Cardiology Electrodes Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on Application (Stress Test ECG, Neonatal ECG, Long-Term Monitoring ECG, Resting ECG, and Short-term monitoring ECG); Usability (Disposable Medical Electrodes and Reusable Medical Electrodes)); Region (North America, Europe, Asia-Pacific, Rest of the World); and Region/Country
The global cardiology electrodes market is expected to grow at a significant rate of around 5% during the forecast period. An electrocardiograph or ECG is a test used to measure the electrical activity of the heart. The electrodes are used in the ECG to collect the electrical signals. The rising number of heart attack cases along with the rising prevalence of diseases that can affect heart health is the responsible factor for the market growth of cardiology electrodes. For instance, as per WHO, an estimated 1.28 billion adults aged 30-79 years worldwide have hypertension, most (two-thirds) living in low- and middle-income countries.
3M, VectraCor Inc., ADInstruments Pty Ltd., Medico Electrodes International Ltd., Ambu A/S, Asahi Kasei Corporation, Cardinal Health, Nikomed USA Inc., CONMED Corporation, Leonhard Lang USA, Inc., DCC Plc are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst application, neonatal ECG category to witness higher CAGR during the forecast period”
Based on the application, the market has been categorized into stress test ECG, neonatal ECG, long-term monitoring ECG, resting ECG, and short-term monitoring ECG. Among these, the neonatal ECG segment has a significant share in the cardiology electrodes market. The increasing heart complexities in the newborn along with the higher sensitivity of neonates to the diseases are among the main reasons for the growth of the segment in the market. For instance, as per the CDC, HDs affect nearly 1% of―or about 40,000―births per year in the United States.
“Amongst usability, the disposable medical electrodes segment to hold a significant share in the market in 2020”
Based on usability, the market has been categorized into disposable medical electrodes and reusable medical electrodes. Among these, disposable medical electrodes have a considerable share in the cardiology electrodes market. The higher stability and increased sensitivity of the disposable electrodes towards the electrical signals are the main reason responsible for the segmental growth of the disposable electrodes in the market.
“North America to hold a significant share in the market”
For a better understanding of the market adoption of the cardiology electrodes center industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), and Rest of World. In 2020, North America is expected to witness the fastest growth in the global cardiology electrodes market. The presence of the large geriatric population in the region along with the higher investment in the healthcare infrastructure is attributed to the growth of the market in the region. For instance, as per acl.gov, in 2019, the U.S. population age 65+ was 54.1 million among which 30 million were women and 24.1 million were men.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|2.1.||Research Process of the Cardiology Electrodes Market|
|2.2.||Research Methodology of the Cardiology Electrodes Market|
|5||IMPACT OF COVID-19 ON THE CARDIOLOGY ELECTRODES MARKET|
|6||CARDIOLOGY ELECTRODES MARKET REVENUE (USD BN), 2020-2028F|
|7.1.||Stress Test ECG|
|7.3.||Long-Term Monitoring ECG|
|7.5.||Short-Term Monitoring ECG|
|8.1.||Disposable Medical Electrodes|
|8.2.||Reusable Medical Electrodes|
|9.1.1.||The United States|
|9.1.3.||Rest of North America|
|9.2.2.||The United Kingdom|
|9.2.6.||Rest of Europe|
|9.3.4.||Rest of Asia-Pacific|
|9.4.||Rest of World|
|11||CARDIOLOGY ELECTRODES MARKET OPPORTUNITIES|
|12||CARDIOLOGY ELECTRODES MARKET TRENDS|
|13.1.||Demand Side Analysis|
|13.2.||Supply Side Analysis|
|14||VALUE CHAIN ANALYSIS|
|15.1.1.||Porters Fiver Forces Analysis|
|16.3.||ADInstruments Pty Ltd.|
|16.4.||Medico Electrodes International Ltd.|
|16.6.||Asahi Kasei Corporation|
|16.8.||Nikomed USA Inc.|
|16.10.||Leonhard Lang USA Inc.|
Research Methodology for the Cardiology Electrodes Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global cardiology electrodes market were the three major steps undertaken to create and analyze the adoption of cardiology electrodes in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global cardiology electrodes market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the cardiology electrodes market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the cardiology electrodes market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as application and usability. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the cardiology electrodes market. Further, we conducted factor analysis using dependent and independent variables such as the application and usability of Cardiology Electrodes. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the cardiology electrodes market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global cardiology electrodes market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of s market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global cardiology electrodes market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global cardiology electrodes market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of application and usability in the global cardiology electrodes market.
The main objective of the Global Cardiology Electrodes Market Study
The current & future market trends of the global cardiology electrodes market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the cardiology electrodes market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of application and usability.
- Define and analysis of the regulatory framework for the cardiology electrodes industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the cardiology electrodes market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the cardiology electrodes market and the growth strategies adopted by the market players to sustain in the fast-growing market
Deep dive regional level analysis of the industry