MEDICAL ELECTRODES MARKET ANALYSIS

Medical Electrodes Market Size and Trends

The global medical electrodes market is estimated to be valued at USD 1,147.9 Mn in 2024 and is expected to reach USD 1,538.4 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.3% from 2024 to 2031.

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The medical electrodes market is expected to witness positive growth over the forecast period. This can be attributed to the rising prevalence of chronic diseases along with the growing geriatric population globally which is increasing the demand for advanced medical electrodes for diagnosis and treatment purposes. Additionally, ongoing technological advancements in medical devices and electrodes like disposable and dry electrodes are helping healthcare providers to provide better treatment, thereby supporting the market growth. However, factors such as availability of alternative technologies and lack of proper reimbursement policies in developing nations might hamper the market growth.

Market Driver – Rising Incidence of Cardiovascular Disorders

An electrocardiogram (ECG) is one of the simplest and fastest tests used to evaluate the heart. ECG is an integral part of the initial evaluation of a patient suspected of having a cardiac-related problem. According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year. CVDs are consistently ranked as the leading cause of death in the U.S., exceeding all forms of cancer.

High demand for medical electrodes is expected to augment the growth of the global medical electrodes market during the forecast period. For instance, in September 2021, Bittium Corp., provider of reliable and secure solutions for connectivity, tactical communications and measuring and monitoring of biosignals, expanded the portfolio of its new generation ECG electrodes. In combination with the Bittium Faros electrocardiogram (ECG) device. The new Bittium OmegaSnap patch electrodes support one, two, and three channel (3-CH) ECG measurements. OmegaSnap electrodes have been designed with special emphasis on user comfort and they allow for a patient-friendly way to perform continuous ECG measurements for up to 7 days without the need of changing the electrode.