Medical Electrodes Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Needle Electrodes, Disposable Electrodes, Surface Electrodes, and Reusable Electrodes), By Modality (Electrocardiography (ECG), Electromyography (EMG), Electroencephalography (EEG), Brainstem Auditory Evoked Potentials (BAEPs), Motor Evoked Potentials (MEPs), and Others), By Application (Cardiology, Neurophysiology, Electrosurgical, and Others), By End User (Hospitals, Diagnostic Centers, Research Institutions), and Region Forecast 2020-2031

Medical Electrodes Market size was valued at US$ 1,842.7 million in 2023 and is expected to grow at a significant CAGR of 3.9% from 2024 to 2030. The global market provides a detailed overview which can be segmented by product type, modality, application, end user, and region. By product type, the Medical Electrodes market has been segmented into needle electrodes, disposable electrodes, surface electrodes, and reusable electrodes. By product type, the surface electrodes segment is expected to dominate the market during the forecast period due to the continuous introduction of new electrode indications, which are cost-effective and more precisely working procedures.

By modality, the market has been segmented into electrocardiography (ECG), electromyography (EMG), electroencephalography (EEG), brainstem auditory evoked potentials ((BAEPs), motor evoked potentials (MEPs), and others. By modality, the electrocardiography (ECG) segment dominated the market in 2021, and this trend is expected to continue during the coming few years owing to the high prevalence of cardiovascular disorders, including coronary artery disease, arrhythmias, and atherosclerosis. By application, the market has been segmented into cardiology, neurophysiology, electrosurgical, and others. By application, the cardiology segment dominated the market in the past few years, and this trend is expected to continue during the forecast period owing to the increasing incidences of cardiovascular diseases worldwide. Based on the end user, the segment has been segregated into hospitals, diagnostic centers, and research institutions.

The hospital segment is estimated to hold the maximum shares owing to the increasing adoption of these electrodes through ECG devices in hospital settings. Hospitals witness a large number of patient pools arriving at these settings for the diagnosis of several chronic diseases such as cardiovascular disorders, and neurological diseases, among others. The increasing adoption of ECG and EEG instruments in hospitals surely boosts the growth of this segment, consequently medical electrodes market will have a chance to expand globally.

Medical Electrodes Market Key Development

• In June 2021, Merck, a science and technology company collaborated with Neuroloop GmbH, a subsidiary of B. Braun in its new bioelectronics innovation field. With the help of this collaboration, companies can develop a neurostimulator device that can be accompanied by existing drug therapies for patients with chronic inflammatory diseases. The fundamental of the platform is a multichannel cuff-electrode based on thin-film technology, which allows selective stimulation of specific fibers within the nerve.
• In December 2020, NeuroOne Medical Technologies Corporation, a medical technology company announced the first human commercial use of its Evo Cortical Electrode.