Medical Electrodes Market to Reach USD 822.13 Million by 2027

A recently published report by Fortune Business Insights offers an elaborate overview of the market and its growth parameters. According to the report titled, “Medical Electrodes Market Size, Share & Industry Analysis, By Product (Wet Electrodes, Dry Electrodes, Needle Electrodes), By Application (Cardiology, Neurophysiology, Others) By Usage (Disposable Medical Electrodes, Reusable Medical Electrodes) By End User (Hospitals & Ambulatory Surgery Centers (ASCs), Specialty Clinics & Diagnostics Centers) and Regional Forecast, 2020-2027,” the market stood at USD 609.76 million in 2019 and will exhibit a CAGR of 3.9% during the forecast period, 2020 to 2027.

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Market Drivers

Rising Prevalence of Neurological Disorders will Add Impetus to Market

The rising prevalence of cardio and neurological disorders are the key medical electrodes market growth drivers. Additionally, government support from various nations in the form of regulatory scenario, and reimbursement policies will also help promote the growth of the market in the long run. On the contrary, factors such as lack of awareness about associated technological advancements and benefits of these devices may cause hindrance to the overall growth of the market.

Key Players Operating in The Medical Electrodes Market Include:

Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:

• Ambu
• Cardinal Health
• Braun
• KLS Martin
• Medico Electrodes International Limited
• 3M
• Conmed Corporation
• Zoll Medical
• Vermed
• Ad-Tech Medical
• ETHICON (Johnson & Johnson)
• Other Players

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Highlights of the Report:

• In-depth analysis of various insights, namely, Medical Electrodes Market trends, growth drivers, opportunities, and other related challenges.
• Comprehensive details of key market players, their core competencies, and Medical Electrodes Market share.
• The potency of suppliers and buyers to make better business decisions.
• Lists out the market size in terms of volume.

Quick Buy –  Medical Electrodes Market Research Report:

Increasing Reimbursement Policies and Better Healthcare Facilities will Help North America Dominate Market

Regionally, North America earned a revenue of USD 280.46 million in 2019 and emerged dominant. Factors responsible for this growth include the rise in government initiatives for enhancing the healthcare sector and medical facilities in the region, coupled with the reimbursement policies and flexible regulatory scenario. On the other side, the Asia Pacific market will rise at a rapid CAGR in the forecast period on account of rising penetration of new vendors into the regional market, coupled with the rise in expenditure on healthcare infrastructure and equipment development in the emerging economies such as India, China, and others. Furthermore, the increasing prevalence of chronic diseases that ails efficient diagnosis such as neurological disorders and cardiac issues will help Latin America and the Middle East and Africa markets witness stable growth.

Competitive Landscape

Fragmented Nature of Market will Intensify Competition

The market for medical electrodes is fragmented in nature due to the presence of many vendors. Players are engaged in offering an extensive portfolio for gaining a competitive edge in the market. They are also engaging in merger and acquisition, joint ventures, contracts and agreements, and other collaborative efforts to attract high revenue to the market during the forecast period. Furthermore, players are investing heavily in the development and manufacturing of new products to get regulatory approvals, thereby attaining the top position in the market competition.

Major Industry Developments of the Market include:

May 2018 – FDA approved the first dry electrode, wireless headset by Zeto Inc., namely zEEG for utilization in a clinical setting.

September 2019 – Megadyne Mega Soft was launched by Ethicon, a part of the Johnson & Johnson company to strengthen the portfolio of reusable patient return electrodes that are utilized for over a million procedures worldwide. The launch of this novel product is likely to help the company earn higher revenue in the future years.