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BANGALORE, India , Sept. 30, 2022 /PRNewswire/ -- Medical Electrodes Market is segmented by Type - ECG Electrodes, EEG Electrodes, Electrosurgery Electrodes, by Application - Hospital & Clinic, ASCs, Others. Global Opportunity Analysis and Industry Forecast, 2022 - 2028. It is published in Valuates Reports under the Medical Devices & Equipment Category.
Considering the economic change due to COVID-19 and Russia-Ukraine War Influence, the global Medical Electrodes market is projected to reach USD 1360.7 million by 2028 from an estimated USD 1024.7 million in 2022, at a CAGR of 4.8% during 2023 and 2028.
Major Factors Driving The Growth Of The Medical Electrodes Market are
Increased investments in medical device development, an increase in the prevalence of neurological and cardiovascular illnesses, and consumer desire for home and ambulatory care services are the main drivers of the Medical Electrodes Market growth.
The rapidly expanding geriatric population and the increased interest in less invasive procedures will further fuel the Medical Electrodes Market growth.
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TRENDS INFLUENCING THE GROWTH OF MEDICAL ELECTRODES MARKET
The increasing incidence of neurological & cardiovascular disorders is expected to drive the medical electrode market growth. Over time, there has been a dramatic rise in the prevalence of sleep disorders and cardiovascular and neurological ailments. The volume of diagnostic and therapeutic operations has consequently increased. Because of this, the market expansion is probably being driven by the rising demand for these operations. One of the easiest and quickest tests to examine the heart is an electrocardiogram (ECG). Certain locations on the chest, arms, and legs are covered with electrodes, which are tiny plastic patches that adhere to the skin. Medical electrodes work by converting the body's natural electrical current, or ionic current, into an amplified form that can be measured for the diagnosis of various cardiac, ophthalmic, neurological, and muscular illnesses.
Due to the benefits, such as quick recovery and reduced discomfort, more people are becoming interested in minimally invasive operations, which is causing the market to rise. In surgery, electrosurgery is a procedure that is frequently used to reduce bleeding and quickly dissect soft tissue. Heat is produced by the soft tissues' electrical resistance to an electromagnetic current. Electrosurgical endpoints vary depending on waveform, power, and surgical approach. Therefore, it is anticipated that the growing demand for minimally invasive surgery will propel the growth of the medical electrodes market.
The medical electrodes market was also impacted by the increase in demand for home and ambulatory care services, particularly during the COVID-19 pandemic. Hospitals discovered that hospitals at home worked so effectively for the patient and the financial gains that the model is being followed outside of the epidemic. There are numerous hospital-at-home options available, including home infusion services, skilled nursing, and urgent care.
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MEDICAL ELECTRODES MARKET SHARE ANALYSIS
Based on region, North America held the largest market share of over 35%, followed by Europe and Asia-Pacific , both having a share of about 55%.
Based on type, ECG electrodes are the largest segment, with a market share of over 40%.
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