Transparency Market Research (TMR) has recently published a research study on the global electrodes for medical devices market, estimating the market to expand at a CAGR of 11.70% during the period from 2013 to 2019 and reach a market value of US$1.5 bn by the end of the forecast period.The research report, titled “Electrodes for Medical Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”, states that the worldwide market for electrodes used in medical devices stood at US$0.6 bn in 2012.
The report states that the rising demand for portable medical devices, in order to curb the increasing hospital expenses, is fueling the global electrodes for medical devices market. The growing demand for minimally invasive surgeries is also adding significantly to the growth of this market.According to the research report, the global market for electrodes used in medical devices is segmented into the markets for diagnostic electrodes for medical devices and therapeutic electrodes for medical devices. The diagnostic electrodes for medical devices segment is further classified into the markets for ECG electrodes, EMG electrodes, EEG electrodes, fetal scalp electrodes, ERG electrodes, and other electrodes. The ECG electrodes segment is expected to dominate the overall diagnostic electrodes for medical devices market, with a CAGR of 3.0% expected during the forecast period.
TENS electrodes, defibrillator electrodes, pacemaker electrodes, and electrosurgical electrodes are the key segments of the therapeutic electrodes for medical devices market. Among these, the electrosurgical electrodes market and the defibrillator electrodes market are projected to report impressive growth during the forecast period, says the study.Regionally, the global market for electrodes used in medical devices has been divided into North America, Europe, Asia Pacific, and the Rest of the World in this market study. Europe and North America are the leading regional markets for electrodes for medical devices. In 2012, these two regional markets collectively accounted for more than 60% of the overall market.
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The availability of highly developed medical devices, continual advancement of products, and increasing incidence of cardiac disorders are the key driving forces behind the growth of this market in these regions, notes the research study.On the other hand, the rising disposable income, growing medical tourism, and the increasing number of smokers has been propelling the Asia Pacific market for electrodes used in medical devices to a great extent. Analysts project the regional market to experience the highest growth during the forecast period.