The use of medical electrodes is expected to increase in the near future, owing to the new medical applications putting high focus on early diagnosis along with new electrode indications enhancing market growth. North America dominates the global medical electrodes market, and is expected to maintain its lead throughout the forecast period, owing to the high adoption rate of medical electrodes.
Medical Electrodes Market Report, published by Allied Market Research, forecasts that the global market was valued at $1,054 million in 2015, and is expected to reach $1,328 million by 2022, supported by a CAGR of 3.4% during the forecast period 2016 to 2022. The electrosurgery devices segment dominated the global market, accounting for a share of nearly half of the total market in 2015.
Medical electrodes are medical devices that facilitate the transfer energy of ionic currents in the body into electrical currents that can be amplified, studied, and used for diagnosis of the patients medical condition. The make of the medical electrode comprises of lead, metal, and electrode conducting plate. These devices are combined with monitoring systems to provide a continuous monitoring of patients suffering from various diseases and disorders.
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Increase in application of medical electrodes in diverse clinical areas, use of nanotechnology for development of miniaturized electrodes, increase in focus on investment to encourage R&D coupled with support from government and private organization such as National Science Foundation (NSF), rise in focus on early diagnosis of diseases, increase in geriatric population worldwide, and increase in burden of cardiology and neurological diseases is expected to boost the global medical electrodes market. Although these factors are expected to fuel the growth of medical electrodes market, elements such as a low biocompatibility of the medical electrodes is projected to hamper the growth of the market.
The electroencephalography (EEG) electrode segment accounted for the major share in the medical electrodes market in 2015 and is expected to continue its dominance throughout the forecast period. This segment is expected to grow at a CAGR of 3.1% from 2016 to 2022, owing to high prevalence of problems related to electrical activity of the brain worldwide.
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Key Findings of the Medical Electrodes Market
- The IOM application segment is projected to grow at the fastest rate during the forecast period.
- North America held a dominant position in the regional landscape in 2015, occupying a share of more than one-third of the total market.
- In 2015, Europe held the second position in the regional landscape accounting for a share of the one-third of the total medical electrode market.
- The electroencephalography (EEG) electrode segment accounted for a share of one-fifth of the global medical electrode market in 2015.
In 2015, North America dominated the global medical electrodes market, owing to the high prevalence of various cardiology and neurology diseases resulting into high adoption of medical electrodes in the region.
The major companies profiled in the report includes CONMED, 3M Company, Koninklijke Philips N.V., Medtronic PLC, Natus Medical Incorporated, C. R. Bard, Inc., Dymedix, Ambu A/S, Cognionics Inc., and Cooper Surgical, Inc.