On account of the already fragmented nature of the global medical electrodes market, the competition level is high. This level of competition is further expected to become aggressive on account of the entry of several new players in the regional market. As per Transparency Market Research (TMR), the development of novel medical electronics and investments for the R&D of the same will lead to advancements of existing products.
The improvement and enhancement of existing products is expected to be a key strategy employed by players of this market. Names of the leading players within the global medical electrodes market are as follows: Lepu Medical Technology, Biotronik SE & Co. KG, Zoll Medical Corporation, Abbott Laboratories, Oscor Inc., OSYPKA AG, Medtronic Plc., Pacetronix Limited, and Boston Scientific Corporation.
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As per TMR, the global opportunity in the medical electrodes market is expected to rise from US$641.3 mn in 2017 to reach US$857 mn by 2022, exhibiting a healthy 6% CAGR between 2017 and 2022. On the basis of application, the global medical electrodes market is expected to be led by the neurophysiological and cardiological segments.
By geography, the market is expected to be led by North America on account of the excellent healthcare infrastructure provided. The region is anticipated to exhibit a 6.3% CAGR from 2017 to 2022. The growing prevalence of cardiac diseases in the region will continue to support the medical electrodes market’s growth. In terms of type, the global medical electrodes market is segmented into dry, wet, and needle.
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Increasing Prevalence of Lifestyle Diseases to Bolster Demand for Medical Electrodes
As per the lead author of this report, “the growing prevalence of lifestyle diseases worldwide is the main reason behind the increase in the uptake of medical electrodes.” The growing incidences of cardiac diseases in the developed nations of Europe and North America will contribute significantly to the growth of the global medical electrodes market.
In addition to this, the use of these devices for the diagnosis of neurophysical disorders and cardiac disorders as well as for the treatment of Alzheimer’s and Parkinson’s will bolster the demand for medical electrodes. They are also used for the identification of biomarkers which are left by several medical conditions. The accuracy of medical electrodes are also making them popular in the healthcare sector.
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Modernization of Healthcare Facilities Key for Growth of Medical Electrodes
The growing modernization of the healthcare facilities has boosted the adoption rates of electronic devices and this is anticipated to bode well for the growth of the medical electrodes market. The rising number of government initiatives towards improving the healthcare infrastructure along with the efforts taken by private organizations will continue to aid the growth of this market. Moreover, the growing popularity of nanotechnology is expected to have a positive impact on the market. The demand for medical electrodes is also expected to grow on account of the growth of the healthcare industry worldwide. The growth of the medical tourism industry is another important factor bolstering the demand for medical tourism.
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