by The Cardiology Electrodes Market is estimated to be valued at US$ 134.71 Mn or Million in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cardiology electrodes are medical devices used to monitor and treat various cardiac conditions. These electrodes help in recording electrophysiologic signals from the heart by placing them on the skin or directly onto the heart tissue during cardiac procedures and surgeries. Common types of cardiology electrodes include resting ECG electrodes, Holter monitoring electrodes, stress test electrodes, catheterization laboratory electrodes, and electrophysiology (EP) ablation electrodes.
Market Dynamics:
Rising prevalence of cardiovascular diseases – The increasing prevalence of cardiovascular diseases such as coronary artery disease, arrhythmias, congenital heart disease, and heart failure is the major factor driving the demand for cardiology electrodes. As per the World Health Organization (WHO), cardiovascular diseases are the leading cause of death globally, accounting for over 17.9 million deaths annually. Growing geriatric population – The rapidly growing geriatric population is another driver for the cardiology electrodes market. Older adults are more prone to develop cardiac conditions which triggers the demand for various cardiac monitoring and treatment procedures using cardiology electrodes. According to the United Nations, the population aged 65 years and above is projected to grow from 703 million in 2019 to 1.5 billion by 2050.
Segment Analysis
The cardiology electrodes market can be segmented into defibrillation electrodes, diagnostic electrodes, and ablation electrodes. Among these, defibrillation electrodes dominate the market as they are used in defibrillators that deliver electrical therapy to treat life-threatening cardiac arrhythmias. The increasing incidence of cardiovascular diseases and growing geriatric population are key factors driving demand for defibrillation electrodes.
PEST Analysis
Political: Governments in various countries are undertaking initiatives to spread awareness about cardiovascular diseases and their treatment options. This is positively impacting the adoption of cardiology electrodes.
Economic: Rising disposable incomes have increased healthcare spending. This is enabling more people to opt for advanced treatment methods that incorporate cardiology electrodes.
Social: Growing acknowledgment of lifestyle-related heart ailments is pushing individuals to seek timely diagnosis and treatment. This augurs well for the cardiology electrodes market.
Technological: Advancements in material sciences have led to the development of more effective electrode materials that better conduct electricity and last longer. Introduction of wireless technologies is also simplifying procedure workflows.
Key Takeaways
The global Cardiology Electrodes Market Growth is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period, due to increasing prevalence of cardiovascular diseases worldwide. The market size for 2023 is estimated to be US$ 134.71 Mn.
North America dominates the cardiology electrodes market due to rapid introduction of innovative products and rising healthcare expenditure in the region. However, Asia Pacific is anticipated to emerge as the fastest growing market, attributable to surging elderly population, growing medical tourism, and improving access to healthcare in China and India.
Key players operating in the cardiology electrodes market are Leonhard Lang, Â Nissha Medical Technologies, Â Conmed Corporation, Â Koninklijke Philips N.V., Â GE Healthcare (General Electric Company), Â Medtronic plc, Â BPL Medical Technologies, Â FARUM sp. z o.o., Â INTCOMEDICAL.COM., Â Promed Technology Co., Ltd., Â 3M, Â VectraCor, Â Medico Electrodes International Ltd., Â Ambu A/S., and Cardinal Health. These companies primarily focus on strengthening their product portfolios through mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
