The global medical electrode market is projected to reach USD 2.1 billion by 2026 from USD 1.7 billion in 2021, at a CAGR of 4.3% during the forecast period. Medical electrodes are widely used in hospitals, ambulatory surgical centers, diagnostic laboratories, and other healthcare institutions. Growth in the medical electrodes market is primarily driven by factors such as the rising incidence of target diseases, increasing investments in research, and growing preference for home and ambulatory healthcare services.
“Diagnostic medical electrodes segment is expected to dominate the market during the forecast period and is also expected to grow at the highest CAGR during the forecast period.”
Based on products, the medical electrodes market is segmented into diagnostic medical electrodes and therapeutic medical electrodes. In 2020, the diagnostic medical electrodes segment accounted for the largest share of the medical electrodes market. The large share and growth of this segment can be attributed to the rising emphasis on preventive medicine, increasing awareness of healthcare among people, and an increasing number of patients with chronic diseases.
“Disposable medical electrodes segment to dominate the market during the forecast period.”
Based on usability, medical electrodes are categorized into disposable electrodes and reusable electrodes. In 2020, the disposable electrodes segment dominated the medical electrodes market. This segment is also expected to register a higher growth rate than the reusable electrodes segment during the forecast period. The large share of the disposable electrodes segment is attributed to the growing adoption of disposable electrodes owing to its low risk of cross-contamination and cost-effectiveness.
“North America will dominate the market during the forecast period.”
Geographically, the medical electrodes market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2020, North America accounted for the largest share of the medical electrodes market. North America is the largest market for medical electrodes. Factors such as the high prevalence of cardiac and neurological diseases and increasing product innovation in the region are driving the growth of the North American market. However, the Asia Pacific market is estimated to grow at a higher CAGR during the forecast period. Growth in the Asia Pacific market is primarily attributed to the rising prevalence of cardiac and neurological diseases, growth in the aging population, rising adoption of advanced technologies, and the growing focus of major players on enhancing their presence in emerging Asia Pacific countries
The primary interviews conducted for this report can be categorized as follows:
- By Company Type - Tier 1: 36%, Tier 2: 45%, and Tier 3: 19%
- By Designation - C-level: 33%, D-level: 40%, and Others: 27%
- By Region - North America: 36%, Europe: 28%, Asia Pacific: 19%, and Rest of the World: 17%
This report provides a detailed picture of the global medical electrodes market. It aims at estimating the size and future growth potential of the market across different segments, such as product, usability, technology, application, and region. The report also analyzes factors (such as drivers and opportunities) affecting the market growth. It evaluates the opportunities in the market for stakeholders and provides details of the competitive landscape for market leaders. The report also studies micromarkets with respect to their growth trends, prospects, and contributions to the total medical electrodes market. The report forecasts the revenue of the market segments with respect to four major regions.
Reasons To Buy the Report:
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on medical electrodes offered by the top 25 players in the medical electrodes market. The report analyses the medical electrodes market by product, usability, technology, application, and region.
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various medical electrodes across key geographic regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the medical electrodes market.
- Competitive Assessment: In-depth assessment of market ranking and strategies of the leading players in the medical electrodes market.