Medical Electrodes Market Size

Medical Electrodes Market Analysis

The Medical Electrodes Market size is expected to grow from USD 0.94 billion in 2023 to USD 1.14 billion by 2028, at a CAGR of 4.10% during the forecast period (2023-2028).

• The COVID-19 pandemic significantly impacted the medical electrodes market. A study published in the Journal of Neurosurgical Anesthesiology in March 2022 showed that SARS-CoV-2 had a detrimental impact on the central nervous system, with investigations using a full montage of electroencephalogram (EEG) electrodes revealing nonspecific EEG abnormalities associated with COVID-19 infection.
• Furthermore, most COVID-19 patients showed symptoms of EEG discontinuity during monitoring using a shortened electrode montage, resulting in increased use of medical electrodes for COVID-19 patients. However, the demand for non-emergency diagnosis and treatment procedures decreased during the pandemic. Nevertheless, the market is growing at a stable pace due to the resumption of hospital services, diagnosis procedures, and product availability. It is expected to continue this trend in the coming years.
• The growth of the medical electrodes market can mainly be attributed to the increasing prevalence of cardiovascular and neurological diseases, technological advancements, and a rising focus on minimally invasive surgeries. The rise in neurological conditions, including cerebrovascular disease, Alzheimer's, dementia, migraine, epilepsy, tetanus, meningitis, Parkinson's disease, multiple sclerosis, and poliomyelitis, is expected to lead to increased research on neurophysiological pathways, resulting in higher adoption of medical electrodes and boosting market growth. According to a report published by the Alzheimer's Association in March 2022, Alzheimer's dementia is expected to affect an estimated 6.7 million Americans aged 65 and above in 2023, and this figure may rise to 13.8 million by 2060 unless medical breakthroughs are developed to prevent, delay, or cure the disease.
• In addition, companies are making rigorous investments toward the development of efficient diagnostic and therapeutic platforms, indicating promising growth prospects for the medical electrode market. These companies are focusing on growth strategies such as new product launches, mergers and acquisitions, and portfolio expansion. For example, in September 2021, NeuroOne Medical Technologies Corporation received Food and Drug Administration (FDA) clearance to market its Evo sEEG Electrode technology. Promising outcomes and increasing competition among leading medical device companies to approve and commercialize products in different areas of unmet medical needs are expected to boost the medical electrodes market.
• However, the biocompatibility of medical electrodes and the stringent regulatory guidelines, coverage, and different approval processes in various countries are significant barriers to the medical electrode market's growth. Despite these challenges, the growing burden of neurological diseases and product launches are expected to propel the market's growth over the forecast period.