The medical electrodes market is expected to reach USD $732.4 million by 2022 from USD$583.2 million in 2017, at a compound annual growth rate (CAGR) of 4.7%. This is according to new market research report “Medical Electrodes Market by Usability (Disposable, Reuse), Technology (Dry Electrodes, Wet, Needle), Diagnostic Procedures (ECG, EEG, EMG, EOG, ERG), Application (Cardio, Neurophysiology, Sleep Disorders, Intraoperative) – Global Forecast to 2022.”
The growth of the 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 research and development. Growing need for early disease diagnosis, untapped emerging markets are expected to offer significant growth opportunities for manufacturers in the coming years.
Cardiology to Dominate the Market in 2017
Based on application, the 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 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 market.
On the basis of technology, dry electrodes are projected to register the highest CAGR
By technology, the 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 to Dominate the Market Followed by Europe
In 2017, North America is expected to account for the largest share of the market. The high growth of the North American market is attributed to the factors such as the high incidence of neurological and cardiovascular disorders, increasing demand for technologically advanced electrodes, growing adoption of non-invasive diagnostic electrodes, and increasing awareness about the benefits of early disease diagnosis.
In 2017, 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.
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 3M (US), Medtronic plc (Ireland), Ambu (US), Natus Medical Incorporated (US), Rhythmlink International, LLC (US), Koninklijke Philips NV (Netherlands), Cognionics, Inc. (US), CONMED Corporation (US), Leonhard Lang GmbH (acquired by DCC plc), and Nihon Kohden Corporation (Japan). The other players in this market include Compumedics Limited (Australia), General Electric Company (US), g.Tec Medical Engineering GmbH (Austria), Vermed (US), Vectracor (US), Neuro Therapeutics (US), Emotiv (US), BIONEN sas (Italy), Nikomed (US), NeuroWave Systems Inc. (US), Wearable Sensing (US), Orbital Research Inc (US), NeuroSky (US), ANT Neuro (Netherlands), and SOMNOmedics GmbH (Germany).