by Market Overview:
Medical electrodes are devices used for diagnostic and therapeutic purposes in the healthcare industry. They help in recording different electrical signals in the body such as heart rate, brain waves, muscle activity etc. and also deliver therapeutic electrical impulses to stimulate muscles and nerves. Medical electrodes come in different shapes and sizes depending upon their end use applications. They offer advantages such as ease of use, flexibility, small size, biocompatibility and do not require much expertise to operate. With growing aging population worldwide and rising prevalence of chronic diseases, demand for medical devices utilizing electrodes is increasing rapidly which is driving growth of this market.
Market key trends:
One of the key trends in medical electrodes market is the growing demand for disposable electrodes. Disposable medical electrodes are pre-gelled, adhesive-backed electrodes meant for one-time use to eliminate risk of infection. They offer advantages like convenience of use and reduce health risks associated with reusable electrodes. According to estimates, disposable medical electrodes accounted for over 70% market share in 2021. Another major trend is increasing adoption of dry electrodes which do not require use of electrically conductive gels or pastes. Dry electrodes offer benefits like improved signal quality, longer shelf-life, lower cost and ease of application. Technological advancements are allowing development of flexible and stretchable dry electrodes paving way for new opportunities in this market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the medical electrodes market is moderate. High capital requirements and stringent regulations act as a barrier for new companies to enter this market.
Bargaining power of buyers: The bargaining power of buyers is moderate. The presence of many established manufacturers limits options for buyers, however growing sophistication of healthcare devices results in increased buyer demand.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the fragmented nature of suppliers and differentiated requirements of electrodes by end-users.
Threat of new substitutes: The threat of new substitutes is low as medical electrodes have few substitutes and alternatives. Technologies like wireless connectivity pose a potential threat.
Competitive rivalry: Competition in the medical electrodes market is high among the top players. Manufacturers compete based on product quality, innovation, and pricing.
Key Takeaways
The Global Medical Electrodes Market is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period 2023-2030, due to increasing prevalence of chronic diseases and rising geriatric population globally.
Regional analysis
North America dominated the global medical electrodes market in 2021 and is expected remain the largest market over the forecast period. This is attributed to the rising incidence of cardiovascular and neurological disorders in the region. Asia Pacific is anticipated to be the fastest growing market due to growing healthcare infrastructure and increasing medical tourism in countries like India and China.
Key players
Key players operating in the medical electrodes market are Koninklijke Philips NV, Dymedix Diagnostics, Medtronic PLC, CooperSurgical Inc., Cognionics Inc., Ambu A/S, 3M Company, Nihon Kohden Corporation, CONMED Corporation, and Natus Medical Incorporated, among others.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
