ALBANY, New York, November 13, 2018
ALBANY, New York, November 13, 2018 /PRNewswire/ --
According to TMR's projections, the global medical electrodes market was envisaged to be worth US$641.3 mn in 2017, and is expected to surpass US$857 mn by 2022. The market is forecasted to rise at a healthy 6% CAGR over the forecast period of 2017 to 2022.
Application-wise, the segment of neurophysiology and cardiology are expected to lead the global market. Based on geographical analysis, North America is anticipated to hold substantial market share, and is expected to rise at a 6.3% CAGR over the period of forecast. The region's dominance could be attributed to the growing prevalence of cardiac ailments in North America.
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Growing Awareness of Healthcare Facilities to Augment Demand
A primary factor driving the global medical electrodes showcase is the steady advancement of the services in the healthcare industry. Medical electrodes are likewise getting to be huge significantly in the treatment of neurological disorders, for example, Alzheimer's and Parkinson's, guaranteeing consistent opportunities for the vendors in the worldwide market.
On account of expanding private ventures as well as government, the healthcare sector has displayed solid growth, especially in developed countries. The surge in focus around working up a steady diagnostics division inside the healthcare sector in a few nations is anticipated to fuel the worldwide medical electrodes showcase in the years to come. The growing awareness levels about cardiovascular diseases and methods of preventing them is ascending because of the expanding number of awareness programs led by open and private associations and sellers. Such activities by government and non-legislative associations are bringing issues to light levels about the early determination of these ailments, which is a major factor driving the growth of the global medical electrodes market in the forthcoming years.
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High Prevalence of Lifestyle Diseases to Create Rich Market Opportunity
As reported by the World Health Organization (also known as WHO), cardiovascular ailments are a key reason of death all across the world. According to the organization, in 2015, nearly 17.7 million kicked the bucket due to suffering from a cardiovascular diseases. Among them, 7.4 million dies due to coronary heart disease while 6.7 million deaths were ascribed to stroke. Neurological diseases another prominent causes of death and disability across the globe.
The prevalence rate of these diseases is rising exponentially over the years, leading to dire need for effective diagnosis. This is thereby garnering demand for medical electrodes, fuelling the global market to a large extent, and creating ample opportunity for market vendors.
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The global medical electrodes market is prognosticated to exhibit healthy growth in the upcoming years, according to Transparency Market Research (TMR). The competitive ecosystem of a global market features an intensely fragmented scenario, with a large pool of both global and regional vendors. The global medical electrodes market consist of vendors fostering stiff competition amongst themselves. The rivalry between the market vendors is expected to intensify further with the entry of new, aggressive players in the landscape; especially in the regional market.
A key strategy employed by existing market vendors in order to gain momentum in the global medical electrodes market includes the improvisation and upgrading of current product portfolio. This is done with an aim to cater to the changing consumer needs, as well as come up with a distinguished, unique product.
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Key vendors operating in the global medical electrodes market are Zoll Medical Corporation, OSYPKA AG, Lepu Medical Technology, and Medtronic Plc., among others.
This review is based on TMR's report titled, "Medical Electrodes Market (Type - Wet, Dry, Needle; Application - Cardiology, Neurophysiology, Sleep Disorders, Intraoperative Monitoring; End Use - Hospitals, Diagnostic Centers; Usability - Disposable, Reusable) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022."
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