Cardiology electrodes are medical devices used for detection, diagnosis, and management of various heart conditions such as cardiac dysrhythmias, cardioplegia, cardiac mapping, and ischemia in suspected patients. These electrodes help enable electrophysiologists in the detection of heart ailments through electrocardiography or electrophysiology studies. The rising incidence of target cardiac conditions such as arrhythmias and heart failure have augmented the demand for cardiac electrophysiology procedures, thereby driving the need for cardiology electrodes.

The global 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 Opportunity:

The opportunity for cardiology electrodes lies in supporting the detection and treatment of various heart conditions. Cardiac conditions have become highly prevalent globally due to risk factors such as obesity, diabetes, and high blood pressure. For instance, according to World Health Organization, cardiovascular diseases accounted for over 17.9 million deaths globally in 2019 which is estimated to grow to over 23.6 million by 2030. This high incidence of target cardiac conditions provides significant growth prospects for the cardiology electrodes market as these devices facilitate early diagnosis and effective treatment of such ailments. The ability of cardiology electrodes to enable electrophysiologists in non-invasive cardiological procedures can aid in addressing the growing disease burden in a minimally invasive manner. This presents lucrative opportunities for players in the cardiology electrodes market over the forecast period.

Porter’s Analysis

Threat of new entrants: The Global Cardiology Electrodes Market Size requires high initial capital investments and involves regulatory approvals. Therefore the threat of new entrants is moderate.
Bargaining power of buyers: The bargaining power of buyers is moderately high due to the availability of standardized products from various manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials are widely available.
Threat of new substitutes: The threat of substitutes is low as cardiology electrodes do not have viable alternatives for capturing electrocardiogram, electrophysiology mapping, and pacing.
Competitive rivalry: The competitive rivalry is high due to the presence of several global and regional players in the market.

SWOT Analysis

Strength: Cardiology electrodes offer high-quality real-time readings for diagnosis and analysis. They are minimally invasive and easy to use.
Weakness: High costs associated with frequent replacement of electrodes and shortage of skilled professionals in some regions.
Opportunity: Growing geriatric population prone to cardiovascular diseases and increasing availability of reimbursements present major opportunities.
Threats: Product recalls owing to quality issues and stringent regulatory norms pose threats to market players.

Key Takeaways

The global cardiology electrodes market size is expected to reach US$ 134.71 Mn in 2023 and is projected to grow at a CAGR of 5.3% during the forecast period of 2023 to 2030.

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