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| Cardiology Electrodes Market |
The Cardiology Electrodes market is estimated to be valued at US$ 134.71 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cardiology electrodes are medical devices that are attached to the patient's
skin to monitor or diagnose cardiac conditions. They are used in
electrocardiography (ECG) procedures to capture and record the electrical
activity of the heart. Common cardiology electrodes include radiology
electrodes, resting ECG electrodes, ambulatory ECG electrodes and Holter
monitoring electrodes. These electrodes find applications in diagnosing
conditions like arrhythmias, ischemia, infarction and other cardiac diseases.
Market Dynamics:
The growth of the cardiology electrodes market is majorly driven by the
increasing prevalence of cardiovascular diseases worldwide. According to the
World Health Organization (WHO), cardiovascular diseases accounted for over
17.9 million deaths globally in 2016, representing 31% of all global deaths.
This increasing burden of heart diseases is driving greater demand for
diagnostic tests like ECG which require electrodes. Additionally, rising
geriatric population is also expected to propel market growth as aged people
are more prone to heart conditions. Furthermore, technological advancements in
electrodes resulting in enhanced comfort, durability and conductivity are
positively impacting the adoption of these products. However, availability of
alternatives like MRI and CT scans for diagnosis may hamper market growth over
the forecast period.
SWOT Analysis
Strength:
Well established distribution network of key players help to cater large
customer base
Continuous product innovation and technological advancements lead to new
product launches
Increasing adoption of cardiac procedures boost the demand for electrodes
Weakness:
High cost associated with cardiac procedures limits the scope of electrodes in
developing regions
Limited medical reimbursements policies pose challenge for market growth
Opportunity:
Rising geriatric population prone to cardiac conditions create lucrative
opportunities
Untapped opportunities in emerging Asian and Latin American countries offer
scope for market expansion
Threats:
Stringent regulatory approvals delay time-to-market and increase cost of new
product launches
Alternative treatment options like drugs pose threat to market growth
Key Takeaways
The global Cardiology
Electrodes Market Growth is expected to witness high growth, exhibiting
5.3% CAGR over the forecast period,
due to increasing prevalence of cardiovascular diseases.
Regional analysis
North America dominates the global market and is expected to continue its
dominance over the forecast period. This is attributed to rising healthcare
expenditure, growing elderly population, and presence of key players in the
region. Asia Pacific exhibits the fastest growth owing to large patient pool,
increasing healthcare awareness, and improving healthcare infrastructure in the
emerging countries of the region.
Key players
Key players operating in the Cardiology Electrodes market are Leonhard Lang, Â
Nissha Medical Technologies, Â Conmed Corporation, Â Koninklijke Philips N.V.,
GE Healthcare (General Electric Company), Medtronic plc, BPL Medical Technologies,
FARUM sp. z o.o., INTCOMEDICAL.COM., Promed Technology Co., Ltd., 3M,
VectraCor, Medico Electrodes International Ltd., Ambu A/S., and Cardinal
Health.
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https://www.trendingwebwire.com/cardiology-electrodes-market-trends-size-and-share-analysis/
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