Medical electrodes are widely used in ECG, EEG, and other diagnostic procedures to detect faint electrical signals produced by the body. These devices offer accurate monitoring and diagnosing of various physiological conditions through non-invasive procedures. Growing prevalence of cardiovascular and neurological disorders has fueled the need for effective diagnosis and treatment. This has accelerated the demand for reliable medical electrodes across hospitals and clinics.
The global Medical Electrodes Market is estimated to be valued at US$ 1292.62 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for medical electrodes has been accelerated by advancements in medical technologies and procedures. Growing investments by key players as well as governments in developing economies have supported the installation of advanced healthcare facilities. This has augmented the availability of quality diagnostic and treatment options. As a result, there is an increasing reliance on tools like medical electrodes that assist healthcare professionals with effective monitoring and management of chronic conditions. Rising medical tourism along with supportive insurance and funding schemes has further stimulated the demand for reliable and cost-effective medical devices like electrodes. Manufacturers are thus focusing on developing innovative and affordable product variants to capitalize on the ongoing market opportunities.
Segment Analysis
The global medical electrodes market is dominated by dry electrode sub-segment. Dry electrodes offer various advantages over wet electrodes such as ease of use, lower skin preparation requirements and reduced set-up time. These properties of dry electrodes make them suitable for long term monitoring applications.
Key Takeaways
The Global Medical Electrodes Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The global Medical Electrodes Market is estimated to be valued at US$ 1292.62 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2024 to 2031.
Regional analysis shows that North America holds the highest share in the global medical electrodes market currently. However, Asia Pacific region is expected to register the fastest growth rate over the coming years mainly due to rising healthcare expenditure, increasing incidence of chronic diseases and growing geriatric population in the region.
Key players operating in the medical electrodes market are Brenntag AG, Arkema Group, Guangxi Qinzhou Capital Success Chemical Co. Ltd, OCP SA, Grasim Industries Limited, Merck KGaA, Yunphos, Spectrum Chemical, Manufacturing Corp., Prayon SA, Emco Dyestuff Pvt. Ltd, Nutrien Ltd, Anmol Chemicals, and Vinipul Inorganics Private Limited
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