Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the medical electrodes market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and market have been identified through extensive secondary research
- The revenues generated from the medical electrodes business of leading players have been determined through primary and secondary research
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
Expected Revenue Growth:
[208 Pages Report] The medical electrode market is projected to reach USD 2.1 billion by 2026 from USD 1.7 billion in 2021, at a CAGR of 4.3%
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Key Factors Driving Market Growth:
Growth in the medical electrodes market is primarily driven by the rising incidence of neurological & cardiovascular disorders, increasing investments in research for medical devices, and growing preference for home & ambulatory care services. Emerging markets in Asian countries are expected to offer strong growth opportunities for players in the market.
Rising incidence of neurological & cardiovascular disorders
The incidence of neurological & cardiovascular diseases and sleep disorders has significantly increased over the years. This increase has, in turn, driven the volume of diagnostic and treatment procedures conducted. Thus, the increasing demand for these procedures is likely to drive market growth. For instance, According to the World Health Organisation (WHO), cardiovascular disease (CVD) is a leading cause of death and disability worldwide. Globally, 17.9 million deaths due to CVD were reported in 2016; this figure is projected to increase to 23.6 million deaths by 2030.
The wet electrode segment dominated the Medical Electrodes Market in 2020.
Based on technology, the medical electrodes market is categorized into dry electrodes, wet electrodes, and needle electrodes. The wet electrodes segment accounted for the largest share of the global medical electrodes market in 2020. The large share of this segment can be attributed to the greater preference for the high signal quality provided by wet electrodes.
North America to dominate the market followed by Europe:
The medical electrodes market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2020, North America was the largest regional segment of the overall market, followed by Europe. The large share of the North American market is attributed to factors such as the growing focus of technological advancements in medical electrodes, rising geriatric population, the increasing incidence of chronic diseases, and high healthcare expenditure in this region.
Europe is expected to hold the second largest share of this market. Factors such as presence of a well-established healthcare industry, significant funding for life sciences and medical research, rising geriatric population, and increasing incidence of neurodegenerative and cardiovascular disorders in several European countries are expected to fuel the market growth in this region.
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The Medical Electrodes Market is highly competitive with the presence of several small and big players. Some of the major players in the market include Cardinal Health (US), 3M (US), ZOLL Medical Corporation (US), Medtronic (Ireland), Ambu A/S (Denmark), Natus Medical, Inc. (US), Koninklijke Philips N.V. (Netherlands), B. Braun Melsungen AG (Germany), CONMED Corporation (US), GE Healthcare (US), Cognionics, Inc. (US), Nihon Kohden Corporation (Japan), Rhythmlink International, LLC (US), Compumedics Limited (Australia), Nissha Medical Technologies (Japan), Boston Scientific Corporation (US), Medline Industries (US)