Market Trends of Medical Electrodes Industry
Cardiology Segment Expected to Witness Significant Growth Rate Over the Forecast Period
- Electrodes are strategically placed on the chest, arms, and legs, and the lead wires connect them to ECG equipment. The electrical activity of the heart is measured, interpreted, and printed to detect cardiovascular events such as heart attacks, heart failure, endocarditis, irregular heartbeats, and others. During each cardiac cycle, the electrodes detect the small electrical changes caused by heart muscle depolarization and repolarization.
- The standard 12-lead electrocardiogram (ECG) is widely used in assessing cardiovascular diseases and is considered one of the most important tests for interpreting cardiac rhythm, detecting myocardial ischemia and infarction, conduction system abnormalities, preexcitation, long QT syndromes, atrial abnormalities, ventricular hypertrophy, pericarditis, and other conditions.
- Moreover, the prevalence of heart diseases is growing, which is expected to fuel the market's growth. According to a February 2023 report by the British Heart Foundation, there were 7.6 million people with heart and circulation illnesses in the UK by 2021. The electrodes record, analyze and print the heart's electrical activity. Therefore, the high burden of cardiac illnesses is anticipated to drive segment expansion over the forecast period.
- Furthermore, increasing demand for cardiology electrodes, intensified R&D efforts, improvements in cardiology electrode technology, and expanding awareness about the benefits of using cardiology electrodes are significant factors predicted to drive the cardiology electrodes segment. For example, in September 2021, Bittium introduced a new generation of electrodes, including the Bittium OmegaSnap patch electrodes, designed with user comfort in mind to provide a patient-friendly solution for continuous ECG measurements for up to 7 days without needing to replace the electrode.
- In conclusion, the growing prevalence of cardiac diseases and the introduction of new products by market players are expected to drive the growth of the cardiology electrodes segment over the forecast period.
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North America Expected to Hold a Significant Share in the Market Over the Forecast Period
- The North American region commands a significant share of the market studied, primarily due to its superior healthcare infrastructure, effective government policies, vast multinational company base, and a high level of awareness about testing and testing devices in healthcare. This region also witnesses a high prevalence of chronic inflammatory disorders, such as cardiovascular diseases, diabetes, inflammatory bowel disease (IBD), and cancer, compared to other chronic indications.
- According to the Government of Canada's statistics published in November 2021, approximately 229,200 Canadians were diagnosed with cancer in 2021, with prostate cancer expected to remain the most diagnosed cancer, accounting for 46% of all cancer diagnoses. Furthermore, a 2022 article published by the Centers for Disease Control and Prevention (CDC) reveals that about 20.1 million adults aged 20 years and older had coronary artery disease in the United States in 2020, and each year, around 805,000 people in the United States have a heart attack. As a result, the high burden of cardiovascular diseases is anticipated to drive the demand for effective diagnosis and fuel market growth in this country over the forecast period.
- In addition, several market players are implementing various strategic initiatives, including product launches. For example, in February 2021, Stratus Medical was granted a third US patent related to its Nimbus RF Multitined Expandable Electrode. US Patent No. 10,925,664, titled "Methods For Radio Frequency Neurotomy," was issued on February 23, 2021, by the United States Patent and Trademark Office.
- Furthermore, in May 2021, a DC-based startup, iCE Neuro Systems, received approval from the United States Food and Drug Administration (USFDA) for a subcutaneous electrode called iCE-SG, designed to monitor the brain's electrical activity from beneath the skin of the scalp.
- Therefore, considering these factors, such as rising chronic disease incidence and product launches, the market studied is expected to experience growth over the forecast period.
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