Medical electrodes are the key components used for diagnostic and therapeutic purposes in various medical procedures like electrocardiography (ECG or EKG), electroencephalography (EEG), electromyography (EMG) and other procedures. Medical electrodes help transfer the biopotential signals from the body surface to the medical equipment for recording and analysis. The growing prevalence of chronic diseases and increasing demand for advanced diagnostic and therapeutic medical procedures are expected to boost the demand for medical electrodes over the forecast period.
Market Opportunity:
Growing demand for diagnostic and therapeutic medical procedures presents a key market opportunity for medical electrodes. As medical science advances, various diagnostic and therapeutic procedures like ECG, EEG, EMG etc. are gaining widespread acceptance and being increasingly used for screening, diagnosis and treatment of various chronic as well as acute medical conditions like cardiovascular diseases, neurological disorders etc. This is expected to fuel the demand for associated medical devices like electrodes which are necessary components for such procedures. With growing prevalence of diseases worldwide and increasing investments in healthcare sector, the number of such procedures is likely to surge over the coming years, thereby presenting lucrative market opportunities for medical electrodes manufacturers and suppliers.
Porter’s Analysis
Threat of new entrants: The medical electrodes market requires extensive clinical trials and regulatory approvals which makes the entry of new players difficult, reducing the threat of new entrants.
Bargaining power of buyers: The presence of many established players offering substitutable medical electrodes gives buyers higher bargaining power in this market.
Bargaining power of suppliers: The raw materials used in medical electrodes such as gel, adhesives, and films have few substitutes. This gives suppliers moderate bargaining power.
Threat of new substitutes: Technological advancements are leading to new alternatives for electrode applications like ECG and nerve monitoring devices posing threat from substitutes.
Competitive rivalry: The medical electrodes market has several global and local players offering differentiated products creating high competitive rivalry.
SWOT Analysis
Strength: Medical electrodes find wide usage in diagnostic and therapeutic applications in different healthcare areas like cardiology, neurophysiology etc. Advancements in materials and designs provide better comfort and accuracy.
Weakness: Long-term usage can cause skin irritation or damage. Accuracy of readings depends on proper placement and application of electrodes which requires trained professionals.
Opportunity: Growth in advanced medical procedures, rising geriatric population prone to cardiac issues, and increasing investments in healthcare infrastructure will drive the demand for medical electrodes.
Threats: Stringent regulatory norms delay market approvals. Reimbursement policies vary significantly across regions.
Key Takeaways
The Global Medical Electrodes Market Growth is expected to witness high over the forecast period owing to the rising incidences of chronic diseases, growing geriatric population, increasing investments in healthcare infrastructure across major regions, and technological advancements enhancing usage in complex medical applications. The global Medical Electrodes Market is estimated to be valued at US$ 1122.06 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.
The North America region currently dominates the market and is expected to continue its dominance owing to presence of major players, advanced healthcare facilities, and rising focus on ambulatory and home healthcare. Asia Pacific is poised to be the fastest growing region on account of increasing healthcare expenditures, large patient pool, and growing medical tourism.
Key players operating in the medical electrodes market are 3M, Ambu, Covidien-Medtronic, GE Healthcare, Johnson & Johnson, GSI Technologies, Olympus Corporation, Conmed Corporation, Eschmann Equipment, and Graphic Controls. These players are focusing on new product launches with advanced features and expansion to lucrative regions to strengthen their market position.
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