07, November 2022
The steady rise in the number of chronic diseases reflects an urgent need for countries worldwide to establish healthcare programs, reforms and funds for the public. Due to the advancing popularity of early diagnosis and treatment, the global medical electrodes market is expected to progress at a growth rate of 4.99% during the forecast period 2022-2028.
According to a report by World Health Organization (WHO), approximately 17.9 million people died from cardiovascular diseases in 2019, accounting for nearly 32% of the global deaths. Additionally, approximately 50 million people worldwide suffer from neurological disorders such as epilepsy.
The geriatric population is increasing worldwide. According to a report by the UN, Population division, North America is projected to be the second most-aged region after Europe in the coming year, with 28% of the population aged 60 years and over in 2050. Such an increase in the elderly population increases the incidence of neurological and cardiovascular diseases, sleep-related disorders and other diseases.
Although with an increase in the incidence of diseases, there has been a rise in investments in the research and development of all healthcare services. According to a WHO report on Global Healthcare Expenditure, the spending reached $8.5 trillion in 2019, i.e., 9.8% of global GDP, with high-income countries accounting for about 80% of this spending.
Some of the government healthcare reforms and funding initiatives are listed as follows-
Universal Health Coverage has focused on strengthening the health systems around the world. This ensures that people worldwide have access to quality healthcare without any financial hardship.
Similarly, government initiative such as Production Linked Incentive Scheme in India for Medical Devices 2020 provides a financial incentive to boost domestic manufacturing and attracts large investments in medical devices. The government also introduced Medical Devices Parks Scheme in the country to support the medical device sector.
Horizon Europe for funding research and innovation to achieve SDGs by the EU facilitates industrial competitiveness and optimizes investment impact within a strengthened European Research Area.
The Federal Ministry of Education and Research in Germany announced an increase in medical technology funding further by USD 23.7million to address the needs of Covid-19 patients and advance the healthcare system.
Such government initiatives result in increased investments in healthcare facilities. These investments result in higher production of medical electrodes due to their application in different diseases, thereby driving the growth of the studied market during the forecast period 2022-2028.
Based on application, cardiology is anticipated to drive the segment with a CAGR of 5.45% during the forecast period 2022-2028. The electrodes used in this segment are developed using different technologies. These electrodes can be dry or wet, disposable or reusable, wireless or wired, depending on the usage and type of treatment like ECG, EEG, EMG and others.
The diagnostic is expected to drive the type segment with a CAGR of 4.88% during the forecast period 2022-2028. The demand for electrodes has been growing rapidly due to technological advancements for increasing the portability of medical electrodes, the rising need for preventive medicine and the increasing number of chronic diseases.
With digitalization and technological advancements, consumer demand is changing based on new product patterns. For instance, the developments in medical electrode applications using miniaturization with the help of nanotechnology is a major trend, boosting the market growth. The process makes the electrodes portable, resulting in higher density, localized stimulation control, and greater tissue-sensing resolution.
The development, manufacturing, distribution and sale of medical electrodes are subject to stringent regulatory processes for their safety, quality and performance checks. They are also subjected to various environmental health and safety laws requiring proper sterilization. However, the diversified portfolio of competitors and acquisitions drives the global medical electrode market with new technology and a streamlined process.
Some of the key partnerships and acquisitions are:
With the acquisition of Itamar Medical Ltd, ZOLL Medical Corporation hopes to improve communication between the fields of cardiology and sleep medicine while assisting more patients in receiving a diagnosis and treatment for sleep-disordered breathing.
Nihon Kohden acquired AMP3D to integrate the Saas platform of AMP3D into their healthcare ecosystem.
GE Healthcare acquired BK to expand GE’s Ultrasound business from diagnostics to surgical and therapeutic interventions.
Johnson and Johnson’s Ethicon business completed the acquisition of Auris Health to expand the digital surgery portfolio and bring disruptive innovation to the complete continuum of procedures, including open, laparoscopic, endoluminal and robotic.
The global medical electrodes market was valued at $1644.51 million in 2021 and is expected to reach $2327.58 million by 2028.
Q2) What are the segments covered in the medical electrodes market?The medical electrodes market covers types, usability, application, and product segments.
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