The global intraoperative neuromonitoring market is expected to reach US$ 4,199.95 million in 2027 from US$ 2,341.92 million in 2019. The market is estimated to grow with a CAGR of 7.6% from 2020-2027.
Rising incidences of neurological disorders and increasing technological advancements in the field of neuromonitoring are the major factors driving the growth of the intraoperative neuromonitoring market. However, lack of skilled professionals is hindering the growth of the market growth.
Advancements in neuromonitoring have helped the surgeons to minimize the risks during surgery when the central nervous system (CNS) is at risk. Many advanced products are being launched in the field of neuromonitoring, further driving the growth of the market. For instance, in February 2019, Alphatec Holdings Inc. has received clearance from the FDA for its automated SafeOp neuromonitoring system. It offers real-time intraoperative nerve location and health assessment. To date, the SafeOp technology has been used in over 1,000 surgeries to identify nerve injury and has proved reliability in monitoring peripheral nerves in spine surgery. Advancements in intraoperative neuromonitoring have resulted in the development of technologically advanced systems to improve patient monitoring during a surgical procedure. For instance, in February 2018, the Centers of Medicare & Medicaid Services approved SpineTRACK Registry by NuVasive, Inc. This device allows surgeons to use real-time data reports to make on-time medical decisions during surgeries.
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Leading companies such as Accurate Monitoring LLC, Computational Diagnostics, Inc, Intranerve, LLC, Inomed Medizintechnik GMBH, Medtronic Plc, Moberg Research Inc, Natus Medical Incorporated, Nihon Kohden Corporation, Nuvasive Inc, and Speciality Care.
Based on product, the global intraoperative neuromonitoring market is segmented into system, accessories, and services. The system segment held the largest share of the market in 2019; however, the services segment is anticipated to register the highest CAGR in the market during the forecast period. Growing demand of intraoperative neuromonitors is the key factor driving the growth of the segment. Additionally, several key players are focusing in offering intraoperative neuromonitoring services such as SpecialtyCare, Sentient Medical Systems, Medtronic, and Natus Medical and Nuvasive. These factors are likely to enhance the growth of the market during the forecast period.
Key factors driving the growth of the intraoperative neuromonitoring market are rising incidences of neurological disorders and increasing technological advancements in the field of neuromonitoring. Moreover, increasing research activities in the nerve monitoring field are likely to have positive impact on the market in the coming years. However, lack of skilled professionals restricts the market growth.
The global intraoperative neuromonitoring market is segmented on the basis of product, source, modality, application, and end user. The market for the product segment is further segmented into system, accessories, and services. The system segment held the largest share of the market in 2019; moreover, the services segment is anticipated to register the highest CAGR in the market during the forecast period. The source segment is segmented into insourced monitoring and outsourced monitoring. Based on application, the intraoperative neuromonitoring market has been segmented into spinal surgery, neurosurgery, vascular surgery, ENT surgery, orthopedic surgery, and other surgeries. Based on modality, the intraoperative neuromonitoring market is segmented into motor evoked potentials, somatosensory evoked potentials, electroencephalography, electromyography, brainstem auditory evoked potentials, and visual evoked potentials. Based on end-user, the intraoperative neuromonitoring market has been segmented into hospitals and ambulatory surgical centers.
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