The Cardiology Electrodes Market is estimated to be valued at US$ 134.71 Mn 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.
Cardiology electrodes are specialized medical devices that are used in diagnostic cardiology procedures like echocardiography and electrocardiography. These medical devices assist in monitoring the electrical activity and functions of the heart. Electrode gels are also used which help conduct the small electrical signals from the skin to the monitoring equipment.
Market key trends:
One of the key trends driving growth of the cardiology electrodes market is rising geriatric population worldwide. As per estimates, the number of individuals aged 60 and above globally is projected to reach 2 billion by 2050 from 962 million in 2017. Elderly population has higher risks of developing cardiovascular diseases, which is expected to boost demand for cardiology procedures using electrodes for diagnosis and monitoring of heart conditions. Rising focus on preventive healthcare and availability of advanced monitoring devices will further support the market growth over the forecast period.
Threat of new entrants: Low capital requirements and established customer base make it easy for new players to enter the market. However, the established networks of major players pose a barrier.
Bargaining power of buyers: Buyers have moderately high bargaining power due to the availability of substitutes and standardized nature of products.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to negligible switching costs and availability of substitutes.
Threat of new substitutes: Moderate threat as substitutes like pacemakers and defibrillators are available but do not eliminate the need for electrodes.
Competitive rivalry: High as the market is dominated by few major global players.
Strengths: Large customer base and established brand names of major players. Technological advancements by key players enhance product quality.
Weaknesses: High dependency on reimbursement policies. Sensitivity of electrodes leads to quality issues.
Opportunities: Growth in geriatric population increases demand for cardiac procedures. Expanding healthcare infrastructure in developing nations provides new avenns.
Threats: Stringent regulations delay new product approvals. Recession and economic slowdowns reduce discretionary healthcare spending.
The global Cardiology Electrodes Market Growth is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing prevalence of cardiovascular diseases. North America currently dominates the market due to presence of major players and advanced healthcare infrastructure. The Asia Pacific region is expected to grow at the fastest rate fueled by growing medical tourism industry and improving access to healthcare in countries like China and India.
Regional analysis: North America will continue to dominate the market during the forecast period backed by increasing incidence of CVDs such as stroke, heart failure and coronary artery diseases. Asia Pacific is projected to witness the highest CAGR owing to rising healthcare expenditure and improving access to healthcare facilities.
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.