Intraoperative Neuromonitoring Market
Number of pages: 100 | Report Format: PDF | Published date: March 13, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 3.24 billion |
|
Revenue Forecast in 2031 |
US$ 4.64 billion |
|
CAGR |
4.6% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Product, Application, End-user, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global intraoperative neuromonitoring market was valued at US$ 3.24 billion in 2022 and is expected to register a revenue CAGR of 4.6% to reach US$ 4.64 billion by 2031.
Intraoperative Neuromonitoring Market Fundamentals
The global intraoperative neuromonitoring market is expected to continue its growth trajectory in the coming years, driven by various factors, including increasing demand for surgeries involving the nervous system, technological advancements, and rising awareness of the benefits of intraoperative neuromonitoring (IONM).
North America is currently the largest market for intraoperative neuromonitoring, followed by Europe and Asia Pacific. The United States accounts for most of the North America intraoperative neuromonitoring market due to the high demand for advanced healthcare services and the increasing number of surgeries performed in the country. Moreover, the Asia Pacific market is expected to grow at the highest revenue CAGR during the forecast period due to the rising number of neurosurgeries and the advancing healthcare infrastructure in the region.
The intraoperative neuromonitoring market is highly competitive, with several large players and numerous small and medium-sized companies operating in the space. Some of the major players in the market include Medtronic, Nihon Kohden, NuVasive, and Inomed.
Despite the positive outlook, the intraoperative neuromonitoring market may face challenges such as high costs and limited reimbursement, particularly in middle- and low-income countries. In addition, there is a shortage of trained IONM professionals, which could limit adoption rates in these countries.
IONM refers to a set of techniques and procedures used during surgery to monitor the function and integrity of the nervous system, particularly the brain, spinal cord, and peripheral nerves. IONM aims to help surgeons identify and avoid potential damage to nerves or other critical structures during surgery. This is done using various sensors and electrodes that measure the electrical activity in the nerves and muscles and alert the surgical team in real time if any changes are detected that could indicate potential nerve damage. By providing continuous monitoring throughout the surgery, IONM can help improve surgical outcomes, reduce the risk of complications, and speed up patient recovery times.
[58676767]
Intraoperative Neuromonitoring Market Dynamics
The rising prevalence of neurological disorders, such as Parkinson’s disease, Alzheimer’s disease, and epilepsy, is driving demand for IONM procedures to diagnose and treat these conditions. According to the WHO, epilepsy affects approximately 50 million people worldwide, making it one of the most common neurological diseases. Complex spinal surgeries, such as spinal cord tumor resection and spinal deformity correction, require IONM to map the health of the nervous system during the procedure. The increasing demand for these procedures drives revenue growth in the intraoperative neuromonitoring market. Technological advancements in healthcare, such as improvements in electrode designs and wireless monitoring systems, are improving the accuracy and efficiency of IONM devices, fueling the demand for IONM.
IONM is now used in surgeries beyond the spine, such as ear and skull base surgeries. This expansion is creating new opportunities for revenue growth in the intraoperative neuromonitoring market. As more healthcare providers become aware of the benefits of IONM, demand for the technology is increasing. Additionally, as education and training in IONM become widely available, more surgeons are incorporating it into their practice, further propelling the market revenue growth. The introduction of favorable reimbursement policies is augmenting the accessibility of IONM for patients, which is also expected to boost revenue growth in the global intraoperative neuromonitoring market.
However, the high cost of IONM devices and services restricts the market revenue growth, limiting the number of IONM end-users. IONM requires highly skilled personnel, such as neurologists and neurophysiologists, to operate and interpret the results. A shortage of such skilled personnel is hampering the development of the intraoperative neuromonitoring market.
Intraoperative Neuromonitoring Market Ecosystem
The global intraoperative neuromonitoring market is analyzed from four perspectives: product, application, end-user, and region.
Intraoperative Neuromonitoring Market by Type
[856556]
Based on the type, the global intraoperative neuromonitoring market is segmented into outsource monitoring and insource monitoring.
The insource monitoring segment dominated the intraoperative neuromonitoring market with the largest revenue share in 2022. Insourcing allows hospitals and surgical centers to have more control over the quality of the IONM services provided. By hiring their own trained and experienced IONM technicians, hospitals can ensure that the monitoring is performed by qualified professionals familiar with their equipment and protocols. Insource IONM services can provide greater cost efficiency for hospitals in the long term. Technology advancements have made it easier and more cost-effective for hospitals to set up their IONM programs. Insourcing empowers hospitals to allocate resources toward their equipment and personnel, resulting in substantial cost savings over time. Insourcing IONM services can also lead to better patient outcomes. An in-house IONM team familiar with the patient’s medical history and surgical plan can provide more personalized and targeted monitoring. This can help reduce the risk of complications during surgery and improve the overall outcome.
The outsource monitoring segment is expected to be fast-growing during the forecast period. Outsourcing allows hospitals and surgical centers to adjust their staffing levels according to their needs, which can be specifically useful during fluctuating demand. Outsourcing IONM services to specialized providers can lead to improved quality of service, as these providers have dedicated resources and experience in this area. Outsourcing can help reduce liability for hospitals and surgical centers. Specialized providers are often better equipped to manage and mitigate risk in the IONM process.
Intraoperative Neuromonitoring Market by Application
Based on the application, the global intraoperative neuromonitoring market is segmented into spinal surgery, orthopedic surgery, ENT surgery, vascular surgery, neurosurgery, and others.
The neurosurgery segment accounted for a significant revenue share of the intraoperative neuromonitoring market in 2022. The rising prevalence of neurological disorders is increasing the number of neuro surgeries, boosting segment revenue growth. According to the WHO, approximately 55 million people live with dementia worldwide, with nearly 10 million new cases yearly. Neurosurgery is a highly specialized field requiring precise and delicate procedures, which require careful nervous system monitoring to ensure patient safety. As a result, the demand for IONM in neurosurgery is high. Neurosurgery procedures are often complex and involve the brain, spine, or peripheral nerves. IONM is essential for these procedures to help identify and avoid damage to the nervous system during surgery.
The ENT surgery segment is expected to be the fastest-growing segment during the forecast period. ENT surgeries are often complex and delicate procedures that involve operating near important structures, such as the brainstem, cranial nerves, and spinal cord. IONM is used to assess and monitor the function of these critical structures during surgery, which can help reduce the risk of nerve damage and other complications. IONM in ENT surgery has been shown to improve patient outcomes, such as reducing the incidence of postoperative neurological deficits and improving surgical precision. Furthermore, the demand for minimally invasive ENT surgeries has increased with advances in medical technology and a rise in focus on outpatient procedures. IONM can help facilitate these procedures by providing real-time feedback on nerve function during surgery, which can help minimize the risk of complications and improve patient outcomes.
Intraoperative Neuromonitoring Market by End-user
Based on the end-user, the global intraoperative neuromonitoring market is segmented into hospitals and ambulatory care centers.
The hospitals segment accounted for the largest intraoperative neuromonitoring market revenue share in 2022. Hospitals are the primary location for surgical procedures. The demand for IONM services is high due to the need to monitor the nervous system during surgery to ensure patient safety. Hospitals perform many surgical procedures, many of which require IONM, including neurosurgery, orthopedic surgery, and vascular surgery, among others. Moreover, hospitals can access specialized equipment required for IONM, such as EEG machines and nerve stimulation equipment. Hospitals must comply with patient safety regulations, including the use of IONM services during surgery. IONM is often integrated with other hospital departments, such as anesthesia and neurology, to ensure comprehensive patient care.
Intraoperative Neuromonitoring Market by Region
Geographically, the global intraoperative neuromonitoring market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for a significant market revenue share in 2022. The region’s rising prevalence of neurological disorders has increased the demand for IONM services to improve patient outcomes during surgical procedures. According to the Pan American Health Organization, in the United States, around 533,172 deaths were caused due to neurological conditions in 2019. North America has a highly advanced healthcare system, with access to the latest technological advancements in IONM. This has resulted in the adoption of new and advanced IONM techniques and equipment, which has driven regional market revenue growth. The region’s increasing number of surgical procedures, including complex procedures, such as neurosurgery, orthopedic surgery, and cardiovascular surgery, has contributed to the development of the North America intraoperative neuromonitoring market. Growing awareness among healthcare professionals and patients about the benefits of IONM has increased the adoption of these services in the region. Additionally, the region has favorable reimbursement policies for IONM services, which has further driven the revenue growth of the region.
Intraoperative Neuromonitoring Market Competitive Landscape
The prominent players operating in the global intraoperative neuromonitoring market are:
Strategic Developments
The rise in the adoption of outsourcing IONM and the incorporation of advanced technologies are key developments in the market.
The prominent players operating in the global intraoperative neuromonitoring market are Medtronic Plc, Natus Medical Incorporated, Nihon Kohden Corporation, Nuvasive Inc., and Inomed Medizintechnik GmbH.
The neurosurgery treatment segment dominates the global intraoperative neuromonitoring market.
The intraoperative neuromonitoring market was valued at US$ 3.24 billion in 2022.
The revenue CAGR of the intraoperative neuromonitoring market is estimated to register a revenue CAGR of 4.6% during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain