DUBLIN--(BUSINESS WIRE)--The "Medical Electrodes Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
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 in the diagnosis of diseases. The electrodes for medical purposes are made up of lead, metal, and electrode conducting paste.
Key Market Trends
Cardiovascular Applications are Believed to Witness Highest CAGR Over the Forecast Period
Cardiovascular diseases belong to the class of disease, which involves the heart and blood vessels, and is related to atherosclerosis. Coronary artery disease (CAD), myocardial infarction, arrhythmia, heart failure, congenital heart defects, cardiomyopathy, and peripheral artery disease are among the most common cardiovascular diseases.
As per the World Health Organization (WHO), approximately 17.7 million people die every year from cardiovascular diseases, resulting in 31% of the global deaths. As per the WHO, in the European region, more than half of all the deaths occur due to cardiovascular diseases. Along with that, the prevalence of CVD and hypertension has been observed as rapidly increasing in the Sub-Saharan, African, and other developing markets. There are nearly 150 clinical trials registered involving medical electrodes devices for cardiovascular diseases application, attracting a large number of research centers, companies, and universities, as sponsors and collaborators.
Ambu, CONMED, and Natus Medical are among the major companies that have a substantial business segment related to medical electrodes, for neurological and cardiological examinations. Graphene-based dry ECG electrode and portable wireless ECG measurement system have more demand for applications in various cardiac diseases. With an increasing demand for better treatment of cardiovascular diseases, the medical electrodes demand is expected to rise at a high rate.
North America Dominates the Market
The United States holds the largest shares in the market studied, due to better healthcare infrastructure, effective government policies, a huge base of multinational companies, and high awareness among people, about testing and testing devices in healthcare.
The prevalence of certain chronic inflammatory disorders, such as cardiovascular diseases, diabetes, IBDs, and others, are high, as compared to other chronic indications. For cardiovascular diseases, according to an article published in 2017, in healthy people, more than one in three adults are affected by heart diseases. Along with that, heart diseases and strokes cost more than USD 500 billion, each year. Medical electrodes come in the class II category, under the US Food and Drug Administration (FDA), as they are mostly used for surgical purposes.
In the United States, medical reimbursement policies include major medical electrodes, which augment the growth of the market studied. The reimbursement policies in the country are much more supportive, regarding the use of medical devices.
Owing to all these factors, the market studied is expected to grab the largest share in the United States.
Competitive Landscape
The market for medical electrodes is moderately competitive and consists of the global as well as local players. However, a major share of the market is gained by global players only. Due to the rising spread of cardiovascular and neurological diseases across the globe, companies are coming up with the novel products to cater the consumers across different geographies.
MARKET DYNAMICS
Market Drivers
- Increasing Prevalence of Cardiovascular and Neurological Diseases
- Increasing Investment for Technological Advancement by Biopharmaceutical Companies
- Rising Focus toward Minimally Invasive Surgeries
Market Restraints
- Biocompatibility Issues with Medical Electrodes
- Stringent Regulatory Guidelines Associated with Medical Electrodes
Porter's Five Force Analysis
Companies Mentioned
- 3M
- Ambu A/S
- Cognionics Inc.
- CONMED Corporation
- Cooper Surgical Inc.
- Dymedix
- Koninklijke Philips NV
- Medtronic Plc
- Natus Medical Incorporated
- Nihon Kohden Corporation
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