Cardiology Electrodes Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|CAGR||> 4.00 %|
|Fastest Growing Market||Asia-Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Cardiology Electrodes Market Analysis
The Cardiology Electrodes Market is expected to register a CAGR of 4% over the forecast period.
The COVID-19 pandemic adversely affected the cardiac electrodes market. However, the application of ECG in some COVID-19 cases was expected to increase the market growth. For instance, in May 2021, published in the National Library of Medicine revealed that ECG can potentially be used in diagnosing COVID-19. Such studies indicate that the demand for cardiac electrodes is increasing amid the pandemic. Furthermore, in February 2021, QT Medical launched the Xpress ECG service, the world's first 12-lead ECG home test, to help reduce the risk of exposure to COVID-19 by bringing ECG tests to patients' homes. The 12-lead ECG (EKG) with PCA 500 makes it available for healthcare professionals and patients to use. The ECG tests are performed using PCA 500, a complete 12-lead ECG platform that includes a super-compact recorder, prepositioned electrode strip, mobile app, HIPAA-compliant cloud, and preliminary interpretation. Thus, such product launches are expected to increase market growth.
The factors attributing to the market growth are the increasing burden of cardiovascular disorders, rising demand for disposable electrodes, and growing focus on research and development for innovative products. The increasing burden of cardiovascular disorders is contributing to the market's growth. For instance, the British Heart Foundation's Report titled 'UK Factsheet' published in July 2021 reports that 7.6 million people in the United Kingdom live with heart and circulatory diseases. Further, according to the 2022 American Heart Association (AHA) report, approximately 244.1 million people were living with ischemic heart disease (IHD) around the world, and North Africa and the Middle East, Central and South Asia, and Eastern Europe had the highest prevalence rates of IHD in the world in 2020. Such statistics indicate the increasing number of cardiology procedures, further indicating the growing demand for cardiology. Such statistics indicate that the growing burden of cardiovascular disorders worldwide drives the demand for cardiac electrodes, thereby driving market growth in the coming period.
Furthermore, product launches by key market players are expected to increase market growth over the forecast period. For instance, in May 2022, Bittium exhibited its innovative products and solutions for cardiology at the ESOC 2022 congress in Lyon, France, on 4-6 May 2022. The new Bittium Faros 180L ECG measuring device can measure at least 14 consecutive days on a single battery charge, streamlining prolonged ECG monitoring in stroke patients and improving diagnostic yield and patient compliance. Bittium's solutions enable the earlier discharge of patients and the ability to detect and react to arrhythmias faster. Thus, product launches are expected to increase market growth over the forecast period.
However, the high cost of cardiology electrodes and complications associated with cardiology electrodes hinder the market's growth.
Cardiology Electrodes Market Trends
This section covers the major market trends shaping the Cardiology Electrodes Market according to our research experts:
Disposable Segment is Expected to Hold a Major Market Share in the Market Over the Forecast Period
The disposable segment is expected to hold a major market share. Disposable cardiology electrodes are used with snap-connect lead wires. These electrodes detect the small electrical changes that result from cardiac muscle depolarization followed by repolarization during each cardiac cycle.
The major factors affecting segment growth are the growing burden of cardiovascular diseases (CVDs), the advantages of disposable electrodes, and the strategic initiatives the market players undertake.
The growing burden of cardiovascular disorders (CVDs) leads to many electrocardiography procedures. For instance, as per the 2021 Pan American Health Organization (PAHO), cardiovascular diseases account for 40.8 million disability-adjusted life years (DALYs) in the Americas. In addition, according to the National Center for Chronic Disease Prevention and Health Promotion, Division for Heart Disease and Stroke Prevention data updated in July 2022, coronary heart disease is the most common type of heart disease. Moreover, about 805,000 people in the United States have a heart attack every year. People suffering from cardiovascular diseases or those at high cardiovascular risk need early detection and intervention to avoid fatal consequences. Such statistics reflect the growing demand for disposable cardiology electrodes, thereby contributing to the growth.
Additionally, disposable electrodes' advantages are another factor in increasing segment growth. For instance, in June 2021, an article published in the National Library of Medicine stated that cross-infection could arise from reusing ECG cables, even if they have been cleaned. Surgical site infection is a particular risk in patients who have undergone coronary artery bypass grafting because ECG wires are placed on the chest close to the incision site. Single-use ECG reduces the risk of cross-contamination between patients and free nursing time for patient care because they are discarded after use and do not have to be cleaned and disinfected for use with another patient. Thus, with such advantages, adopting disposable electrodes is expected to increase segment growth.
In addition, in September 2021, Bittium expanded the portfolio of its new-generation ECG electrodes. In combination with the Bittium Faros ECG device, the new Bittium OmegaSnap patch electrodes support one (1-CH), two (2-CH), and three-channel (3-CH) ECG measurements. OmegaSnap electrodes have been designed with special emphasis on user comfort. They allow for a patient-friendly way to perform continuous ECG measurements for up to 7 days without needing to change the electrode. The patch electrodes with excellent anatomical fit and high-quality signal are very comfortable. As these electrodes are disposable, they enable a hygienic way of safely performing measurements, especially during epidemics.
Thus, the market players are expected to witness significant growth over the forecast period due to the abovementioned developments.
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North America is Expected to Hold a Significant Share in the Market and Expected to do Same Over the Forecast Period
Within North America, the United States holds a major share of the market. The presence of sophisticated healthcare infrastructure, favorable government initiatives for product development, and high patient awareness levels, coupled with an increasing target patient population, are expected to be some of the prominent drivers for the growth of the cardiology electrodes market over the coming years in the region. According to the American Heart Association, by 2035, around 45% of the United States population is likely to suffer from heart disease due to factors like high obesity, high smoking, and unhealthy lifestyles, which may lead to heart attacks and other related issues. Similarly, as per a February 2022 published update by the Centers for Disease Control and Prevention (CDC), in 2020, the percentage of adults diagnosed with coronary heart disease was 4.6% in the United States. In addition, as of February 2021, approximately 1.5 million heart attacks and strokes occur every year in the United States. Since the burden of heart failures in the country is also increasing with the increase in the older population, it is driving the demand for cardiology electrodes, thus, boosting the market. Similarly, as per the data published in February 2022 by the Heart and Stroke Foundation Canada, in Canada, 750,000 people are living with heart failure and 100,000 people are diagnosed with this incurable condition each year which is further expected to increase with the rising aging population and cardiovascular risk factors such as hypertension and smoking, among others.
Thus, due to the developments mentioned above, the market is expected to witness significant growth over the forecast period.
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Cardiology Electrodes Industry Overview
The cardiology electrodes market is competitive with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, mergers, and acquisitions. Some key players in the market are Advin Health Care, Cardinal Health, Inc., 3M Company, CONMED, Koninklijke Philips N.V., and others.
Cardiology Electrodes Market Leaders
Cardinal Health, Inc.
Advin Health Care
Koninklijke Philips N.V.
*Disclaimer: Major Players sorted in no particular order
Cardiology Electrodes Market News
- In February 2022, AliveCor launched KardiaMobile Card, the slimmest, most convenient personal ECG device ever created. At the size of a standard credit card, KardiaMobile Card fits easily into any wallet and delivers a medical-grade, single-lead ECG in 30 seconds.
- In February 2022, Philips launched an at-home, 12-lead electrocardiogram (ECG) solution for use in decentralized clinical trials.
Cardiology Electrodes Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Burden of Cardiovascular Diseases (CVDs)
4.2.2 Rising Demand for Disposable Electrodes
4.2.3 Growing Focus on Research and Development of Innovative Products
4.3 Market Restraints
4.3.1 Complications Associated With Cardiology Electrodes
4.3.2 High Cost of Cardiology Electrodes
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product
5.1.1 Resting ECG Electrodes
5.1.2 Short-Term Monitoring ECG Electrodes
5.1.3 Long-Term Monitoring ECG Electrodes
5.1.4 Other Products
5.2 By Usability
5.2.1 Disposable Medical Electrodes
5.2.2 Reusable Medical Electrodes
5.3 By Adhesion Type
5.3.1 Wet Electrodes
5.3.2 Dry Electrodes
5.3.3 Other Adhesion Types
5.4 By Geography
5.4.1 North America
5.4.4 Middle-East and Africa
5.4.5 South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Ambu A/S
6.1.2 Cardinal Health, Inc.
6.1.3 3M Company
6.1.5 Koninklijke Philips N.V.
6.1.6 BIO Protech Inc.
6.1.7 Medico Electrodes International Ltd.
6.1.8 Nikomed USA
6.1.9 Nissha Co., Ltd.
6.1.10 Rhythmlink Internationa
6.1.11 ADInstruments Pty, Limited
6.1.12 Leonhard Lang
6.1.13 Natus Medical Incorporated
6.1.15 Advin Health Care
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Cardiology Electrodes Market Research FAQs
What is the current Global Cardiology Electrodes Market size?
The Global Cardiology Electrodes Market is projected to register a CAGR of greater than 4% during the forecast period (2023-2028).
Who are the key players in Global Cardiology Electrodes Market?
Cardinal Health, Inc., Advin Health Care, 3M Company, CONMED and Koninklijke Philips N.V. are the major companies operating in the Global Cardiology Electrodes Market.
Which is the fastest growing region in Global Cardiology Electrodes Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Global Cardiology Electrodes Market?
In 2023, the North America accounts for the largest market share in the Global Cardiology Electrodes Market.
Global Cardiology Electrodes Industry Report
Statistics for the 2023 Global Cardiology Electrodes market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Cardiology Electrodes analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.