by Segment
Based on Usability
Based on Modality
- Electrocardiography (ECG)
- Electroencephalography (EEG) & Brainstem Auditory Evoked Potential (BAEP)
- Electromyography (EMG)
- North America
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