May 26, 2024
Cardiology Electrodes Market

The Cardiology Electrodes Market Growth Is Propelled By Increasing Replacement Of Obsolete Cardiac Devices

Cardiology electrodes are essential medical devices used for diagnosis and treatment in interventional cardiology procedures. Cardiac electrodes help in recording electrical activity and signals from the heart which is then analyzed to detect any abnormalities. The growing number of cardiac ablation and pacemaker implant procedures worldwide has propelled substantial demand for single-use cardiology electrodes in recent years.

The global Cardiology Electrodes Market is estimated to be valued at US$ 155.19 Mn  in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing replacement of obsolete and outdated cardiac devices has emerged as a key growth driver for the cardiology electrodes market. Many developing countries still rely on older cardiac devices that have exceeded their usable lifespan. However, with improving access to healthcare and rising disposable incomes, patients are now opting for device replacements with the latest medical technologies. This is creating a steady demand for single-use cardiology electrodes designed specifically for newer cardiac devices. Furthermore, continuous technological advancements are allowing modern cardiac devices to acquire more accurate patient data, necessitating compatible state-of-the-art electrodes. The replacement of older cardiac equipment with newer systems will remain a major trend positively impacting the sales of cardiology electrodes over the coming years.

SWOT Analysis

Strength: Cardiology electrodes have high accuracy in cardiac diagnosis and monitoring. They provide non-invasive monitoring and diagnosis of heart conditions.

Weakness: Cardiology electrodes have limited life and require frequent replacement. They also involve some discomfort to patients during placement.

Opportunity: Rising geriatric population prone to cardiac conditions and increasing healthcare expenditure creates growth opportunity. Untapped developing economies offer vast potential.

Threats: Stringent approval process for new products and technologies pose threat. Introduction of alternative cardiac diagnostic devices can hamper the market.

Key Takeaways

Global Cardiology Electrodes Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is estimated at US$ 155.19 Mn  and projected to rise at a CAGR of 6.9% through 2031.

Regional analysis shows that North America currently dominates the market and is expected to retain its leading position over the forecast period. Higher healthcare expenditure, advanced healthcare infrastructure, and growing elderly population make North America a lucrative market for cardiology electrodes. Asia Pacific is expected to emerge as the fastest growing region driven by unmet clinical needs, rising awareness, and increasing healthcare spending in countries such as China, India, and Japan.

Key players operating in the cardiology electrodes market are Nidec Corporation, AMETEK Inc., ABB Ltd., Hitachi Ltd., Regal Rexnord Corporation, Robert Bosch GmbH, Johnson Electric Holdings Limited, Weg SA, Siemens AG, Toshiba Corp., Rockwell Automation Inc. These players are focusing on new product launches, strategic collaborations and acquisitions to strengthen their market position. For instance, in 2022 Siemens Healthineers introduced OptaFlex Advance Electrode Technology and AFib Navigator to provide improved cardiac diagnosis and treatment.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it