Medical Electrodes Market Size to hit 3.3 billion by 2032

The report published by The Brainy Insights shows that the global medical electrodes market is expected to grow from USD 2.1 billion in 2022 to USD 3.3 billion by 2032, at a CAGR of 4.8% during the forecast period 2023-2032. North America emerged as the most significant global medical electrodes market, with a 39% market revenue share in 2022. Due to expanding government attempts to improve the healthcare industry, favourable government policies, and a flexible regulatory environment, the United States is expected to have profitable expansion. The regional expansion will also be aided in the foreseeable term by rising corporate and state expenditures for R&D operations to advance this electrode technologically. Because more vendors are entering the untapped emerging markets in Asia Pacific, the industry is expected to expand at an impressive rate. Additionally, rising healthcare development spending in developing nations will support regional prosperity.

Leading companies in the industry include Medtronic plc, Koninklijke Philips N.V., 3M Company, CONMED Corporation, General Electric Company, Nihon Kohden Corporation, Cardinal Health, Dymedix, Natus Medical Incorporated, and CooperSurgical Inc., among others, offer more significant opportunities and continuously focus on new product developments and venture capital investments to obtain market share.

The product type segment is divided into surface electrodes and needle electrodes. The surface electrodes segment dominated the market, with a market share of around 58% in 2022. Surface electrodes are widely used for disease diagnosis, which helps propel the segment's growth. The application segment is divided into cardiology, neurophysiology, sleep disorders, intraoperative monitoring, and others. The cardiology segment dominated the market, with a market share of around 26% in 2022. Over the projected period, the cardiology segment is anticipated to increase due to the rising prevalence of heart illnesses and market players' development of new products.

The rising incidence of cardiovascular and neurological conditions, technical improvements, and a growing emphasis on minimally invasive operations are the key causes of the medical electrodes market's expansion. Increased research on neurophysiological pathways is anticipated to result in higher adoption of medical electrodes and faster market growth. Neurological conditions on the rise include cerebrovascular disease, Alzheimer's, dementia, migraine, epilepsy, tetanus, meningitis, Parkinson's disease, multiple sclerosis, and poliomyelitis. According to a report released by the Alzheimer's Association in March 2022, 6.7 million Americans aged 65 and over are predicted to have Alzheimer's dementia in 2023, and if no new treatments are discovered to prevent, delay, or cure the disease, that number could rise to 13.8 million by 2060.