Pune, May 25, 2022 (GLOBE NEWSWIRE) -- Global Nerve Monitoring Devices Market to surpass US$ 2 Billion by 2032; Neurosurgery to be Top Application Category, finds Fact.MR
Nerve Monitoring Devices Market Analysis by Product (Nerve monitors, Nerve Stimulation Electrode and Probes) by Technology (Electromyography (EMG), Electroencephalography (EEG), Electrocorticography (ECOG), Evoked Potential), by Application, by End Users, by Region - Global Forecast 2022-2032
United States, Rockville, MD: The global nerve monitoring devices market is expected to reach US$ 2.2 Billion by the end of the 2022-2032 forecast period, growing at a CAGR of 5.0%, concludes a recently published report by Fact.MR. As of 2022, the market is poised to reach US$1.4 Billion, yielding a dollar opportunity worth US$ 862.0 Million throughout the forthcoming decade. Advancements in healthcare technology have pushed sales to new heights.
Aging is one of the major factors leading to an increased incidence of nerve damage due to trauma, and this factor is fueling revenue growth of the global nerve monitoring devices market during the assessment period. Demand expanded significantly from 2015 to 2021, registering a growth rate of 5.7% to be valued at US$ 1.3 Billion.
Worldwide, healthcare budget allocations are rising significantly. A highly increasing awareness among healthcare professionals about clinical benefits associated with nerve monitoring, an increasing number of complex & critical surgeries worldwide, and ongoing technological advancements in the field of nerve stimulation & monitoring increase the demand in the growth of the market.
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Key Takeaways from the Market Study
- Global nerve monitoring devices market to flourish 1.6x from 2022 to 2032
- U.S to emerge as the dominant nerve monitoring devices market, reaching US$ 798.0 Million by 2032
- China to be the fastest-growing market, registering a CAGR of 4.3% across the decade
- South Korea, U.K & Japan are likely to yield $ opportunities worth US$ 78.5 Million, US$ 92.8 Million and US$ 125.8 Million respectively
- By end-user, hospitals to register maximum nerve monitoring devices usage, growing at a 4.9% CAGR
- Neurosurgery to emerge as the top application category, growing at a rate of 4.4% through 2032
“Increasing target patient population, clinical benefits associated with nerve monitoring procedures, and the rising use of nerve monitoring in trauma cases are stimulating demand for nerve monitoring devices market,” remarks an analyst at Fact.MR.
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Competitive Landscape
The global market for nerve monitoring devices market is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage upgradation to gain an edge over other competitors in the market.
- In May 2020 -- Natus Medical Incorporated announced a partnership with Holberg EEG AS, to advance the development and distribution of an AutoSCORE algorithm to automate Electroencephalography (“EEG”) classifications and improve reporting efficiency.
- In January 2020 – Symmetry Surgical, Inc. announced its acquisition of The O.R. Company. The acquisition complements Symmetry’s existing instrumentation portfolio and expands its minimally invasive surgical instrument offering with products that have high clinical acceptance and strong price positions in the market.
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global nerve monitoring devices market, presenting historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product (Nerve monitors, Nerve Stimulation electrodes and probes) by Technology (Electromyography (EMG), Electroencephalography (EEG), Electrocorticography (ECOG), Evoked Potential (EP)) by Application (Neurosurgery, ENT surgery, Cardiovascular, others)by End Users(Hospitals, Ambulatory surgical centers) across five major regions (North America, Latin America, Asia Pacific, Europe and Middle East & Africa).
Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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