According to a new market report published by Transparency Market Research "Electrodes for Medical Devices Market (Diagnostic Electrodes - ECG, EEG, EMG, ERG and Fetal Scalp Electrodes, Therapeutic Electrodes - TENS, Pacemakers, Defibrillators, Electrosurgical and Other Electrodes) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global electrodes market for medical devices was valued at USD 633.6 million in 2012 and is estimated to reach a market worth USD 1,451.2 million in 2019 at a CAGR of 11.7% from 2013 to 2019.
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Medical industry deploys several types of electrodes such as electrocardiography (ECG) electrodes, fetal scalp electrodes, electroencephalography electrodes, transcutaneous electrical nerve stimulation TENS electrodes, pacemaker electrodes and others across the globe. An electrode is a medical device capable of transferring ionic current energy into electrical current in the body that can be amplified to treat as well as diagnose several ailments and life threatening conditions. With a rise in the global life expectancy level and burgeoning population, number of chronic and severe disease statistics has witnessed an exponential rise in past decade itself. Average annual mortality due to other neurological diseases was 18.8/100,000, including Alzheimer's disease and other dementias 7.1/100,000 and Parkinson's disease 1.7/100,000. Migraine ranked 8th, epilepsy 20th and Alzheimer's disease 24th in a table demonstrating prevalence of all diseases measured in years lived with disability. With such an exponential rise in population and disease prevalence, the demand for affordable, compact and effective medical device have grown in past.
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Medical electrodes are mass products and in most of the cases represent a sub segment or portfolio of medical device manufacturers with very little scope for product differentiation. This makes the overall market highly competitive and price sensitive in nature. The scope for development and growth for electrodes manufacturers is to enhance its performance and accuracy in monitoring and detection. Technological sophistications in medical device electrodes are primarily focused on enhancing patient comfort and improving electrodes tissue interface for improved recording and stimulation. Efforts are also aimed at development of economically priced electrodes with superior electrical performance. Furthermore, the current research areas are focused on developing various polymers, nanotextured coatings and advancing the integrated circuitry designs for rendering compact and compatible devices in future. All these aforementioned factors further boost the growth and uptake of medical electrodes.
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At regional level North America accounted for the largest market share in the year 2012 followed by Europe. This is mainly due to intense government support and technological advancements resulting in broader acceptance of the devices. In the US, the apparent disconnect between discretionary spending and demand for healthcare has protected the medical device market. Increased healthcare awareness and well established healthcare infrastructure have also contributed towards the deployment and installation of latest and technological advancements have contributed towards higher sales of the electrodes and associated devices. During the forecasted period the Asia-Pacific market is expected to be the fasted growing market. Some of the factors contributing the growth for this market include rise in disposable income, escalated government intervention to reform healthcare facilities and infrastructure developments. In addition, growing trend for medical tourism in this region also uplifts the market for medical device electrodes. The global electrodes market is highly fragmented with the presence of well established as well as emerging market players. Some of the prominent players in the medical device electrodes market include 3M Company, Ambu A/S, CONMED Corporation, Philips Healthcare Medtronic, Inc., and Natus Medical, Inc. among others.