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The cardiology electrodes market size is estimated to grow by USD 115.13 million at a CAGR of 4.81% between 2022 and 2027.
Advances in cardiology electrodes have led to the development of ECG electrodes with better design and less interference in patient monitoring procedures. Patient comfort is improved, and the fabric edges on the electrodes improve stimulation and recording. The market players are focused on developing cost-effective and efficient ECG electrodes for the diagnosis and treatment of various diseases. Additionally, conductive fibers are a new development in dry-contact electrodes. The fabrication technology of textile electrodes and their performance in terms of contact impedance, motion artifacts, and signal quality of skin electrodes are also reviewed and investigated. Review results showed that fiber-based ECG electrodes provide better comfort and better signal quality. Therefore, such technological advancements will drive the growth of the market during the forecast period.
Technavio has segmented the market into Product, End-user, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
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The market share growth by the resting ECG electrodes segment will be significant during the forecast period. A resting electrocardiogram is a test that measures the electrical activity of the heart. A resting ECG is a non-invasive test in which the patient lies in a comfortable position. This allows doctors to see the natural standard electrical activity of a patient's heart. A standard resting ECG test uses 10 electrodes to generate 12 different views of the heart's electrical activity.
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The resting ECG electrodes segment was valued at USD 128.93 million in 2017. The resting ECG electrode segment is the largest revenue contributor to the global cardiology electrode market. This is firstly due to an increased focus on early diagnosis and disease prevention, the presence of multiple market players offering resting ECG electrodes at competitive prices, and an increase in the number of resting ECG procedures performed. Additionally, favorable reimbursement policies in countries such as the US are also driving market growth. Therefore, such factors will drive the growth of the resting ECG electrode segment in the global cardiology electrodes market during the forecast period.
Due to the increasing incidence of heart diseases and the increasing use of flexible graphene-based ECG electrodes in hospitals, hospitals are expected to hold the largest market share. The market growth is driven by factors such as the increasing incidence of coronary heart disease and the concentration of major players. Furthermore, the increase in the number of cardiovascular laboratories has driven the expansion of the global cardiology electrodes market. Owing to quality patient care, the hospital segment will witness high demand for cardiology electrodes, thus driving the growth of the market during the forecast period.
Modern healthcare facilities called ambulatory surgery centers deliver same-day surgical care, including diagnostic and preventative procedures. ASCs are significantly growing in popularity among the general population for performing ophthalmic procedures. Numerous surgical procedures, especially cardiovascular surgery, are increasingly performed in ASCs Because they provide high-quality patient care, quick recovery times, and lower costs than hospitals. Therefore, such factors will drive market growth during the forecast period.
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers will shape the market during the forecast period. The main countries in North America are the US and Canada. The market in these countries is forced by the presence of established medical facilities and growing healthcare spending by individuals. The strong presence of leading market players, the increasing number of ECG procedures, and the increasing incidence of cardiovascular diseases are driving the growth of the market in North America.
Moreover, the US is the major revenue contributor to the cardiology electrodes market in North America and the global market. Several public and private organizations are also undertaking initiatives to promote early diagnosis and prevention of cardiovascular diseases. Additionally, the US also has a promising reimbursement policy for ECG procedures. Medicare Part B (health insurance) provides coverage for medically necessary ECGs as recommended by the doctor. Major suppliers are also working to increase their presence in the country. Therefore, these factors will drive the cardiology electrodes market in the region during the forecast period.
The COVID-19 outbreak had a negative impact on the growth of the regional cardiology electrode market in 2020. However, ECG is considered an important part of COVID-19 treatment, which increases the need for cardiovascular electrodes. Additionally, to prevent disease transmission, the use of disposable electrodes has increased to prevent the spread of COVID-19 between patients. Additionally, the demand for wearable ECGs and at-home ECG testing has increased since the outbreak of the COVID-19 pandemic. Hence, these factors will drive the growth of the regional market during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
3M Co.: The company offers cardiology electrodes such as 3M Red Dot ECG electrodes which provide the right electrocardiogram electrodes for a variety of patients, skin types, and monitoring situations.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The increasing prevalence of CVDs is the key factor driving the growth of the market. The global incidence of cardiovascular diseases and their associated risk factors are increasing significantly. The incidence of cardiovascular disease increases with age. The incidence of cardiovascular disease is accelerated due to the increasing prevalence of risk factors such as diabetes, hypertension, smoking, and obesity, which is driving the demand for ECGs. China recorded the highest number of deaths from heart disease last year, followed by India, Russia, the US, and Indonesia.
Furthermore, some healthcare providers also raise awareness about cardiovascular diseases to reduce the healthcare burden. For example, in 2020, Stryker Corporation (Stryker), a leading medical technology company, launched an awareness campaign in support of World Heart Day and World Stroke Day. Such initiatives aimed at increasing awareness about early diagnosis of cardiovascular diseases are expected to drive the growth of the global cardiology electrodes market during the forecast period.
The emergence of wearable health monitoring is the primary trend shaping the growth of the market. ECG is an essential physiological index, containing a lot of information about the activity of the human heart. However, to avoid problems such as weak low-frequency signals, wearable biosensors (WBS) techniques have been introduced. A non-contact flexible electrode is proposed for the WBS system, which is made of flexible printed circuit material and is capable of monitoring ECG signals.
Additionally, market players are focusing on introducing wearable electrodes into the market. For example, in September 2021, Bittium wearable electrode patches were launched, intended for use with the Bittium Faros ECG device to measure cardiac ECG signals. Hence, such factors are expected to drive market growth during the forecast period.
The pricing pressure leading to loss of potential profitability is a challenge that affects the growth of the market. The global cardiology electrode market is witnessing fierce competition owing to the existence of numerous market players. Opportunities for product differentiation are limited. So the suppliers offer similar products. End users of cardiovascular electrodes are price-sensitive. Most sellers offer similar products, giving consumers many choices. Therefore, customers can look for high-quality and more inexpensive options.
In addition, fluctuations in the prices of insulating materials such as polymers, metals, and petroleum by-products also affect raw material prices. Global economic fluctuations also have a negative impact on commodity prices. Therefore, pricing pressure on players will negatively impact the market growth of the market during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Cardiology Electrodes Market Customer Landscape
The cardiology electrodes market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Cardiology Electrodes Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.81% |
Market growth 2023-2027 |
USD 115.13 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.28 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 42% |
Key countries |
US, Canada, Germany, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., ADInstruments Pty Ltd., Ambu AS, Bio Protech Inc., BioTekna Srl, Bittium Corp., BPL MEDICAL TECHNOLOGIES Pvt. Ltd., Cardinal Health Inc., Conmed Corp., Diagramm Halbach GmbH and Co. KG, GE Healthcare Technologies Inc., Koninklijke Philips N.V., Leonhard Lang GmbH, LUMED Srl, Medico Electrodes International Ltd., Nihon Kohden Corp., Nissha Co. Ltd., Qingdao Bright Medical Manufacturing Co. Ltd., Thought Technology Ltd., and Advin Health Care |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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