Rising Preference for Advanced Medical Devices Fueling Medical Electrodes Demand

The International Diabetes Federation (IDF) states that around 463 million adults, aged 20–79 years, were living with diabetes in 2019. Additionally, the organization also mentions that this lifestyle-associated disease caused 4.2 million deaths in 2019, and it will affect approximately 700 million people by 2045. Additionally, the World Health Organization (WHO) estimates that cardiovascular diseases (CVDs) were responsible for nearly 17.9 million fatalities in 2019. The organization also states that cancer accounted for around 10 million deaths in 2020.

Thus, the increasing prevalence of chronic and lifestyle-related diseases will help the medical electrodes industry progress at a CAGR of 6.7% during 2021–2025. As the patients suffering from chronic illnesses are extremely prone to several disabilities and require constant medical attention, medical professionals are using medical electrodes to offer a statistical basis for medical diagnosis and treatment to affected people. According to P&S Intelligence, the market was valued at $842.9 million in 2020 and it will generate $1,151.6 million revenue by 2025.

In addition, the increasing adoption of advanced medical devices, such as diagnostic instruments and equipment, in healthcare facilities to offer improved care to patients will also create an enormous requirement for reusable and disposable medical electrodes in the foreseeable future. In comparison to reusable medical electrodes, disposable ones require lesser preparation time for usage and mitigate the chances of cross-contamination in healthcare facilities. Both these electrodes are integrated into electromyography (EMG), electrocardiography (ECG), and electroencephalography (EEG) & brainstem auditory evoked potential (BAEP) modalities used in the diagnosis and treatment of several chronic and lifestyle-associated diseases.

In recent years, medical electrode manufacturers have introduced new products and engaged in the approval process to provide better diagnosis and avoid contamination among patients. For example, in September 2019, Johnson & Johnson introduced the Megadyne Mega Soft, a new reusable electrode, to enhance comfort and eliminate adhesive-related injuries in patients. Likewise, Nihon Kohden Corporation unveiled premium disposable gold-cup EEG electrodes in April 2020 to prevent cross-contamination among patients while maintaining high-quality EEG signals.

Globally, the North American region dominated the medical electrodes market in the recent past, on account of the growing geriatric population and surging need for early diagnosis of CVDs and neurological diseases for timely and effective treatment. For instance, the Government of Canada forecasts that the population of individuals aged 65 years or above in Canada will reach over 9.5 million by 2030. Further, the Urban Institute estimates that, by 2040, the U.S. will be home to over 80 million people aged 65 years and more.

In the coming years, the Asia-Pacific region will adopt a substantial volume of medical electrodes due to the mounting healthcare expenditure, booming aging population, and surging incidence of chronic diseases. For example, the United Nations Population Fund (UNFPA) predicts that nearly 1.3 billion people in the APAC region will be aged 60 years and above by 2050. Further, the WHO estimates that CVDs accounted for approximately 27% of deaths in India in 2016. Similarly, India Against Cancer states that 7,84,821 cancer-related deaths were recorded in India in 2018.

Thus, the rising incidence of lifestyle-associated and chronic ailments and burgeoning demand for advanced diagnostic equipment and instruments in healthcare settings will facilitate the adoption of medical electrodes globally.