Product Improvements and Developing Economies to Drive the Global Market for Medical Device Electrodes, According to New Report by Global Industry Analysts, Inc.
May 23, 2012
Product Improvements and Developing Economies
GIA announces the release of a comprehensive global report on Electrodes for Medical Devices market. Global market for electrodes for medical devices is projected to witness steady growth to reach US$1.2 billion by 2018. Major factors driving growth in the market include recovery in the general economic environment, increasing preference for disposable electrodes, and technological improvements in medical diagnostic devices. Growth in the market is also expected to be fuelled by general demographic trends such as aging population, increasing incidence of various illnesses, increasing income levels, and rising awareness on health and treatments.
Electrodes are devices that convert ionic potentials into electronic potentials. The medical industry uses several electronic devices including EEGs and ECGs that aid in diagnosing a patient’s condition. These electrodes help in detecting chemical reactions-derived electrical signals in nerve and muscle cells of patients and are used in detecting and treating life threatening ailments such as heart attack, fibrillation, tachycardia and bradycardia. Medical electrodes are mass products with limited scope for differentiation and represent a small business of a medical device manufacturing company. The market is highly competitive, price sensitive and mature. Advances in electrode technology are primarily aimed at enhancing patient comfort, maintaining skin integrity, and improving electrode-tissue interface for improved recording and stimulation. Efforts are also aimed at development of economically priced electrodes with superior electrical performance and resistance for dry-out. Among the current research areas in electrode technologies are development of various polymer and lattice materials, nanowire electrodes, nanotextured coatings, and integrated electronics for high-resolution electrical measurements without damaging the biological tissues.
The medical devices industry, though not completely recession-proof, is characterized by a degree of resilience. Owing to health being the priority for majority of the mankind, the medical device market is protected from direct effect of economic recession. For instance, in the US, the apparent disconnect between discretionary spending and demand for healthcare has protected the medical device market. Another factor that shields the industry is the presence of affluent consumers, who continue to drive demand for premium healthcare products and services. In particular, life-saving equipment are better placed and may be considered as recession-proof. Many electronic devices come under the category of life-saving equipment, and consequently the medical device electrode market, though not completely immune to the economic slowdown, has been able to display modest growth compared to than device markets.
Growing incidence of chronic illnesses such as diabetes and asthma, and an aging global population are driving the demand for advanced technology-based medical devices. Technological advancements have also allowed medical equipment to be directly used by consumer, as against the earlier trend when medical professionals solely used such devices. Continuous reforms in the healthcare sector are also expected to fuel growth in the medical market, as enhanced emphasis is placed on taking preventative and proactive healthcare measures for cutting costs. Consequently, the demand for miniaturized patient monitoring equipment with portability features is likely to grow. Disposable electrodes have an edge over reusable electrodes as they reduce initial costs. These electrodes also eliminate cross contamination between patients and reduce the lengthy sterilization process. Dry electrodes are another major advancement in electrode technology in recent years. These electrodes designed for long-term ambulatory ECG monitoring and EEG applications overcome the shortcomings of conventional adhesive electrodes in terms of reducing artifact and eliminating interference associated with the use of cables, lead wires and electrode impedances. Further electrodes with advanced conductive hydrogel technology are gaining in popularity for long and short term procedures. Another emerging area of research is the development of efficient conducting polymer electrode materials that offer wide surface area, mechanical compliance and dual electro-ionic conductivity for effective electronic transfer at the interface in case of implantable medical devices.
The US represents the largest regional market for electrodes in medical devices worldwide, as stated by the new market research report on Electrodes for Medical Devices. Growth in the market would be driven by Asia-Pacific, which is projected to emerge as the fastest growing regional market for electrodes worldwide, posting a CAGR of 9.5% during the analysis period 2010-2018. Segment wise, TENS Electrodes represents the largest as well as the fastest growing product segment.
Major players profiled in the report include 3M Co., Ambu A/S, CONMED Corporation, Covidien, C.R Bard Inc., Katecho Inc., Utah Medical Products Inc., and ZOLL Medical Corporation among others.
The research report titled “Electrodes for Medical Devices: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of current market trends, product innovations, recent industry activity and profiles of market players worldwide. Analysis and overview is provided for major geographic markets including the United States, Canada, Japan, Europe, Asia-Pacific, Middle East and Latin America. The report provides annual sales estimates and projections for the years 2010 through 2018 in US$ million for product segments including Blood Gas Electrodes, Defibrillator Electrodes, ECG Electrodes, EEG/EMG/ENG Electrodes, Electrosurgical Electrodes, Fetal Scalp Electrodes, Ion-selective Electrodes, pH Electrodes, Nasopharyngeal Electrodes, Pacemaker Electrodes and TENS Electrodes..
For more details about this comprehensive market research report, please visit: http://www.strategyr.com/Electrodes_for_Medical_Devices_Market_Report.asp