Market Size of Global Cardiology Electrodes Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 4.00 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Cardiology Electrodes Market Analysis
The Cardiology Electrodes Market is expected to register a CAGR of 4% over the forecast period.
The COVID-19 pandemic adversely affected the cardiac electrodes market. However, the application of ECG in some COVID-19 cases was expected to increase the market growth. For instance, in May 2021, published in the National Library of Medicine revealed that ECG can potentially be used in diagnosing COVID-19. Such studies indicate that the demand for cardiac electrodes is increasing amid the pandemic. Furthermore, in February 2021, QT Medical launched the Xpress ECG service, the world's first 12-lead ECG home test, to help reduce the risk of exposure to COVID-19 by bringing ECG tests to patients' homes. The 12-lead ECG (EKG) with PCA 500 makes it available for healthcare professionals and patients to use. The ECG tests are performed using PCA 500, a complete 12-lead ECG platform that includes a super-compact recorder, prepositioned electrode strip, mobile app, HIPAA-compliant cloud, and preliminary interpretation. Thus, such product launches are expected to increase market growth.
The factors attributing to the market growth are the increasing burden of cardiovascular disorders, rising demand for disposable electrodes, and growing focus on research and development for innovative products. The increasing burden of cardiovascular disorders is contributing to the market's growth. For instance, the British Heart Foundation's Report titled 'UK Factsheet' published in July 2021 reports that 7.6 million people in the United Kingdom live with heart and circulatory diseases. Further, according to the 2022 American Heart Association (AHA) report, approximately 244.1 million people were living with ischemic heart disease (IHD) around the world, and North Africa and the Middle East, Central and South Asia, and Eastern Europe had the highest prevalence rates of IHD in the world in 2020. Such statistics indicate the increasing number of cardiology procedures, further indicating the growing demand for cardiology. Such statistics indicate that the growing burden of cardiovascular disorders worldwide drives the demand for cardiac electrodes, thereby driving market growth in the coming period.
Furthermore, product launches by key market players are expected to increase market growth over the forecast period. For instance, in May 2022, Bittium exhibited its innovative products and solutions for cardiology at the ESOC 2022 congress in Lyon, France, on 4-6 May 2022. The new Bittium Faros 180L ECG measuring device can measure at least 14 consecutive days on a single battery charge, streamlining prolonged ECG monitoring in stroke patients and improving diagnostic yield and patient compliance. Bittium's solutions enable the earlier discharge of patients and the ability to detect and react to arrhythmias faster. Thus, product launches are expected to increase market growth over the forecast period.
However, the high cost of cardiology electrodes and complications associated with cardiology electrodes hinder the market's growth.
Cardiology Electrodes Industry Segmentation
As per the report's scope, cardiac electrodes are small, plastic patches that stick to the skin and are placed at certain spots on the chest, arms, and legs. The electrodes are connected to an ECG machine by lead wires. The heart's electrical activity is then measured, interpreted, and printed out. The Cardiology Electrodes Market is Segmented by Product (Resting ECG Electrodes, Short-term Monitoring ECG Electrodes, Long-Term Monitoring ECG Electrodes, and Other Products), By Usability ( Disposable Medical Electrodes, Reusable Medical Electrodes), Adhesion Type (Wet Electrodes, Dry Electrodes, and Other Adhesion Types), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (in USD million) for the abovementioned segments.
By Product | |
Resting ECG Electrodes | |
Short-Term Monitoring ECG Electrodes | |
Long-Term Monitoring ECG Electrodes | |
Other Products |
By Usability | |
Disposable Medical Electrodes | |
Reusable Medical Electrodes |
By Adhesion Type | |
Wet Electrodes | |
Dry Electrodes | |
Other Adhesion Types |
By Geography | |
North America | |
Europe | |
Asia-Pacific | |
Middle-East and Africa | |
South America |
Global Cardiology Electrodes Market Size Summary
The cardiology electrodes market is poised for steady growth, driven by the increasing prevalence of cardiovascular disorders and the rising demand for innovative and disposable electrodes. The market experienced a setback due to the COVID-19 pandemic; however, the application of ECG in diagnosing COVID-19 cases has spurred demand. Product innovations, such as QT Medical's Xpress ECG service and Bittium's Faros 180L ECG device, have further propelled market expansion by enhancing patient safety and diagnostic capabilities. The growing focus on research and development, coupled with strategic initiatives by key players, is expected to sustain market growth. Despite challenges like high costs and complications associated with cardiology electrodes, the market is anticipated to thrive, particularly in regions with advanced healthcare infrastructure and high patient awareness, such as North America.
The disposable segment of the market is expected to capture a significant share due to its advantages in reducing cross-contamination and improving patient care efficiency. The increasing burden of cardiovascular diseases necessitates more electrocardiography procedures, thereby boosting the demand for disposable electrodes. Innovations like Bittium's OmegaSnap patch electrodes, designed for comfort and hygiene, exemplify the market's shift towards disposable solutions. The competitive landscape is marked by strategic partnerships, product launches, and geographical expansions by major players such as Advin Health Care, Cardinal Health, Inc., and Koninklijke Philips N.V. These developments, alongside the rising incidence of heart-related conditions, are set to drive the market's growth trajectory over the forecast period.
Global Cardiology Electrodes Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Burden of Cardiovascular Diseases (CVDs)
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1.2.2 Rising Demand for Disposable Electrodes
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1.2.3 Growing Focus on Research and Development of Innovative Products
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1.3 Market Restraints
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1.3.1 Complications Associated With Cardiology Electrodes
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1.3.2 High Cost of Cardiology Electrodes
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Product
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2.1.1 Resting ECG Electrodes
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2.1.2 Short-Term Monitoring ECG Electrodes
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2.1.3 Long-Term Monitoring ECG Electrodes
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2.1.4 Other Products
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2.2 By Usability
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2.2.1 Disposable Medical Electrodes
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2.2.2 Reusable Medical Electrodes
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2.3 By Adhesion Type
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2.3.1 Wet Electrodes
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2.3.2 Dry Electrodes
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2.3.3 Other Adhesion Types
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2.4 By Geography
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2.4.1 North America
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2.4.2 Europe
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2.4.3 Asia-Pacific
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2.4.4 Middle-East and Africa
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2.4.5 South America
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Global Cardiology Electrodes Market Size FAQs
What is the current Global Cardiology Electrodes Market size?
The Global Cardiology Electrodes Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Global Cardiology Electrodes Market?
Cardinal Health, Inc., Advin Health Care, 3M Company, CONMED and Koninklijke Philips N.V. are the major companies operating in the Global Cardiology Electrodes Market.