The Medical Electrodes Market is expected to reach USD 732.4 million by 2022 from USD 583.2 million in 2017, at a CAGR of 4.7%. Growth in this market is mainly driven by the rising incidence and prevalence of neurological and cardiovascular disorders, increasing investments in medical device research, and growing preference for home and ambulatory healthcare. In addition, emerging markets such as China, India, and Brazil are expected to offer significant growth opportunities for players operating in the market.
“Disposable electrodes are expected to witness high growth during the forecast period”
Based on usability, the market is categorized as disposable and reusable electrodes. The disposable electrodes segment is expected to dominate this market. The large share and high growth of this segment can be attributed to the growing adoption of disposable electrodes due to advantages such as cost effectiveness and the low risk of cross contamination.
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“ECG to dominate the medical electrodes market”
Based on diagnostic procedures, the market is segmented into the market is segmented into electrocardiography (ECG), electroencephalography (EEG), electromyography (EMG), and other procedures [electroretinography (ERG) and electrooculography (EOG)]. Among these, the ECG segment accounts for the largest share of the market. This can be attributed to the rising prevalence of CVD, increasing incidence of arrhythmias, and technological advancements in ECG electrodes.
“North America to dominate the market and Asia to witness high growth during the forecast period”
In 2017, North America is expected to account for the largest share of the market. Factors such as 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 Asian market is estimated to register the highest CAGR during the forecast period. Growth in the Asian market is primarily attributed to the rising prevalence of cardiac and neurological diseases, growth in aging population, rising adoption of advanced technologies, and the growing focus of major players on enhancing their presence in emerging Asian countries.