Medical Electrodes Market - Growth, Trends, and Forecasts (2020 - 2025)
The Medical Electrodes Market is expected to register a CAGR of 5.1% during the forecast period. The market for medical electrodes is being driven by factors such as the increasing prevalence of cardiovascular and neurological diseases, increasing investment for technological advancements by biopharmaceutical companies and rising focus towards minimally invasive surgeries.
The rising population of the world is stimulating the demand for increased access and advancements in healthcare treatments. The demand for healthcare products and services has increased by multiple times in the past decade, particularly in the developed and high-economic growth countries.
Neurological diseases are one among the major diseases, prevalent in the world. There are over 1,000 disorders of the nervous system, including cerebrovascular disease, Alzheimer's and other dementias, migraine, epilepsy, tetanus, meningitis, Parkinson's disease, multiple sclerosis, and poliomyelitis, among others. As per the Alzheimer Europe 2019 report, estimates that the number of people with dementia in Germany in 2018 was around 1,585,166 and this number is projected to rise to 2,748,178 in 2050. Similarly, as a percentage of the overall population with dementia will represent 3.43% in 2050 compared to 1.91% in 2018. Hence, as per the above-mentioned statements, it is indicated that the market studied will grow in the coming future.
Cardiovascular Application Segment is Expected to Witness Significant CAGR Over the Forecast Period in the Medical Electrodes Market
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.
According to the World Health Organization (WHO), globally cardiovascular diseases (CVDs) are the number one cause of death, an estimated 17.9 million each year suffer from cardiovascular diseases. Four out of five cardiovascular deaths are due to strokes and heart attacks, and one-third of deaths occur prematurely in people under 70 years of age.
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 over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
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, is high, as compared to other chronic indications. According to the American Cancer Society, estimated that in 2020 there will be about 1.8 million new cancer cases diagnosed and approximately 606,520 cancer deaths in the United States. 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.
The Medical Electrodes Market 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. 3M, Ambu A/S, Cognionics Inc., CONMED Corporation, Cooper Surgical Inc., Dymedix, Koninklijke Philips NV, Medtronic Plc, Natus Medical Incorporated and Nihon Kohden Corporation