According to the latest report published by Credence Research, Inc. “Intraoperative Neuromonitoring Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global intraoperative neuromonitoring market was valued at US$ 4.01 Bn in 2016, and is expected to reach US$ 6.12 Bn by 2025, expanding at a CAGR of 4.7% from 2017 to 2025.
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The intraoperative neuromonitor has enormous value in medical industry in terms of patient safety. With the changing perspective of medical technology, the adoption of such devices is increasing and assumed to see substantial growth in future. The assessment of neuronal function during surgical intervention is of higher importance to avoid the further complications caused by damage or injury of nervous system. Prevention of permanent damage of neuronal system is vital to circumvent the paralysis, muscle weakness, hearing loss or further serious complications.
Increasing prevalence of neurological disorder, rising awareness of patient safety, growing neurological centers are the major drivers of the intraoperative neuromonitoring market. The increasing adoption of technologically advanced procedures, healthcare expenditure for R&D to manufacture newer and innovative technologies, favorable reimbursement policies boost up the growth of intraoperative neuromonitor market. However, the lack of appropriate skilled health professional and lack of awareness in developing countries are few major challenges associated with the intraoperative neuromonitoring market.
The intraoperative neuromonitoring market is segmented on the basis of type of source such as insourced IONM and outsourced IONM. Although the insourced IONM is estimated to dominate the intraoperative neuromonitoring market, but in upcoming years the outsourced IONM is expected to witness major growth.
The intraoperative neuromonitoring market is further classified on the basis of application type and the sub-segments are as follows:
- Spinal surgery
- Neurological Surgery
- Cardiovascular Surgery
- Orthopedic Surgery
- ENT Surgery
The spinal surgery and neurosurgery hold the major market share and anticipated to face significant growth in forecasting periods driven.
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Geographically, in the year 2016, North America is expected to have the major share of intraoperative neuromonitoring market followed by Europe. The well-developed healthcare infrastructure, increasing demand for neurologic care, rising patient safety, presence of major players of intraoperative neuromonitoring devices attribute to the dominance of North American region. The huge number of population suffering from neurologic disorders, emerging medical tourism and developing healthcare infrastructure fuel the growth of the intraoperative neuromonitoring market in Asia-Pacific region and it is expected to face substantial growth in upcoming periods due to the growing trend of health awareness.
Market Competition Assessment:
The intraoperative neuromonitoring market currently contains multiple companies having their products marketed. The manufacturers are developing new innovative products and the market is growing due to high adoption and accessibilities of these products. The companies include Medtronic plc., Computational Diagnostics, Inc., NuVasive, Inc., Inomed Medizintechnik GmbH, Accurate Monitoring LLC, Nihon Kohden Corporation, Moberg Research, Inc. and others.
Key Market Movements:
- The rising prevalence of neurological disorder, increasing awareness of patient safety, growing neurological centers, increasing adoption of technologically advanced procedures, healthcare expenditure for R&D to manufacture newer and innovative technologies, favorable reimbursement policies boost up the growth of intraoperative neuromonitor market.
- Insufficiency of skilled healthcare professional is one of the restraining factor of the intraoperative neuromonitor market.