Global Medical Electrodes Market Overview 2023: Size, Drivers, And Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The global medical electrodes market has demonstrated robust growth, evolving from $1.83 billion in 2022 to $1.97 billion in 2023, marking a noteworthy compound annual growth rate (CAGR) of 8.0%. As we navigate forward, the market is poised to reach a size of $2.49 billion in 2027, maintaining a steady CAGR of 6.0%. Let’s delve into the key factors propelling this growth and the dynamics shaping the industry.
Catalyst for Growth: Increasing Prevalence of Chronic Diseases
The anticipated growth of the medical electrodes market is significantly driven by the increasing prevalence of chronic diseases. These long-lasting and often incurable conditions are on the rise due to factors such as tobacco use, poor nutrition, physical inactivity, and excessive alcohol consumption. Medical electrodes play a crucial role in treating chronic diseases by measuring, monitoring, and recording vital body functions during medications. The American Action Forum’s report in September 2020 highlighted the escalating prevalence and costs of chronic diseases in the United States, making it a critical healthcare concern. The rising cost of chronic diseases in the U.S., totaling $3.7 trillion annually, underscores the importance of medical electrodes in addressing this healthcare challenge.
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Key players influencing the trajectory of the medical electrodes market include 3M Company, CONMED, Koninklijke Philips NV, Medtronic, and Ambu A/S, among others. These industry leaders contribute to market growth through innovation and strategic initiatives.
Trending Innovation: Technological Advancement
Technological advancement emerges as a key trend in the medical electrodes market, with a focus on enhancing patient comfort and improving the electrode-tissue interface for better recording and stimulation. The market witnesses a demand for prominent electrodes like electrocardiography and electroencephalography electrodes. Noteworthy advancements include the launch of electrophysiological dry electrodes and high-elasticity wiring materials by Shin-Etsu Chemical Co., Ltd. These innovations enable the monitoring and transmission of electrical bio signals from wearables, enhancing physical and mental well-being.
In December 2020, Rhythmlink International, LLC, a US-based medical device manufacturing company, acquired Chalgren Enterprises, a manufacturer specializing in electrodes for neurodiagnostic, further fueling innovation in the field.
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Regional Dynamics: Powerhouses and Growth Frontiers
North America took the lead as the largest region in the medical electrodes market in 2022, showcasing a strong market presence and contributions to industry growth.
Asia-Pacific is anticipated to be the fastest-growing region in the forecast period, signaling emerging opportunities and dynamics in the market.
Market Segmentation: Diverse Dimensions
1) By Usability: Disposable Medical Electrodes, Reusable Medical Electrodes
2) By Technology: Wet Electrodes, Dry Electrodes, Needle Electrodes
3) By Procedure: Electrocardiography, Electroencephalography, Electromyography, Other Procedures
4) By Application: Cardiology, Neurophysiology, Sleep Disorders, Intraoperative Monitoring, Other Applications
The Medical Electrodes Global Market Report 2023 provides a comprehensive overview on the medical electrodes market size, medical electrodes market trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the medical electrodes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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