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 percent. A number of factors such as rising incidence and prevalence of neurological and cardiovascular disorders, increasing investments in medical device research, and growing preference for home and ambulatory healthcare are driving the growth of this market. In addition, emerging markets such as China, India, and Brazil are expected to offer significant growth opportunities for players operating in the market.
This report segments the medical electrodes market is segmented based on usability, technology, diagnostic procedure, application, and region. Based on usability, the market is segmented into disposable and reusable electrodes. The disposable electrodes segment is expected to account for the largest market share in 2016. On the basis of technology, the market is further divided into wet electrodes, dry electrodes, and needle electrodes. The dry electrodes segment is expected to register the highest CAGR during the forecast period. Dry electrodes offer higher patient comfort, and this segment is witnessing numerous technological advancements focused towards developing products that provide high signal quality and better patient comfort. These factors are driving its growth in the market.
Based on the diagnostic procedures the market is segmented into electrocardiography (ECG), electroencephalography (EEG), electromyography (EMG), and other procedures [electroretinography (ERG) and electrooculography (EOG)]. Electrocardiography dominated the market in 2016 and to grow at highest CAGR during the forecast period. The rising prevalence of CVD, increasing incidence of arrhythmias, and technological advancements in ECG electrodes are the major factors supporting the growth of the diagnostic medical electrodes market for ECG.
On the basis of application, the market is further segmented into cardiology, neurophysiology, sleep disorders, intraoperative monitoring, and other applications. The cardiology segment is expected to witness the highest growth in the forecast period. The large share of this segment can primarily be attributed to factors such as the increasing prevalence of cardiovascular diseases (CVD), growing geriatric population, rising cardiovascular health awareness, and technological innovations in diagnostics tools and monitoring techniques.
North America is expected to dominate the market. Factors such as growing focus on innovative technologies, rising geriatric population, and increasing awareness about the benefits of early disease diagnosis and high healthcare expenditure in the US and Canada are the major factors supporting the growth of this market. - Markets and Markets