Product ID: SQMIG35D2016
Global Intraoperative Neuromonitoring Market Size, Share, Growth Analysis, By Product & Services(Systems, Accessories), By Source Type(Insourced Monitoring, Outsourced Monitoring), By Application(Spinal Surgery, Neurosurgery), By End-User(Hospitals, Ambulatory Surgical Center) - Industry Forecast 2024-2031
Report ID:
SQMIG35D2016 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
117 |
Figures:
77
Global Intraoperative Neuromonitoring Market Dynamics
Intraoperative Neuromonitoring Market Driver
Rise in Aging Population with Chronic Illnesses and Technological Advancements to Empower Market Growth
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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.
- The advancement in advanced devices such as neurosurgery devices, surgical microscopes, ophthalmic surgical devices, and surgical robots has resulted in less direct human interference in surgical procedures, which is expected to support market growth. The NIM Vital system uses patented technology to provide precise intraoperative nerve status data, which influences surgical strategy, improves operative efficiency and precision, and assists patients in maintaining their quality of life. These factors are expected to impel the growth of the market over the forecast year.
- The rising trend of medical tourism along with growing investments for healthcare infrastructure in developing economies are projected to create significant revenue generating opportunities in the global market.
- A prominent rise in mental stress due to hectic work schedules and an increase in chronic disorders as well as contagious diseases has enhanced the demand for neuromonitoring equipment.
Intraoperative Neuromonitoring Market Restraint
Significant Costs of Neuromonitoring Devices and Lack of Awareness is Expected to Impede the Market Growth
- The high cost of IONM devices and procedures are a significant growth barrier. EEG devices with 1-32 channels cost around US$ 1,000 to US$ 25,000, and EEG devices with more than 64 channels can cost more than US$ 25,000, depending on the number of channels. Portable amplifiers capable of recording EMG for more than four hours usually cost more than US$ 20,000. Because of budget constraints, many end-users prefer refurbished IONM devices, which offer significant cost savings over new devices. Several companies offer refurbished IONM devices at promotional prices that impacts the sale of new devices.
- Shortage of trained workforce for the control and maintenance of intraoperative neuromonitoring arrangements are limiting the market size growth. Moreover, the lack of awareness on intraoperative neuromonitoring specifically in developing economies is also one of the factors restricting the market size.
Global Intraoperative Neuromonitoring Market Report Snapshots
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