USD 3.02 billion
Report ID: SQMIG35D2016 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 117 | Figures: 77
Intraoperative Neuromonitoring Market size was valued at USD 3.02 billion in 2021 and is poised to grow from USD 3.16 billion in 2022 to USD 4.22 billion by 2030, growing at a CAGR of 4.9% in the forecast period (2023-2030).
The global intraoperative neuromonitoring market size is expected to enjoy a CAGR of 4.9% between 2022 and 2030. The market technically offers the real-time monitoring and assessment of nervous system during the surgical procedures. The technique assists the surgeons and anesthesiologists to evaluate the integrity and functionality of the nervous system during high-risk surgeries mainly those that may pose a risk to the brain, peripheral nerves, and spinal cord.
The intraoperative neuromonitoring involves techniques such as electromyography, electroencephalography, somatosensory evoked potentials, motor evoked potentials, and others. Clinically, the growing awareness for patient safety followed by technological advancements is expected to remain pivotal for the market growth.
The increasing emphasis on patient safety during difficult surgical procedures, as well as the rising prevalence of chronic disorders such as stroke, epilepsy, Alzheimer's disease, and Parkinson's disease, can be attributed to the market growth. According to the WHO, neurological disorders affect millions of people worldwide as statistically, every year, around 15 million people worldwide suffer from a cerebral stroke. This has contributed to the adoption of neuromonitoring devices and is expected to drive the demand in the forecast years.
US Intraoperative Neuromonitoring Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3.02 billion
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The global intraoperative neuromonitoring market is segmented based on product & service, source ype, application, end-user, and region. Based on product & service the market segmentation comprises systems, accessories, and services. Based on source type, market is categorized into insourced monitoring and outsourced monitoring. Based on application intraoperative neuromonitoring market is categorized into spinal surgery, neurosurgery, vascular surgery, ENT surgery, and orthopaedic surgery. Based on end-user intraoperative neuromonitoring market is categorized into hospitals and ambulatory surgical centres. Based on the region it is categorized into North America, Europe, Asia Pacific, South America, and MEA.
Intraoperative Neuromonitoring Market Analysis by End-User
In 2022, the hospitals segment led the market, accounting for more than 58.19% of global revenue. This is due to an increase in procedure frequency and the requirement that vital statistics be monitored during each procedure. Hospitals are implementing IONM and training technologists to supervise procedures performed by neurologists and physiologists. There are no set criteria for using neuromodulation devices, but the practice is expected to become more common as demand and usage grow.
The ambulatory surgical centres segment is expected to grow at the fastest rate during the forecast period, with a CAGR of more than 8% in 2022. Hospitals and healthcare facilities choose to outsource their IONM needs due to factors such as cost-effectiveness and the availability of dedicated service providers. IONM devices are constantly being improved and modified. The financial burden of purchasing and maintaining this equipment is relieved by outsourcing. Furthermore, training neurophysiologists is costly and time-consuming.
Intraoperative Neuromonitoring Market Analysis by Source Type
In 2022, the outsourced IONM segment has dominated the market. Outsourced IONM monitoring is rapidly expanding due to its advantages over insourced monitoring. Nowadays, hospitals generally do not prefer insourced monitoring because of the smooth flow of the process. Outsourced monitoring is thus in high demand among hospitals and ASCs. Furthermore, IONM professionals prefer to work for an outsourcing IONM provider because they can work for more than one hospital at the same time. As a result, the outsourcing intraoperative neuromonitoring market is expected to grow rapidly over the forecast period. Furthermore, an outsourced provider can purchase a single device and work for multiple hospitals at the same time.
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North America dominated the market, accounting for more than 55% of global revenue in 2022. The reimbursement scenario, and the increasing cases of neurological disorders, are a major contributor to this dominance. According to the National Institute of Health, approximately 795,000 people in the US experience stroke each year with 137,000 death cases. Furthermore, according to the Migraine Research Foundation, approximately 35 million people in the US suffer from migraine headaches in the upcoming year. Furthermore, nearly 43% of women and 18 percent of men in the country are expected to suffer from migraines. As a result, rising rates of neurological disorders like TBI, migraine, and stroke are expected to drive market growth in this country.
Asia Pacific is expected to grow at a 6.9% annual rate. Emerging economies such as China, Japan, South Korea, and India are expected to grow significantly during the forecast period. The presence of several domestic players in China and Japan may spur market growth. Furthermore, the growing geriatric population, as well as the rising incidence of traumatic brain injuries, are expected to fuel the local market in the coming years.
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Intraoperative Neuromonitoring Market Driver
Rise in Aging Population with Chronic Illnesses and Technological Advancements to Empower Market Growth
The growing aging population, which is more susceptible to chronic illnesses, is likely to increase the demand for intraoperative neuromonitoring in various healthcare settings. Furthermore, adults with age 65 and older are more likely to suffer from heart disease, COPD, diabetes, cancer, neurological problems, and other chronic illnesses, according to the CDC.
Intraoperative Neuromonitoring Market Restraint
Significant Costs of Neuromonitoring Devices and Lack of Awareness is Expected to Impede the Market Growth
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The global intraoperative neuromonitoring (IONM) market is highly competitive, with both global and local players. Because of technological advancements, small and mid-sized businesses are focusing on market penetration in order to gain market share. The market is experiencing a surge in merger and acquisition activity. Medtronic and Natus Medical among all key players have a strong presence in the global Intraoperative neuromonitoring market with its leading products and services. The majority of the market's key players are concentrating their efforts on R&D, product innovation, expanding their existing product lines, and strengthening their market presence through geographical expansion.
Intraoperative Neuromonitoring Market Top Players Company Profiles
Intraoperative Neuromonitoring Market Recent Developments
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According to the global intraoperative neuromonitoring market report analysis, the increase in number of medical procedures, potential hazard management, technological advancement, and an increase in the selection of intraoperative neuromonitoring by emergency clinics are the major factors contributing towards the market growth.
The market is being driven by an aging population, an increase in the prevalence of chronic disorders, the use of IONM in various surgeries, and risk management using IONM during complex surgeries. However, the market growth is limited due to a scarcity of skilled professionals and lack of awareness for IONM in developing countries. Conversely, increased medical tourism and growth opportunities in Asia Pacific and LAMEA emerging economies are expected to provide several opportunities for market growth during the forecast period.
|Market size value in 2021||USD 3.02 billion|
|Market size value in 2030||USD 3.16 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Intraoperative Neuromonitoring Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Intraoperative Neuromonitoring Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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