A new Transparency Market Research report states that the global electrodes for medical devices market was pegged at US$633.6 mn in 2012 and is anticipated to reach US$1,451.2 mn by 2019, expanding at a CAGR of 11.70% from 2013 to 2019. The title of the report is “Electrodes for Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.”
The utilization of electrodes in medical devices serves to transfer the ionic current energy into electrical current within the human body. These currents have proven to be very useful in diagnosing and treating a number of diseases and can be amplified as per the need. These electrodes are composed of metals such as silver, nickel, copper, manganese oxide, cadmium, and zinc, among others. Electrodes such as electrocardiography (ECG) electrodes are used for the diagnosis of cardiac disorders. On the other hand, electrosurgical electrodes are utilized in different surgeries and enable accurate incisions involving minimal blood loss.
According to the report, the increasing need for portable medical devices to lower the increasing healthcare and hospital expenses is a key factor stimulating the electrodes for medical devices market. In addition, there is an increasing demand for disposable electrodes owing to the increasing safety and health concerns globally. Furthermore, ablation electrodes are in high demand owing to the increasing requirement for minimally invasive surgical technologies.
On the other hand, the report states that electrical burns caused by overheating and the absence of biocompatibility tests have inhibited the acceptance and utilization of electrodes in medical devices, hence impeding the development of the overall market. In addition, delays in the pre-market approval process owing to the classification of pacemaker electrodes as high-risk devices by the FDA may also pose a negative impact on the growth of the market.
In terms of product type, the market is segmented into ECG, EMG, EEG, fetal scalp electrodes, ERG electrodes, and others. Amongst these, ECG electrodes are poised to lead the market with a CAGR of 3.0% from 2013 to 2019. The ECG electrodes segment will be trailed by the segment of fetal scalp electrodes in the forecast horizon.
The therapeutic electrodes for medical devices market, by product, is segmented into pacemaker electrodes, TENS electrodes, electrosurgical electrodes, defibrillator electrodes, and others. Amongst these, defibrillator electrodes and electrosurgical electrodes are anticipated to register the greatest CAGR from 2013 to 2019. This is owing to ZOLL Medical Corporation’s launch of wearable defibrillators that monitor the wearer’s cardiac rhythms and administer a carefully measured electrical shock to the wearer in case of abnormal cardiac rhythms so as to help regain the normal functioning of the heart.
Geographically, the report segments the electrodes for medical devices market into North America, Europe, Asia Pacific, and Rest of the World (RoW). Amongst these, in 2012, Europe and North America held the largest share of over 60% in the market owing to the proliferation of cutting-edge medical devices supporting the presence of technologically developed electrodes. Furthermore, the soaring count of cardiac disorders and the rising rate of diagnosis within these two regions will also support the growth of the market here. On the other hand, Asia Pacific is predicted to record the greatest growth rate in the forecast horizon owing to the increasing trend of medical tourism and the soaring count of smokers here.
As per the report, the chief players dominant in the market are 3M Company, CONMED Corporation, and Natus Medical, Inc. among others
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