Patient Return Electrodes Market Segmentation by Type (Reusable, Disposable, and Others); by Patient Type (Adult, Pediatric, and Others); and by End-User (Hospitals, Ambulatory Surgical Centers, Research Laboratories, Academic Institutes, and Others) – Global Demand Analysis & Opportunity Outlook 2031

Global Patient Return Electrodes Market Highlights over 2022 – 2031

The global patient return electrodes market is estimated to grow at a CAGR of ~6.5% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing demand for electrosurgery. In electrosurgery, current is passed through the patient’s body, to achieve surgical effects such as cutting, coagulation, or desiccation of soft tissue. Patient return electrodes are used to safely remove current, and ensure that no trace of current is left in the body. Return electrodes complete the circuit during electrosurgery. Electrosurgery is generally used to treat benign tumors, warts, and other non-cancerous growths. The rising adoption of electrosurgery and electrosurgical devices is estimated to boost the market growth. Moreover, the rapid advancement in health technology, backed by growing investment in R&D activities, is estimated to boost the market growth. As per the data by the World Bank, 2.203% of the GDP was spent on research and development activities in 2018. Moreover, growing healthcare expenditure across the globe, is projected to enhance the market growth.

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The market is segmented by end-user into hospitals, ambulatory surgical centers, research laboratories, academic institutes, and others, out of which, the hospitals segment is anticipated to hold a substantial share in the global patient return electrodes market over the forecast period on account of increasing patient pool in hospitals. Moreover, growing adoption of invasive surgeries, is further estimated to boost the market growth.

Major Macro-Economic Indicators Impacting the Market Growth

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Patient Return Electrodes Market Regional Synopsis

On the basis of geographical analysis, the global patient return electrodes market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of improving healthcare infrastructure in the developing countries.

The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of growing healthcare expenditure, high R&D investment, and advancement of technology in the region. According to the data by the U.S. Centers for Medicare & Medicaid Services, Medicare spending grew 3.5% to USD 829.5 billion in 2020.

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The global patient return electrodes market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global patient return electrodes market includes the following segments:

By Type

• Reusable
• Disposable
• Others

By Patient Type

• Adults
• Pediatric
• Others

By End-User

• Hospitals
• Ambulatory Surgical Centers
• Research Laboratories
• Academic Institutes
• Others

Growth Drivers

• Increasing Adoption of Electrosurgery
• Growing Investment in Medical R&D Activities

Challenges

• High Cost of Electrosurgery

Top Featured Companies Dominating the Market

• Pfizer Inc.
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis 
• Medtronic Plc
• Boston Scientific Corporation
• Stryker Corporation
• Olympus Corporation
• Conmed Corporation
• Utah Medical Products, Inc.,
• KLS Martin GmbH & Co. KG
• Arthrex GmbH
• AtriCure Inc.