The medical electrodes industry is encountering a swift pace of technological advancements, which has resulted in the commercialization of therapeutic electrodes and novel diagnostics. Rising occurrences of cardiac disorders in addition to various neurological disorders have led to a surging demand for efficient diagnosis and treatment methods that have led to the development of dependable and flawless diagnostic and therapeutic platforms. This encourages the adoption of efficient and highly convenient electrodes.
The report provides extensive and reliable information on the electrodes for medical devices market. Insights by prominent industry experts has been conferred, forming the base of integral corporate strategies. Historical activity of the electrodes for medical devices market and statistics regarding future growth are presented to aide businessmen while formulating lucrative business decisions.
Analysis tools such as value chain analysis, Porter’s five forces analysis, and SWOT analysis have been employed in the study, detailing the various aspects of the electrodes for medical devices market. The report also describes strategic propositions that can be adopted by industry players for progressive growth in the global electrodes for medical devices market.
Overview of the Electrodes for Medical Devices Market
Devices that convert ionic potential into electrical potential are known as electrodes. The electrodes utilized in medical devices, which can be used to investigate and treat various disorders and ailments, enable the detection of various chemical reactions in neurons and muscle cells of the patients. Additionally, electrosurgical electrodes can also use the alternating current of radiofrequency to carry out minimally invasive surgical procedures.
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The medical industry utilizes numerous types of electrodes such as fetal scalp electrodes, electrocardiography (ECG) electrodes, TENS electrodes, electroencephalography electrodes, pacemaker electrodes, and others. The opportunity for growth and development for the manufacturers of electrodes is to amplify their accuracy and performance in detection and monitoring. Technological advancements in medical device electrodes are majorly aimed at improving patient comfort and enhancing tissue interface of electrodes for augmented stimulation and recording. Efforts also target advancement of cost-effective electrodes with superior electrical performance.
Geographical analysis explains the market trends focused on four key regions of the global market, namely North America, Europe, Asia Pacific, and Rest of the World (RoW). North America and Europe led the global electrodes for medical devices market, constituting over 60% of the overall market in 2012.
The key factors driving the expansion of the electrodes for medical devices market are progressive technological developments, increased inclination towards disposable electrodes and elevated adoption of novel electrode technologies. However, deficit of standardized reimbursement policies and rigid regulatory barriers for consent are a few of the factors that could hamper the development of the electrodes for medical devices market.
It has been stated by the WHO that the number of deaths due to cardiovascular diseases is predicted to reach 23 million by 2030. This has directly resulted in increased demand for novel diagnostic and therapeutic methodologies.
Key players in the Electrodes for Medical Devices Market
The report describes business verticals of the leading players in the market: Ambu A/S, M Company, CONMED Corporation, Natus Medical, Inc., and Philips Healthcare Medtronic, Inc.