Therapeutic Electrodes Market Projected to Grow at a CAGR of 6.2% During the Forecast Period 2021-2026
Research Reports
Oct 07, 2021
The Therapeutic Electrodes Market size was estimated at $308 million in 2020, projected to grow at a CAGR of 6.2% during the forecast period 2021-2026. An electrode is a conductor through which electrical currents can flow. These electrode are used for Electrode therapy, or electrotherapy as it is more widely called, is just what it sounds like; the use of electric energy to imitate the nerve impulses that cause muscles to contract. To function those muscles, electrodes are connected to the skin around the affected region. The therapeutic electrodes are either used to help an organ work properly or as a pain reliever, for instance transcutaneous electrical nerve stimulation (TENS) electrode employs a low-voltage electrical current for pain-relieving procedure. Increasing prevalence of Cardiovascular Diseases (CVDs) such as Coronary Artery Disease (CAD), Heart Arrhythmias, Heart Failure, Heart Valve Disease, Pericardial Disease, Cardiomyopathy and Congenital Heart Disease that utilizes these electrode in pacemaker for cardiac rhythm management are the major drivers of the market.
In addition, technical advances in therapeutic electrodes and the high demand for portable medical devices to combat rising hospital and healthcare-related costs are also expected to drive market growth globally. Moreover, favorable reimbursement policies and a rise in the geriatric population, which is susceptible to a variety of lifestyle-related diseases and disorders, is further anticipated to fuel the growth. However, the high cost and allergic reactions risks associated with therapeutic electrodes could pose a threat to the market’s growth during the forecast period 2021-2026.
Therapeutic Electrodes Market Segment Analysis- By Product Type
By Product, the global market can be classified into Defibrillator Electrodes, Electrosurgical Electrodes, Pacemaker Electrodes, Transcutaneous Electrical Nerve Stimulation (TENS) Electrodes and Others. Due to the rising occurrence of CVDs, the defibrillator electrodes segment accounted for the majority of this industry. In the coming years, factors such as changing lifestyles and the increasing occurrence of CVDs such as cardiac arrhythmia and stroke will contribute to the growth of this industry segment. However increasing prevalence of CVDs is also is propelling the demand for pacemaker electrodes which is anticipated to register significant CAGR 8.2% of during the forecast period owing to the easy acceptance of the products from manufacturing companies coupled with the rising willingness of the patients in the developed countries to spend on premium products.
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Therapeutic Electrodes Market Segment Analysis – By Distribution channel
Based on Distribution Channel, the global market is segmented into Online Distribution Channel and Traditional Offline Retail. Traditional offline retail segment account for the highest market share in 2020 and is projected to grow at a CAGR of 5.1% during the forecast period 2021-2026. The dominance is due to higher owing to benefits such as the touch-and-feel experience before purchase, moreover the on-site guidance from a sales representative, and an immediate satisfaction instead of delay from the delivery of the device are the major driving forces driving the traditional offline retail segment.
However, with increasing number of COVID-19 cases and growing restrictions from the government in tier I and II, markets are increasing rapidly the online distribution channel segment at a faster CAGR. Moreover along with the freedom they get to look at multiple options and compare for the best price & features, from the comfort of their home or on the go as per an individual’s preference is further poised to increase the online sale market of Therapeutic Electrodes during the forecast period 2021-2026.
Therapeutic Electrodes Market Segment Analysis – By Geography
Based on geography, North America dominated the Therapeutic Electrodes Market with a region share of 38.2% in 2020 followed by Europe and APAC. Increased demand of due to rising cases of CVDs, and increasing health concerns are the major factor propelling the growth in this region. Moreover, the presence of large number of medical device company that invest heavily on the research along with the easy availability of technologically advanced devices is predicted to drive the market growth in this region.
However, Asia Pacific is set to be the fastest growing region owing to the growing population, rising demand for a better healthcare structure and higher investment and funding by government in this region. Moreover, people become more conscious of the benefits of using them to improve their quality of life in developing countries like India and China which is further predicted to drive the market growth during the forecast period 2021-2026 in this region.
Therapeutic Electrodes Market Drivers
Increasing Incidence of CVDs
The demand is driven by the high prevalence of Cardiovascular disease that employ these therapeutic electrodes. As of September 2020 according to the Centers for Disease Control and Prevention (CDC), nearly 655,000 Americans will die from cardiovascular disease each year. These devices uses Therapeutic Electrodes since it serves to help control or monitor irregular heartbeats in people with certain heart rhythm disorders and heart failure. The increasing use of therapeutic electrodes in the devices to rehabilitate CVDs patients is expected to fuel development during the forecast period 2021-2026. In addition, the market is expected to be fueled by the development of advanced therapeutic electrodes, improved health care facilities, and expansion of healthcare infrastructure around the world. Moreover, the increased and active position of distributors, and the recent growth of the online distribution channel is further poised to propel the global growth of the Therapeutic Electrodes industry.
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Therapeutic Electrodes Market Challenge
High Cost of the Product
Despite the increased prevalence of CVDs, some factors are preventing product acceptance. The high cost of the product which makes it difficult for the middle and lower class people to afford, also the allergic reactions risks associated with therapeutic electrodes are limiting adoption of these devices. These factors are predicted to act as major impediment for market’s growth.
Therapeutic Electrodes Market Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Therapeutic Electrodes Market. Key companies of this market are 3M, Medtronic plc, Ambu, Beurer GmbH, GSI Technologies, Adhex Technologies, Heart Sync, MAQUET, Compass Health Brands Corporation, Allied Medical, Bound Tree Medical, Graphic Controls, Technomed Electronics, TENS Units, Rothacher Medical, Koninklijke Philips and RS Medical.
Developments:
In January 2019, Medtronic PLC agreed to acquire Epix Therapeutics Inc., a privately held medical company developing a medical device for treating patients with irregular heartbeats.
Key Takeaways
Geographically, North America region held 38.2% of the total market share in 2020 owing to the rising geriatric population, growing accidents and increasing health concerns.
Increasing prevalence of diseases such as Coronary Artery Disease (CAD), Heart Arrhythmias, Heart Failure, Heart Valve Disease, Pericardial Disease, Cardiomyopathy and Congenital Heart Disease are the major driving force for the Therapeutic Electrodes Market during the forecast period 2021-2026.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Therapeutic Electrodes Market.
Related Reports:
A. Pacemaker Devices Market
https://www.industryarc.com/Research/Pacemaker-Devices-Market-Research-511355
B. Cardiology Defibrillators Devices Market
https://www.industryarc.com/Report/10596/cardiology-defibrillators-devices-market.html
For more Lifesciences and Healthcare related reports, please click here
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