Patient Return Electrodes Market Trends

Growth Drivers

• Rising Geriatric People Across the Globe – Recently, the world has seen a boom in the number of elderly people which has resulted in considerable growth in the prevalence of various diseases among them owing to their weak bodies and deteriorating body organs. Thus, the increasing number of elderly people undergoing surgical procedures for treatment processes is considered to generate a higher demand for patient return electrodes in the next few years. As of the end of 2021, there were 747,238,580 elderly people in the world, according to the data reported by the World Bank. In the future, the number is expected to increase to reach 1 elderly individual in every 6 people by 2030.

• Growing Need for Patient Return Electrodes During Surgical Procedures – With the growing cases of various diseases among the global population, the number of surgeries being performed worldwide has also subsequently increased, bringing in favorable opportunities for market expansion during the forecast period. As per a recently published by the National Library of Medicine, National Center for Biotechnology Information in 2020, it was calculated that around 310 million major surgeries are performed every year across the globe, with approximately 40 to 50 million being performed in the United States and 20 million in Europe.

• Surge in Non-Communicable Diseases – As the global population is engaged in unhealthy lifestyles, the rate of diseases among people has considerably grown up which is increasing the demand for patient return electrodes for the conduction of effective surgery. The World Health Organization (WHO) stated that non-communicable diseases kill almost 41 million people worldwide every year, which is equivalent to 74% of total global deaths.

• Escalation in Disposable Income of People – As the economies are growing, the personal disposable income of people is also increasing with rising spending capacity for health and fitness. Thus, the increased spending capacity indicates the rising preference for opting for patient return electrodes and aiding in market expansion in the assessment period. According to the Bureau of Economic Analysis, the amount of personal income and disposable personal income (DPI) in the world increased to reach USD 47 billion (0.2%) and USD 37.6 billion (0.2%), respectively, during the July 2022.

• Increase in Number of Cardiac Surgeries – Along with the rise in cardiovascular diseases, the number of cardiac surgeries being performed annually has also increased. This trend is anticipated to create a positive outlook for the expansion of market size. For instance, a report from 2022 suggested that the number of open-heart surgeries being performed on more than 2 million people worldwide.

Challenges

• High Cost of Electro Surgery – As patient return electrodes are highly advanced medical equipment, their cost is also high owing to the integration of the latest features and high-technology components. Thus, the cost of electrosurgeries is also estimated to rise. However, this trend is expected to lower the adoption rate of patient return electrodes among the population with low to middle income.
• Less Awareness Level of Benefits among the Population
• Rising Risks Associated with the Procedures