PUBLISHER: The Business Research Company | PRODUCT CODE: 1588806
PUBLISHER: The Business Research Company | PRODUCT CODE: 1588806
A nerve monitoring system is a medical device designed to continuously monitor and assess nerve function during surgical procedures. This system aids surgeons in avoiding damage to critical nerves by providing real-time feedback on nerve activity. It typically involves the use of electrodes or sensors positioned near or on the nerves, along with a display or alarm system to alert the surgical team to any potential risk of nerve injury.
The primary components of nerve monitoring systems include nerve monitors, electrodes, probes, and various accessories. A nerve monitor continuously tracks and displays nerve electrical activity throughout surgery to prevent nerve damage. Technologies used in these systems include electromyography (EMG), electroencephalography (EEG), electrocorticography (ECOG), and evoked potential (EP). These systems are employed in neurosurgery, spine surgery, ENT surgery, cardiovascular applications, and other medical fields. They are utilized by various end users such as hospitals, ambulatory surgical centers, and other healthcare facilities.
The nerve monitoring systems market research report is one of a series of new reports from The Business Research Company that provides nerve monitoring systems market statistics, including nerve monitoring systems industry global market size, regional shares, competitors with a nerve monitoring systems market share, detailed nerve monitoring systems market segments, market trends and opportunities, and any further data you may need to thrive in the nerve monitoring systems industry. This nerve monitoring systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The nerve monitoring systems market size has grown strongly in recent years. It will grow from $1.28 billion in 2023 to $1.37 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. Theexpansion observed during the historical period can be ascribed to progress in surgical methods, an increased focus on patient safety, a surge in minimally invasive procedures, advancements in monitoring technology, and a growing demand for precision medicine.
The nerve monitoring systems market size is expected to see strong growth n the next few years. It will grow to $1.76 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The anticipated growth during the forecast period can be linked to the increasing prevalence of chronic conditions necessitating intricate surgeries, a growing elderly population with elevated surgical requirements, heightened awareness of nerve injury risks, a rising need for real-time monitoring during operations, and the expansion of healthcare infrastructure. Key trends for the forecast period encompass the integration of artificial intelligence and machine learning, the advancement of wearable and portable nerve monitoring devices, progress in wireless and remote monitoring technologies, an emphasis on personalized medicine with tailored nerve monitoring solutions, and the adoption of integrated surgical platforms.
The increasing prevalence of neurological diseases is expected to drive growth in the nerve monitoring system market. Neurological disorders affect the brain, spinal cord, and nerves, leading to issues with movement, cognition, sensation, or autonomic function. Factors such as an aging population, increased life expectancy, and higher exposure to environmental toxins, lifestyle changes, and stress contribute to the rise in these conditions. Nerve monitoring systems are essential for preventing nerve damage during surgery, preserving nerve function, and reducing postoperative complications. For example, the World Health Organization (WHO) reported in March 2024 that over 3 billion people worldwide were living with neurological conditions in 2021, making these diseases the leading cause of illness and disability globally. Additionally, the World Federation of Neurology stated in October 2021 that over 40% of the global population currently experiences some form of neurological condition, with this burden expected to double by 2050. This growing prevalence of neurological diseases is driving the demand for nerve monitoring systems.
Major players in the nerve monitoring system market are focusing on advancing technology, such as integrating supersonic technology into neuromonitoring devices to provide high-resolution, real-time imaging of nerve structures. These advanced devices enhance accuracy and safety during surgeries by using ultrasonic imaging techniques. For instance, in December 2022, WISE, an Italian medical device company, received US Food and Drug Administration (FDA) approval for its WISE Cortical Strip (WCS) designed for Intraoperative Neurophysiological Monitoring (IONM). Unlike traditional cortical electrodes made from rigid metal discs, the WCS device features stretchable platinum contacts embedded in a soft silicone film, allowing it to conform to the brain's surface. This design incorporates stretchable electronic circuits within very thin elastomeric foils using supersonic technology.
In December 2022, Assure Holdings Corp., a US provider of outsourced intraoperative neuromonitoring services, acquired Neuroprotect Neuromonitoring LLC for an undisclosed sum. This acquisition supports Assure's strategic objective of becoming a key consolidator in the IONM industry, particularly in states like Colorado where they already operate. The move is expected to strengthen Assure's financial position by utilizing their current workforce and expertise in revenue cycle management. Neuroprotect Neuromonitoring LLC is a US manufacturer specializing in nerve monitoring systems.
Major companies operating in the nerve monitoring systems market are Medtronic Plc, Nihon Kohden Corporation, SpecialityCare Inc., NuVasive Inc., Halyard Health, Natus Medical Inc., Brainlab AG, Biotronic NeuroNetwork LLC, Cadwell Industries Inc., Bovie Medical, Magstim, Inomed Inc., Neuspera Medical Inc., Rhythmlink International LLC, Stimwave LLC, EMS Handels GmbH, Checkpoint Surgical Inc., Rochester Electro-Medical Inc., Sentient Healthcare Inc., Erbe Elektromedizin GmbH, NeuroWave Systems Inc., Langer Medical GmbH, Neurovision Medical Products Inc., ProPep Surgical LLC, SafeOp Surgical Inc.
North America was the largest region in the nerve monitoring systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nerve monitoring systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the nerve monitoring systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The nerve monitoring systems market consists of sales of electromyography (EMG) monitors, nerve integrity monitors and signal amplifiers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Nerve Monitoring Systems Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on nerve monitoring systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for nerve monitoring systems ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The nerve monitoring systems market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.