Global Intraoperative Neuromonitoring Market Size to Grow at 5.1% CAGR and Reach USD 5.2 Billion by 2030 | Industry Analysis by Medical Device Sector

New York, NY, March 15, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Intraoperative Neuromonitoring Market By Type (Outsource Monitoring And Insource Monitoring), By Modality (Electroencephalography(EEG), Electromyography(EMG) And Electrophysiology(EP)), By Application (Spinal Surgery, ENT Surgery, Neurosurgery, Vascular Surgery, Orthopedic Surgery, And Others), By End-Use (Hospitals, Ambulatory Surgical Centers, Specialty Clinics And Others) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Intraoperative Neuromonitoring Market size & share in terms of revenue was valued at USD 3.4 billion in 2022 and it is expected to surpass around USD 5.2 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 5.1% during the forecast period 2023 to 2030.”

What are Intraoperative Neuromonitoring? How big is the Intraoperative Neuromonitoring Industry?

Intraoperative Neuromonitoring Market Coverage & Overview:

The global intraoperative neuromonitoring market size was worth around USD 3.4 Billion in 2022 and is predicted to grow to around USD 5.2 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.1% between 2023 and 2030.

An intraoperative neuromonitoring (IONM) system is a collection of procedures that can identify, track, and validate nerve function while reducing the likelihood of neurological issues developing during or following neurological surgical procedures. It decreases the possibility of nerve function being harmed as a result of incorrect patient placement or any nerve structures that are important for neurophysiology.

During spine, head, or neck surgery, an IONM enables surgeons to recognize electrophysiologic changes, which may be essential in extending incisions, positioning limbs, and using retraction methods that can avoid long-term nerve damage. By identifying nerve structures with targeted neurostimulation, possible damage to those structures can be avoided, which frees surgeons to concentrate on designing interventions that maximize function. As a result, these devices are widely used in vascular, cardiac, ENT, visceral, neuro, emergency, and cardiothoracic surgeries.

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Global Intraoperative Neuromonitoring Market: Growth Factors

The market for intraoperative neuromonitoring will be driven by the rising number of patients who have been diagnosed with different diseases in recent years. Growth in the market will also be fueled by rising demand for spinal, genitourinary, ENT, orthopedic, and cardiovascular surgical treatments. The need for intraoperative neuromonitoring in various healthcare environments is likely to rise as the population gets older and becomes more susceptible to chronic diseases.

In addition, the CDC reports that people 65 and older have a significantly higher risk of developing COPD, diabetes, heart disease, neurological issues, cancer, and other chronic diseases. One in ten people over the age of 65 is affected by Alzheimer's disease, and the incidence rises with age, according to a September 2019 Nature Reviews Neurology article. These diseases necessitate both emergency and non-emergency hospital treatment for patients, which is anticipated to fuel intraoperative neurophysiological monitoring market expansion in the near future.

However, a major market restraint is the high expense of intraoperative neurophysiological monitoring programs. Additionally, over the forecast period, market development will be hampered by low system awareness. The Intraoperative neurophysiological monitoring program's lack of awareness in different areas could hinder market expansion.

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Report Scope

Intraoperative Neuromonitoring Market: Segmentation Analysis

The global intraoperative neuromonitoring market is segmented based on type, modality, application, end-use, and region.

Based on the modality, the global intraoperative neuromonitoring industry is segmented into Electroencephalography(EEG), Electromyography(EMG), and Electrophysiology(EP). The Electrophysiology(EP) segment is expected to hold the largest market share during the forecast period. The growth in the segment is attributed to its broad range of surgical applications and the high utilization rate.

Based on the type, the global market is bifurcated into outsource monitoring and insource monitoring.

Based on the application, the global intraoperative neuromonitoring industry is segmented into spinal surgery, ENT surgery, neurosurgery, vascular surgery, orthopedic surgery, and others. ENT and orthopedic surgery are expected to hold a prominent market share over the forecast period. Because of the potential risk that these procedures pose to neural structures, it is necessary to use a technique that safeguards nerves and other related structures while the protocol is being followed. As a consequence, ENT and orthopedic surgeries are frequently used procedures, in turn, driving the segment growth.

Based on the end-use, the global market is segmented into hospitals, ambulatory surgical centers, specialty clinics, and others.

The global Intraoperative Neuromonitoring market is segmented as follows:

By Type

• Outsource Monitoring
• Insource Monitoring

By Modality

• Electroencephalography(EEG)
• Electromyography(EMG)
• Electrophysiology(EP)

By Application

• Spinal Surgery
• ENT Surgery
• Neurosurgery
• Vascular Surgery
• Orthopedic Surgery
• Others

By End-Use

• Hospitals
• Ambulatory Surgical Centers
• Specialty Clinics
• Others

Browse the full “Intraoperative Neuromonitoring Market By Type (Outsource Monitoring And Insource Monitoring), By Modality (Electroencephalography(EEG), Electromyography(EMG) And Electrophysiology(EP)), By Application (Spinal Surgery, ENT Surgery, Neurosurgery, Vascular Surgery, Orthopedic Surgery, And Others), By End-Use (Hospitals, Ambulatory Surgical Centers, Specialty Clinics And Others) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030”- Report at https://www.zionmarketresearch.com/report/intraoperative-neuromonitoring-market

Competitive Landscape

Some of the main competitors dominating the global Intraoperative Neuromonitoring market include - 

• Nihon Kohden
• Medtronic
• NuVasive
• Natus Medical
• Bovie Medical
• Checkpoint Surgical
• Magstim
• Inomed
• Erbe Elektromedizin
• Dr. Langer Medical
• Computational Diagnostics Inc.
• SpecialtyCare
• IntraNerve LLC
• Accurate Monitoring LLC
• Biotronic Neuronetwork LLC
• Sentient Medical Systems
• Technomed

 Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Intraoperative Neuromonitoring market is likely to expand at a CAGR of around 5.1% during the forecast period (2023-2030).                  
• In terms of revenue, the Intraoperative Neuromonitoring market size was valued at around US$ 3.4 billion in 2022 and is projected to reach US$ 5.2 billion by 2030.
• Based on type segmentation, the insource monitoring segment is expected to hold the largest market share over the forecast period.
• Based on the modality, the Electrophysiology(EP) segment is expected to hold the largest market share during the forecast period.
• Based on application segmentation, the spinal surgery held the largest market share in 2022.
• Based on the end-use, The hospital segment held the largest market share in 2022.
• On the basis of geography/region, the “North America is expected to dominate the market during the forecast period.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Intraoperative Neuromonitoring industry?
• What are the main driving factors propelling the Intraoperative Neuromonitoring Market forward?
• What are the leading companies in the Intraoperative Neuromonitoring Industry?
• What segments does the Intraoperative Neuromonitoring Market cover?
• How can I receive a free copy of the Intraoperative Neuromonitoring Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Type, By Modality, By Application, By End-Use, And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

North America is expected to dominate the intraoperative neuromonitoring market over the forecast period. The region has seen an increase in chronic disease cases, the development of a highly sophisticated medical services framework, a high selection rate for intraoperative neuromonitoring, and increased patient knowledge of the procedure. Furthermore, the favorable and continuously improving reimbursement environment is expected to help the region expand its market share in the coming years.

The United States spends a lot of money on research and development. To close the manpower gap and satisfy demand, many neurological centers in the U.S. firmly advise using IONM. Hospitals urge doctors and IONM specialists with a doctorate to become certified by bodies like the American Board of Nuclear Medicine. The healthcare system is also attempting to persuade PhDs in neurobiology who are unemployed to work full-time in IONM. Besides, the region with the highest CAGR during the forecast period is Asia Pacific. Emerging economies like China, Japan, South Korea, and India are anticipated to experience substantial growth over the projection period. The presence of numerous local players in China and Japan may encourage market growth. Additionally, it is anticipated that the rising geriatric population and the frequency of traumatic brain injuries will push regional markets in the upcoming years.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In June 2022, the opening of the Singapore Experience Center for the Asia-Pacific region, announced by NuVasive, Inc., will support the company's growth plan to expand its operations internationally.
• In March 2021, the V4 4-channel and 8-channel nerve tracking systems from Neurosign were approved by the US Food and Drug Administration, and they are currently being used on patients in the US for nerve identification and preservation.

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FREQUENTLY ASKED QUESTIONS

• What is Intraoperative Neuromonitoring?
• Which key factors will influence global Intraoperative Neuromonitoring market growth over 2023-2030?
• What will be the value of the global Intraoperative Neuromonitoring market during 2023-2030?
• What will be the CAGR value of the global Intraoperative Neuromonitoring market during 2023-2030?
• Which region will record the fastest growth in the Intraoperative Neuromonitoring industry globally?
• Which are the major players leveraging the global Intraoperative Neuromonitoring market growth?

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