by Cardiology electrodes play a vital role in diagnosis and treatment of cardiovascular diseases. ECG electrodes help in recording electrical activities of the heart. Various types of ECG electrodes such as disposable, reusable and pre-gelled are used to conduct electrocardiography (ECG) test. Advancements in technology have led to the development of wireless and portable ECG patches and monitors for convenient heart monitoring. These devices are used both at hospitals and for self-monitoring at home. The growing demand for portable ECG devices is expected to drive the cardiology electrodes market over the forecast period.
The global Cardiology Electrodes Market is estimated to be valued at US$ 155.19 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand for ECG electrodes and increasing prevalence of cardiovascular diseases are key drivers fueling the growth of the cardiology electrodes market. According to the World Health Organization, cardiovascular diseases account for over 17.9 million deaths worldwide every year, which is expected to reach 23.6 million by 2030. Rising geriatric population and increasing risk factors such as obesity and smoking are contributing to the growing incidences of cardiovascular conditions globally. This in turn is driving demand for diagnostic tests like ECG, thereby boosting sales of cardiology electrodes. Furthermore, technological advancements in wireless monitoring systems are providing opportunities for market players to develop innovative product offerings and expand their market share. However, stringent regulatory approval process and longer product replacement cycle may hamper market growth over the forecast period.
Segment Analysis
Cardiology Electrodes Market can be segmented by product type, procedure type, end user and geography. Diagnostic Electrodes is the dominating sub segment under product type. This segment held more than 60% of total market share in 2020 owing to high usage of diagnostic electrodes for various cardiac diagnostic procedures like ECG, EEG and EMG.
PEST Analysis
Political: Governments across developed regions are focusing on modernizing healthcare infrastructure and promoting digitization which is positively impacting the cardiology electrodes market. Various initiatives are being taken to expand healthcare access in developing nations as well.
Economic: Rising per capita healthcare expenditure, growing elderly population suffering from cardiovascular diseases and increasing investment by hospitals and diagnostic centers in advanced medical equipment are fueling the economic growth of this market.
Social: Growing incidence of lifestyle diseases, increasing adoption of remote patient monitoring systems and rising awareness about early disease diagnosis are some of the key social factors driving the demand for cardiology electrodes.
Technological: continuous innovation in cardiac devices, adoption of wireless electrodes and Bluetooth connectivity compatible devices, integration of AI into cardiac procedures and growing popularity of mobile cardiac telemetry are some of the emerging technological trends in this market.
Key Takeaways
Global Cardiology Electrodes Market Size is estimated to be valued at US$ 155.19 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.
North America region is expected to dominate the cardiology electrodes market during the forecast period. Factors such as strong healthcare infrastructure, higher healthcare spending, early technology adoption and presence of leading market players in the region is driving the market growth. The United States accounted for over 85% of North American market share in 2024.
Key players
Key players operating in the cardiology electrodes market are Nidec Corporation, AMETEK Inc., ABB Ltd., Hitachi Ltd., Regal Rexnord Corporation, Robert Bosch GmbH. Nidec Corporation dominated the market and held around 25% market share in 2020 owing to its diversified product portfolio and strong global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
