What This Report
This study involved four major activities in estimating the current size of the medical electrodes market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.
The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the size of segments and subsegments.
Expected Revenue Growth:
[208 Pages Report] The medical electrodes market is projected to reach USD 2.1 billion by 2026 from USD 1.7 billion in 2021, at a CAGR of 4.3%
Major Growth Boosters:
Growth in the medical electrodes market is primarily driven by the rising incidence of neurological & cardiovascular disorders, increasing investments in research for medical devices, and growing preference for home & ambulatory care services. Emerging markets in Asian countries are expected to offer strong growth opportunities for players in the market. The medical electrodes market is segmented based on product, technology, usability, application, and region.
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In 2019, Medtronic (Ireland) entered into a distribution agreement with Alpha Omega (Israel). This agreement aimed to market Medtronic’s surgical navigation products designed for procedures in the brain.
In 2020, Natus Medical, Inc. (US) entered into a partnership with Holberg EEG AS (Norway). This partnership aims to improve and automate the diagnosis of epilepsy by developing and distributing an AutoSCORE algorithm worldwide.
In 2018, GE Healthcare (US) collaborated with Preventice Solutions (US). This collaboration is aimed to offer GE Healthcare ECG services into the home, creating a complete solution for monitoring ambulatory ECG patients.
Key Market Driver: Raising Incidence of Neurological and Cardiovascular Disorder
The incidence of neurological & cardiovascular diseases and sleep disorders has significantly increased over the years. This increase has, in turn, driven the volume of diagnostic and treatment procedures conducted. Thus, the increasing demand for these procedures is likely to drive market growth. For instance, According to the World Health Organisation (WHO), cardiovascular disease (CVD) is a leading cause of death and disability worldwide. Globally, 17.9 million deaths due to CVD were reported in 2016; this figure is projected to increase to 23.6 million deaths by 2030.
Key Questions Addressed in The Report:
1. Who are the top 10 players operating in the global medical electrodes market?
2. What are the drivers, restraints, opportunities, and challenges in the medical electrodes Industry?
3. What are the opportunities for stakeholders and provide details of the competitive landscape for key players?
4. What will be growth of medical electrodes in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa?
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Regional Growth Analysis:
Emerging economies such as BRIC (Brazil, Russia, India, and China) and countries in Latin America and Southeast Asia are expected to provide significant growth opportunities to players operating in the medical electrodes market. This can primarily be attributed to the low competition in these markets, large population, a growing number of cardiovascular and neurological diseases, and rising disposable income.
The prominent players operating in this market include Cardinal Health (US), Zoll Medical Corporation (US), 3M (US), Medtronic (Ireland), and Ambu A/S (Denmark).
What This Report