The global medical electrodes market is projected to exhibit a significant growth, at a CAGR of around 4.6%, during the forecast period. The neurological disorders can affect any part of the nervous system such as peripheral nerves, spinal cord and extra-cranial cerebrovascular system. Increasing prevalence of Alzheimer’s and Parkinson’s are enforcing researchers to focus on the development of advanced treatment and diagnostic solutions, to improve clinical care and leverage therapeutic development. According to Parkinson’s Foundation, approximately one million Americans live with Parkinson’s disease (PD), which is over the combined number of patients diagnosed with muscular dystrophy, multiple sclerolsis and Lou Gehrig’s disease.
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Each year, nearly 60,000 Americans are diagnosed with PD and over 10 million people globally are living with PD. In addition, incidence of PD grows with age; however an estimated 4% of people are diagnosed with PD, before age of 50 years. Along with Alzheimer’s and Parkinson’s, the prevalence of stroke is also increasing across the globe. According to the American Stroke Association, stroke is the fifth largest cause of deaths in the US. It is estimated that in every 40 seconds one individual suffers from stroke. Moreover, over 4 million adults are suffering from stroke in the US. Men have greater prevalence of stroke as compared to women in the US. Furthermore, each year, nearly 795,000 people suffer a recurrent or a new stroke in the US. Moreover, stroke accounts for 1 out of every 198 deaths in the US. This is expected to be one of the prime reasons which is expected to promote the growth of medical electrodes market over the coming year.
Stress is considered as one among the major factors for the growing neurological disorders across the globe. Increased stress level at workplace is one of the major factors that increase the concerns for sleep disorders, which ultimately leads to neurological disorders. Excessive stress affects productivity and also makes individuals susceptible to develop stress and anxiety disorders which may cause sleeping disorders. As per the HSE, in Great Britain, during 2018-2019, the total number of cases associated with work-related stress, depression or anxiety was around 600,000, a prevalence rate of 1,800 per 100,000 workers. The number of new cases was 246,000, an incidence rate of 740 per 100,000 workers. Stressful events and times can cause temporary insomnia and long-lasting or major stress can lead to chronic insomnia, which leads to growth in neurological disorder. Such rising prevalence of neurological disorders through stress leads to the growth in the diagnosis of these disorders, which is offering growth to the medical electrodes market.
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Market Segmentation
Medical Electrodes Market by Usability
- Disposable Medical Electrodes
- Reusable Medical Electrodes
Medical Electrodes Market by Product Type
- Microelectrodes
- Needle Electrodes
- Body Surface Electrodes
Medical Electrodes Market by Modality Type
- Electrocardiography (ECG)
- Electroencephalography (EEG)
- Electromyography (EMG)
- Others (Brainstem Auditory Evoked Potentials (BAEPS))
Medical Electrodes Market by Application
- Cardiology
- Neurophysiology
- Sleep Disorders
- Muscle Disorders
- Others (Intraoperative Monitoring)
