Medical Electrodes Market Size (2024 - 2029)

The medical electrodes market is anticipated to experience steady growth, driven by the increasing prevalence of cardiovascular and neurological diseases, technological advancements, and a focus on minimally invasive surgeries. The market's expansion is supported by the rising demand for medical electrodes, particularly due to their use in monitoring COVID-19 patients and the resumption of diagnostic procedures. Despite challenges such as biocompatibility concerns and stringent regulatory requirements, the market is poised for growth, fueled by investments in diagnostic and therapeutic platforms and competitive product launches.

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Market Size of Medical Electrodes Industry

Medical Electrodes Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 4.10 %
Fastest Growing Market Asia-Pacific
Largest Market North America
Market Concentration Medium

Major Players

Medical Electrodes Market Major Players

*Disclaimer: Major Players sorted in no particular order

Medical Electrodes Market Analysis

The Medical Electrodes Market size is expected to grow from USD 0.94 billion in 2023 to USD 1.14 billion by 2028, at a CAGR of 4.10% during the forecast period (2023-2028).

  • The COVID-19 pandemic significantly impacted the medical electrodes market. A study published in the Journal of Neurosurgical Anesthesiology in March 2022 showed that SARS-CoV-2 had a detrimental impact on the central nervous system, with investigations using a full montage of electroencephalogram (EEG) electrodes revealing nonspecific EEG abnormalities associated with COVID-19 infection.
  • Furthermore, most COVID-19 patients showed symptoms of EEG discontinuity during monitoring using a shortened electrode montage, resulting in increased use of medical electrodes for COVID-19 patients. However, the demand for non-emergency diagnosis and treatment procedures decreased during the pandemic. Nevertheless, the market is growing at a stable pace due to the resumption of hospital services, diagnosis procedures, and product availability. It is expected to continue this trend in the coming years.
  • The growth of the medical electrodes market can mainly be attributed to the increasing prevalence of cardiovascular and neurological diseases, technological advancements, and a rising focus on minimally invasive surgeries. The rise in neurological conditions, including cerebrovascular disease, Alzheimer's, dementia, migraine, epilepsy, tetanus, meningitis, Parkinson's disease, multiple sclerosis, and poliomyelitis, is expected to lead to increased research on neurophysiological pathways, resulting in higher adoption of medical electrodes and boosting market growth. According to a report published by the Alzheimer's Association in March 2022, Alzheimer's dementia is expected to affect an estimated 6.7 million Americans aged 65 and above in 2023, and this figure may rise to 13.8 million by 2060 unless medical breakthroughs are developed to prevent, delay, or cure the disease.
  • In addition, companies are making rigorous investments toward the development of efficient diagnostic and therapeutic platforms, indicating promising growth prospects for the medical electrode market. These companies are focusing on growth strategies such as new product launches, mergers and acquisitions, and portfolio expansion. For example, in September 2021, NeuroOne Medical Technologies Corporation received Food and Drug Administration (FDA) clearance to market its Evo sEEG Electrode technology. Promising outcomes and increasing competition among leading medical device companies to approve and commercialize products in different areas of unmet medical needs are expected to boost the medical electrodes market.
  • However, the biocompatibility of medical electrodes and the stringent regulatory guidelines, coverage, and different approval processes in various countries are significant barriers to the medical electrode market's growth. Despite these challenges, the growing burden of neurological diseases and product launches are expected to propel the market's growth over the forecast period.

Medical Electrodes Industry Segmentation

As per the report's scope, the electrodes in medical devices transfer the ionic current energy into electric current, in the body, through surface quantification of ionic currents. These currents are further amplified and studied and help diagnose diseases. The electrodes for medical purposes are made up of lead, metal, and electrode conducting paste.

The medical electrodes market is segmented by product type (surface electrodes and needle electrodes), usability (disposable medical electrodes and reusable medical electrodes), modality (electrocardiography, electroencephalography, electromyography, brainstem auditory evoked potentials, and other modality types), application (cardiology, neurophysiology, sleep disorders, intraoperative monitoring, and other applications), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally.

The report offers the value (in USD) for the above segments.

By Product Type
Surface Electrodes
Needle Electrodes
By Usability
Disposable Medical Electrodes
Reusable Medical Electrodes
By Modality Type
Electrocardiography (ECG)
Electroencephalography (EEG)
Electromyography (EMG)
Brainstem Auditory Evoked Potentials (BAEPS)
Other Modality Types
By Application
Cardiology
Neurophysiology
Sleep Disorders
Intraoperative Monitoring
Other Applications
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America
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Medical Electrodes Market Size Summary

The medical electrodes market is poised for growth, driven by the increasing prevalence of cardiovascular and neurological diseases, technological advancements, and a rising focus on minimally invasive surgeries. The market experienced a significant impact due to the COVID-19 pandemic, which heightened the demand for medical electrodes in monitoring neurological effects associated with the virus. As hospital services and diagnostic procedures resume, the market is expected to continue its stable growth trajectory. The rising incidence of conditions such as Alzheimer's, dementia, and various cardiovascular diseases is anticipated to boost research and adoption of medical electrodes, further propelling market expansion. Companies are actively investing in the development of innovative diagnostic and therapeutic platforms, with strategies like new product launches and mergers and acquisitions enhancing their market presence.

The North American region holds a substantial share of the medical electrodes market, attributed to its advanced healthcare infrastructure and high prevalence of chronic diseases. The demand for effective diagnostic tools is driven by the significant burden of cardiovascular conditions in the region. Strategic initiatives by market players, including product launches and regulatory approvals, are expected to fuel market growth. The competitive landscape is characterized by the presence of both global and local players, with major companies like 3M, CONMED Corporation, and Medtronic PLC leading the market. Despite challenges such as biocompatibility issues and stringent regulatory guidelines, the market is set to experience growth, supported by the introduction of new products and the increasing need for effective disease management solutions.

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Medical Electrodes Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Increasing Prevalence of Cardiovascular and Neurological Diseases

      2. 1.2.2 Increasing Technological Advancements

      3. 1.2.3 Rising Focus toward Minimally Invasive Surgeries

    3. 1.3 Market Restraints

      1. 1.3.1 Biocompatibility Issues with Medical Electrodes

      2. 1.3.2 Stringent Regulatory Guidelines Associated with Medical Electrodes

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD)

    1. 2.1 By Product Type

      1. 2.1.1 Surface Electrodes

      2. 2.1.2 Needle Electrodes

    2. 2.2 By Usability

      1. 2.2.1 Disposable Medical Electrodes

      2. 2.2.2 Reusable Medical Electrodes

    3. 2.3 By Modality Type

      1. 2.3.1 Electrocardiography (ECG)

      2. 2.3.2 Electroencephalography (EEG)

      3. 2.3.3 Electromyography (EMG)

      4. 2.3.4 Brainstem Auditory Evoked Potentials (BAEPS)

      5. 2.3.5 Other Modality Types

    4. 2.4 By Application

      1. 2.4.1 Cardiology

      2. 2.4.2 Neurophysiology

      3. 2.4.3 Sleep Disorders

      4. 2.4.4 Intraoperative Monitoring

      5. 2.4.5 Other Applications

    5. 2.5 Geography

      1. 2.5.1 North America

        1. 2.5.1.1 United States

        2. 2.5.1.2 Canada

        3. 2.5.1.3 Mexico

      2. 2.5.2 Europe

        1. 2.5.2.1 Germany

        2. 2.5.2.2 United Kingdom

        3. 2.5.2.3 France

        4. 2.5.2.4 Italy

        5. 2.5.2.5 Spain

        6. 2.5.2.6 Rest of Europe

      3. 2.5.3 Asia-Pacific

        1. 2.5.3.1 China

        2. 2.5.3.2 Japan

        3. 2.5.3.3 India

        4. 2.5.3.4 Australia

        5. 2.5.3.5 South Korea

        6. 2.5.3.6 Rest of Asia-Pacific

      4. 2.5.4 Middle East and Africa

        1. 2.5.4.1 GCC

        2. 2.5.4.2 South Africa

        3. 2.5.4.3 Rest of Middle East and Africa

      5. 2.5.5 South America

        1. 2.5.5.1 Brazil

        2. 2.5.5.2 Argentina

        3. 2.5.5.3 Rest of South America

Medical Electrodes Market Size FAQs

The Medical Electrodes Market is projected to register a CAGR of 4.10% during the forecast period (2024-2029)

3M, Koninklijke Philips N.V., Medtronic Plc, Nihon Kohden Corporation and CONMED Corporation are the major companies operating in the Medical Electrodes Market.

Medical Electrodes Market Report Snapshots

Medical Electrodes Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)