PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419027
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419027
Nerve Monitoring Devices Market size was valued at USD 1,413.5 Million in 2022, expanding at a CAGR of 5.5% from 2023 to 2030.
Nerve monitoring devices are medical instruments specifically designed to evaluate and monitor the functionality of nerves throughout different medical procedures. These devices are particularly crucial in surgeries that involve the central and peripheral nervous systems. The main purpose of these devices is to assist surgeons in identifying and preserving nerves, ultimately minimizing the risk of nerve damage during procedures. Nerve Conduction Monitoring involves stimulating a nerve with a small electrical impulse and measuring the resulting response. By aiding in the assessment of nerve signal speed and strength, nerve conduction monitoring devices facilitate the detection of nerve compression or damage. In various surgical fields, nerve monitoring devices have become essential tools as they provide real-time information about nerve function during critical procedures, thereby improving patient safety and surgical outcomes. Surgeons heavily rely on these devices to make informed decisions, reduce the chances of complications, and enhance overall patient care.
Neurological disorders, such as peripheral nerve injuries, spinal cord injuries, and conditions like epilepsy and multiple sclerosis, are on the rise globally. This upward trend is leading to an increased demand for diagnostic and monitoring tools. According to the World Health Organization, in 2019, neurological conditions accounted for 533,172 deaths, with 213,129 (40%) occurring in men and 320,043 (60%) in women. The aging population is particularly vulnerable to neurological disorders. Additionally, advanced surgical techniques, including minimally invasive approaches, are gaining popularity in various medical specialties, including neurosurgery. Nerve monitoring devices play a crucial role in protecting nerves during these complex procedures. According to the National Centre for Biotechnology Information, in 2017, 9.8 million inpatient major operating room procedures were analyzed, with 11.1% being minimally invasive and 2.5% robotic-assisted. This is compared to 9.6 million inpatient operating room procedures in 2018, with 11.2% being minimally invasive and 2.9% robotic-assisted. The Ongoing technological advancements and growing presence of nerve monitoring devices in emerging markets presents a significant opportunity for market growth. However, the high cost of these devices may hinder their widespread adoption.
The Global Nerve Monitoring Devices Market is segmented on the basis of Product Type, Technology, and Region.
The market is divided into three categories based on product type: Nerve Monitor, Accessories, Probe and Electrode. The market is currently dominated by the Nerve Monitor. The demand for surgical procedures involving delicate nerves, such as neurosurgery, spinal surgery, ENT surgery, and orthopedic surgery, has led to substantial growth in the nerve monitoring devices market.
The market is divided into four categories based on Technology: Electroencephalogram (EEG), Evoked Potential, Electromyography (EMG), Electrocorticography (ECoG). The market is predominantly dominated by the Electroencephalogram (EEG) segment. EEG technology is primarily employed for monitoring and recording the electrical activity occurring in the brain. Its significance lies in the diagnosis of diverse neurological conditions and the real-time assessment of brain function.
Geographical Insights on the Nerve Monitoring Devices Market The Nerve Monitoring Devices Market is extensively spread across various regions, namely North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented based on the countries involved in the business. North America is expected to dominate the market growth due to its advanced healthcare system and the rising demand for nerve monitoring devices. North America boasts one of the highest levels of healthcare expenditure globally. In 2022, U.S. healthcare spending increased by 4.1 percent, reaching USD 4.5 trillion or USD 13,493 per person. Health spending accounted for 17.3 percent of the nation's Gross Domestic Product. This region serves as a global center for medical innovation and technological advancements, particularly in the field of nerve monitoring devices. Europe, on the other hand, holds the second-largest market share in terms of growth, due to its robust research and development efforts.
The competitiveness of the nerve monitoring devices market can be enhanced through the introduction of advanced technologies like neuromonitoring systems that offer real-time data analysis capabilities. Companies that invest in research and development to improve their products often gain a competitive advantage. Furthermore, Collaborations, partnerships, and mergers among companies can also have an impact on market dynamics, leading to the development of comprehensive solutions and a broader market reach. For instance, Natus Medical Incorporated, a leading provider of medical device solutions for central nervous and sensory system disorders, recently completed its acquisition of Micromed Holding SAS, a global provider of neurophysiology solutions. This acquisition will enable Natus to add Micromed products to its Natus Neuro portfolio and develop them alongside its existing technologies.
In November 2023, Medtronic plc, a global leader in healthcare technology announced that the United States Food and Drug Administration (FDA) has approved the Symplicity Spyral renal denervation (RDN) system, also known as the Symplicity blood pressure procedure, for the treatment of hypertension. With this approval, Medtronic will immediately begin commercialization.
The scope of this report covers the market by its major segments, which include as follows: