Market Size of Global Cardiology Electrodes Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
