What are the Global Growth Factors?
The growth of the Medical Electrodes Market is attributed to the increasing incidence of neurological and cardiovascular disorders, subsequent growth in diagnostic procedures, growing preference for home and ambulatory healthcare, and increasing investment in R&D. Growing need for early disease diagnosis, untapped emerging markets are expected to offer significant growth opportunities for manufacturers in the coming years.
What The Experts Says about the Market Growth?
The medical electrodes market is expected to reach $732.4 Million by 2022 from $583.2 Million in 2017, at a CAGR of 4.7%.
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Cardiology to dominate the market in 2017
Based on application, the Medical Electrodes Market is segmented into cardiology, neurophysiology, sleep disorders, intraoperative monitoring (IOM), and other applications. In 2017, cardiology segment is expected to account for the largest share and to register the highest CAGR of the Medical Electrodes Market. This can be attributed to the increasing prevalence of cardiovascular diseases (CVD), growing geriatric population, rising cardiovascular health awareness, and technological innovations in diagnostics tools and monitoring techniques. These factors drive the growth in the Medical Electrodes Market.
On the basis of technology, dry electrodes are projected to register the highest CAGR
By technology, the Medical Electrodes Market is segmented into dry electrodes, wet electrodes, and needle electrodes. Dry electrodes are expected to register the highest CAGR during the forecast period. Dry electrodes measure biopotential signals without using any gel or adhesive. Also, procedures involving the use of these electrodes do not require any skin preparation. Various types of dry electrodes have been introduced in the market to overcome the issues associated with wet electrodes. Moreover, this market segment is witnessing numerous technological advancements focused on developing products that provide high signal quality and better patient comfort. These factors are expected to boost the demand for dry electrodes.
North America is expected to dominate the Medical Electrodes market. Factors such as growing focus on innovative technologies, rising geriatric population, and increasing awareness about the benefits of early disease diagnosis and high healthcare expenditure in the US and Canada are the major factors supporting the growth of Medical Electrodes market.
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Key Market Players:
Some of the major players operating in the Medical Electrodes market are 3M Company (US), Medtronic (Ireland), Ambu (US), Natus Medical Incorporated (US), Rhythmlink International, LLC (US), Koninklijke Philips N.V. (Netherlands), Cognionics, Inc. (US), CONMED Corporation (US), Leonhard Lang GmbH (acquired by DCC plc), and Nihon Kohden Corporation (Japan).
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