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Intraoperative Neuromonitoring Market to Grow at a CAGR of 7.1% During the Forecast Period 2020-2025


Intraoperative Neuro

iCrowdNewswire   Jul 22, 2020  5:00 PM ET

Intraoperative Neuromonitoring Market size in 2019 is estimated to be $3.98 billion, growing at a CAGR of 7.1% during the forecast period 2020-2025. Intraoperative Monitoring is used to reduce neurological damage at the time of surgery. It helps to detect the key neural structures in the surgical times and help to reduce and stop impairment damage. The advanced intraoperative neurophysiological (IONM) testing such as intraoperative MRI can be used by neurosurgeon in order to preserve brain function during surgery. Rise in incidence of chronic disease and technological advancement are the major factors driving the growth of the market. Moreover, growing geriatric population and rise in the number of medical procedures further enhance the overall market demand for intraoperative neuromonitoring.

Source Type- Segment Analysis
Based on the Source Type, Intraoperative Neuromonitoring Market is segmented into insourced monitoring and outsourced monitoring. The insourced monitoring is forecast to be the fastest-growing segment during the forecast period 2020-2025. Insourced monitoring provides real-time status of nerves and the spinal cord during surgeries. Insourced monitoring also helps to protect a patient during surgery by providing a crucial function of the patient’s nervous system that are contributing to the growth of this segment.

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End-User- Segment Analysis

Based on the end-user, Intraoperative Neuromonitoring Market is segmented into hospitals and ambulatory surgical centers. In 2019, the hospital held the largest share in the intraoperative neuromonitoring market. Growing demand for efficient and effective surgery with shorter recovery time and reduced hospital stay are key factors driving the growth of this segment. According to the National Institute of Health and Care Excellence (NICE), procedural guidance is issued for intraoperative nerve monitoring during thyroid surgery. Intraoperative monitoring helpful in performing a more complex operation such as re-operative surgery and operation on large thyroid glands.The availability of advanced technologies and demand for surgical procedures is also contributing to the growth of this segment.

Geography- Segment Analysis

North America accounts for 42% of the intraoperative neuromonitoring market share in 2019. This is mainly owing to the presence of a large number of hospitals and an increase in the number of surgeries. According to the American Association of Neurological Surgeons, intraoperative monitoring during spinal surgery is set to assist in diagnosing the neurological injury. Intraoperative monitoring should be performed in various procedures such as deformity correction, spinal instability, spinal cord compression, intradural spinal cord lesions.However, the Asia-Pacific region is forecast to be the fastest-growing during the forecast period 2020-2025. This is owing to the rise in the incidence of neurological disorder and an increase in healthcare expenditure.

Drivers – Intraoperative Neuromonitoring Market

• Increasing Prevalence of Neurological Disorder
Increasing prevalence of neurological disorder especially among the geriatric population is driving the growth of intraoperative neuromonitoring market. Moreover, rising awareness of patient safety and growing neurological centers are also set to increase the market growth.

• Technological Advancements

Technological Advancements and increase knowledge of surgical techniques are some factors driving the growth of the market. Moreover, technological evolution in the medical industry has given rise to a number of neurosurgeries and increasing awareness towards treatment further contribute to the growth of Intraoperative Neuromonitoring Market.

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Challenges – Intraoperative Neuromonitoring Market
The high cost of intraoperative monitoring is challenging the growth of the market. Also, the lack of skilled specialist and unavailability of proper healthcare infrastructureare further restraining the growth of the market.

Intraoperative Neuromonitoring Industry Outlook
Productlaunches, Merger& Acquisitions, joint venturesand R&D activitiesare key strategies adopted by players in the Intraoperative Neuromonitoring Market. Intraoperative Neuromonitoring top 10 companies areIntranerve LLC., Accurate Monitoring LLC., Medtronic Plc, InmedMedizintechnik GmbH, NuVasive Inc., Nihon Kohden Corporation, Computational Diagnostics Inc., Natus Medical Incorporated and Moberg Research Inc.

Developments:

On January 2019 Accurate Monitoring LLC. acquired IONM Company to provide high quality patient care, extraordinary customer service. With this acquisition, the number of hospitals and ambulatory surgical centers is growing.

On 4 Feb 2020 Moberg Research Inc. has launch new device, CNS Monitor including the addition of EEG inputs for the treatment of patient suffering from neurological disorder.

Key Takeaways

• In 2019, North America dominated the Intraoperative Neuromonitoring Market owing to the presence of a large number of hospitals and an increase in the number of surgeries.

• Increased prevalence of neurological disorder and technological advancement is set to drive the market growth of intraoperative neuromonitoring.

• Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Intraoperative Neuromonitoring Market report.

• By application, the orthopedic surgery segment is projected to be the fastest growing with a CAGR of 6.8% during the forecast period 2020-2025 owing to the rise in prevalence of orthopedic health issues.

Related Reports:

A. Intraoperative Imaging Market

https://www.industryarc.com/Report/16713/intraoperative-imaging-market.html

B. Pediatric Monitoring Market

https://www.industryarc.com/Report/18937/pediatric-monitoring-market

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