PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555674
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555674
At USD 3,251.6 million in 2023, the intraoperative neuromonitoring market was expected to grow at a CAGR of 5.20% from 2024 to 2032.
By identifying, tracking, and validating nerve function, an intraoperative neuromonitoring (IONM) system is a set of actions intended to lower the risk of neurological problems during or after neurological surgical procedures. Consequently, there is a reduced likelihood of nerve function impairment in the patient or any neurophysiologically significant nerve structures. With the aid of an IONM, surgeons doing spine, head, or neck surgery can identify electrophysiologic changes that occur during the process in order to extend incisions, implant, position limbs, and perform retraction treatments that can prevent permanent nerve harm. Surgeons can concentrate on optimizing interventions while maintaining function by identifying nerve structures and preventing potential injury with targeted neurostimulation. As a result, these systems are widely utilized in vascular, neuro, ENT, emergency, visceral, and cardiothoracic operations, as well as orthopedic procedures.
Intraoperative Neuromonitoring Market- Market Dynamics
Rising Number of Surgeries
The market is expanding primarily due to the increasing number of surgeries. The growing number of surgical operations is driving the market's expansion, especially in the fields of orthopedic, spine, neuro, cardiovascular, and ENT surgeries. By giving real-time information on the functional state of the nervous system during surgical operations, IONM technology is essential to guarantee patient safety. This aids surgeons in avoiding neurological problems during intricate procedures, such as those linked to cerebral stroke and neurological illnesses like Alzheimer's disease. According to estimates from the WHO, a sizable fraction of global health problems are caused by chronic disorders, which include neurological abnormalities and cardiovascular diseases. In order to reduce the dangers related to these diseases during surgery, IONM technology is being used more and more. In addition, the elderly population gains from IONM as they are more vulnerable to neurological and cardiovascular conditions. IONM systems use a variety of modalities, such as electromyography (EMG), somatosensory evoked potentials (SSEPs), and electroencephalography (EEG). Nonetheless, the investment is justified by the advantages of IONM in terms of lowering morbidity and mortality as well as enhancing patient outcomes. With the growing use of outsourced monitoring services and remote patient monitoring, the market is anticipated to expand even further.
Intraoperative Neuromonitoring Market- Key Insights
According to our research analyst's analysis, the global market is projected to expand at a compound annual growth rate (CAGR) of approximately 5.20% during the forecast period of 2024-2032.
The insourced category was projected to have the largest market share in 2023 based on type segmentation.
In 2023, the hospitals category emerged as the top segment based on end user segmentation.
In 2023, North America held the largest revenue share by region.
The Global Intraoperative Neuromonitoring Market is segmented into Type, Application, End User, and Region.
The market is segmented into the following categories based on type: in-source and out-source. With the highest revenue share of 57% in 2023, the insourced category held a dominant position in the market. This is explained by an increase in the number of procedures performed as well as the requirement to keep an eye on critical data during every procedure. Hospitals are implementing IONM and educating technicians to supervise neurologists and physiologists during procedures. Although there are no set guidelines for using neuromodulation devices, it is anticipated that as demand and usage grow, the practice will spread.
The intraoperative neuromonitoring market is divided into segments based on the application, including Spinal Surgery, Orthopedic Surgery, ENT Surgery, Vascular Surgery, Neurosurgery, and Others. Since spinal disorders are becoming more common and there are more spinal surgeries performed worldwide, the spinal surgery category had the biggest revenue share in 2023 and is predicted to continue to lead during the forecast period. Nonetheless, over the projected period, the intraoperative neuromonitoring hardware and solutions market for orthopedic surgery is anticipated to increase at the quickest rate. Orthopedic operations frequently entail close exposure to vital brain systems, spanning from sophisticated bone reconstructions to joint replacements.
Intraoperative Neuromonitoring Market- Geographical Insights
The intraoperative neuromonitoring market is widely distributed geographically in North America, Latin America, Asia Pacific, Europe,the Middle East and Africa. These areas are further separated based on the countries that provide business.
In 2023, North America held the greatest revenue share of 47%, dominating the market. This dominance is mostly due to the attractive reimbursement conditions in the area as well as the rising number of patients with neurological diseases. The National Institute of Health estimates that 137,000 individuals in the United States die from strokes each year, which affects around 795,000 people. In addition, the growing older population and the rising incidence of chronic illnesses are the main drivers of industry growth in the United States. Six out of ten Americans, according to the CDC in 2021, suffer from at least one chronic illness, such as diabetes, stroke, heart disease, or cancer. These and other chronic illnesses are the leading causes of death and disability in the United States and are also the largest contributors to healthcare costs.
In addition, due to a high prevalence of chronic diseases and a rise in the implementation of intraoperative neuromonitoring technologies, Asia-Pacific is anticipated to have the fastest intraoperative neuromonitoring market growth over the projected timeframe. Additionally, the expansion of the intraoperative neuromonitoring market in Asia-Pacific is primarily driven by an increase in investments and the presence of prominent companies in the industry. Furthermore, during the ensuing years, the aging population and the rise in traumatic brain injuries are anticipated to propel the regional market. For instance, predictions from the 2020 Chinese Census show that 18.7% of China's population is 60 years of age or older or over 264 million individuals. It is projected that the number of senior people in the nation will rise to 300 million by 2025 and surpass 400 million by 2033.
The intraoperative neuromonitoring market is characterized by intense competition from both domestic and international firms. In order to increase their market share, small and mid-sized firms are concentrating on market penetration due to technology improvements. There's been a sharp increase in merger and acquisition activity in the market. Among the major competitors in the worldwide intraoperative neuromonitoring market, Medtronic and Natus Medical are well-known for their cutting-edge goods and services. Most major companies in the market are focusing their efforts on R&D, new product development, growing their current product lines, and bolstering their market share by entering new markets.
March 2024: The strategic purchase of Assure Neuromonitoring's operations in key markets was announced by MPOWERHealth, a leader in the intraoperative neuromonitoring (IONM) space. This move represents a major step forward for MPOWERHealth in growing its portfolio of best-in-class INM services. By completing the intended acquisition, MPOWERHealth will have more than 55,000 patients covered yearly, confirming its position as a pioneer in improving surgical safety and patient outcomes.
January 2023: The purchase of Micromed Holding SAS, a worldwide supplier of neurophysiology solutions, has been announced by Natus Medical Incorporated, a developer of medical device solutions for peripheral nervous system and sensory system problems. With this calculated acquisition, Natus Medical Incorporated is expected to broaden its offers in the field of neurophysiology diagnostics and therapies while also improving its product range.
June 2022: The grand launch of NuVasive, Inc.'s Singapore Experience Center for the Asia-Pacific area was announced, bolstering the company's expansion plan to expand internationally.