by Medical electrodes play a critical role in diagnostic and therapeutic procedures by facilitating transmission of biopotentials between the skin surface and medical monitoring instruments. These electrodes are extensively used for various diagnostic procedures including electrocardiography (ECG), electroencephalography (EEG), and electromyography (EMG). Medical electrodes aid in monitoring electrical activities of the heart, brain, and muscles respectively. Technological advancements have boosted performance of medical electrodes in terms of higher signal quality, durability, and reliability. Adhesive gel medical electrodes are widely adopted owing to their non-irritating and water-resistant properties. These electrodes find widespread usage in hospitals, ambulatory surgical centers, clinics, and other healthcare settings.
The global Medical Electrodes Market is estimated to be valued at US$ 1122.06 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the medical electrodes market is the adoption of dry electrodes. Conventional wet electrodes require skin preparation and application of electrolytic gels or pastes, which can cause skin irritation in long-term usage. Dry electrodes eliminate the need for gel pastes and provide higher signal quality, improved patient comfort, and easier application process. Major players are focusing on developing advanced dry electrodes made of versatile nanomaterials like graphene and carbon nanotubes to detect even subtle biopotentials from the skin surface. For instance, BrainCo’s dry electrodes harness conductive textiles and nanotechnologies to detect brain activity non-invasively. Similarly, CaptoGlove by Anthropic employs computer vision and machine learning algorithms with integrated dry electrodes to record hand gestures and monitor muscle activity. The proliferation of advanced dry electrodes will likely promote widespread usage of medical electrodes in ambulatory and home healthcare settings over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as the Medical Electrodes Market requires high R&D investments and regulatory approvals. Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established players providing medical electrodes. Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials for medical electrodes are commoditized and widely available. Threat of new substitutes: The threat of substitute products is low as medical electrodes have few close substitutes for applications like ECG, EEG, and EMG. Competitive rivalry: The competitive rivalry is high among the key players to gain higher market share through new product launches and regional expansion.
Key Takeaways
Global Medical Electrodes Market Size is expected to witness high growth.
Regional analysis- North America dominates the global Medical Electrodes Market owing to increasing healthcare expenditure and rising aging population. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by rising penetration of healthcare services and growing medical tourism across countries like India and China.
Key players operating in the Medical Electrodes Market are Brenntag AG, Arkema Group, Guangxi Qinzhou Capital Success Chemical Co. Ltd, OCP SA, Grasim Industries Limited, Merck KGaA, Yunphos, Spectrum Chemical, Manufacturing Corp., Prayon SA, Emco Dyestuff Pvt. Ltd, Nutrien Ltd, Anmol Chemicals, and Vinipul Inorganics Private Limited .
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
