According to research, the global intraoperative neuromonitoring market is forecast to increase from USD 3.4 billion in 2022 to around USD 5.2 billion by 2030, At a CAGR of roughly 5.1% | Industry Share By Type, Modality, Application, End-Use, and Region
Intraoperative Neuromonitoring Market
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. The report analyzes the global intraoperative neuromonitoring market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the intraoperative neuromonitoring industry.
An intraoperative neuromonitoring (IONM) system is a collection of methods that can identify, track, and validate nerve function while reducing the likelihood of neurological issues developing during or following neurological surgical operations. It lowers 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, situating limbs, and using retraction procedures that can avoid long-term nerve damage.
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The growing prevalence of chronic disease coupled with the rising geriatric population drives the market growth
The need for intraoperative neuromonitoring in various healthcare settings is projected to rise as the aging population continues to expand and becomes more sensitive to chronic disorders. In addition, the CDC reports that persons 65 and older have a higher risk of developing heart disease, COPD, diabetes, cancer, neurological issues, and other chronic conditions. One in ten adults over the age of 65 is affected by Alzheimer's disease, and the frequency of the condition rises with advancing age, according to a Nature Reviews Neurology paper. Such diseases need both emergency and non-emergency hospital care, which will propel the global intraoperative neuromonitoring market expansion.
The high cost of procedures and devices acts as a major restraint for the market growth
The intraoperative neuromonitoring industry will be severely hampered by the high cost of IONM equipment and procedures. Depending on the number of channels, EEG devices with 1-32 channels can cost anywhere between US$ 1,000 and US$ 25,000, while those with more than 64 channels may cost more than US$ 25,000. Typically, portable amplifiers that can record EMG for longer than four hours cost around US$ 20,000. Many end users choose reconditioned IONM devices over new ones due to financial restrictions since they provide a considerable cost reduction. Refurbished IONM devices are sold by several businesses, including Alternative Source Medical. This decreases the demand for new IONM devices from well-known suppliers that make significant investments in R&D to create cutting-edge IONM devices.
Technological advancements provide a lucrative opportunity
Less direct human intervention in surgical operations as a consequence of the development of sophisticated technology such as neurosurgical devices, surgical microscopes, ophthalmic surgical devices, and surgical robots is anticipated to promote global intraoperative neuromonitoring market expansion. For instance, the NIM Vital nerve monitoring system, which enables doctors to identify, monitor, and validate nerve function to assist lower the risk of nerve injury during head and neck surgery, received 510(k) clearance from the US FDA in October 2020. Thus, driving industry growth over the forecast period.
The dearth of skilled professionals poses a major challenge
The expansion of the market is being constrained by a lack of skilled labor for managing and maintaining intraoperative neuromonitoring setups. Moreover, one of the reasons limiting market expansion is the lack of knowledge of intraoperative neuromonitoring, particularly in emerging nations.
The global intraoperative neuromonitoring industry is segmented based on type, modality, application, end-use, and region.
Based on the type, the global market is bifurcated into outsource monitoring and insource monitoring. The insource monitoring segment is expected to hold the largest market share over the forecast period. This can be attributable to an increase in procedure frequency and the need for continuous monitoring of vital signs throughout each surgery.
Hospitals are implementing IONM and educating the technicians in charge of supervising the work done by neurologists and physiologists. Although there are no set standards for the use of neuromodulation devices, the practice is anticipated to spread as usage and demand rise. On the other hand, the outsource monitoring segment is expected to grow at a substantial rate over the forecast period. Hospitals and healthcare facilities opt to outsource their IONM requirements due to factors including cost-effectiveness and the availability of specialized service providers.
IONM technology is continually evolving and changing. Hospitals are relieved of the cost of obtaining and maintaining this equipment through outsourcing. Additionally, training neurophysiologists is costly and time-consuming.
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 application, the global intraoperative neuromonitoring industry is segmented into spinal surgery, ENT surgery, neurosurgery, vascular surgery, orthopedic surgery, and others. Spinal surgery held the largest market share in 2022. The reason is expected to be attributable to the fact that, despite advancements in surgical methods, there is still a danger of neurological problems with spine surgery, which is frequently used to treat spinal diseases and is the gold standard for repairing spinal abnormalities. Additionally, IONM is used for other spine surgery indications, such as tethered cord, injured spinal cord, intramedullary tumors, extramedullary tumors, minimally invasive surgery, cervical myelopathy, as well as in other fields of surgery, such as cranial, vascular, cardiothoracic, and others.
Based on the end-use, the global market is segmented into hospitals, ambulatory surgical centers, specialty clinics, and others. The hospital segment held the largest market share in 2022 and is expected to show its dominance over the forecast period. This is spurred on by an increase in the frequency of procedures as well as the necessity to continuously check vital signs. To oversee operations carried out by neurologists and physiologists, hospitals are introducing IONM and training technicians. Although there are no established standards for employing neuromodulation devices, the practice is anticipated to spread as usage and demand increase.
|Intraoperative Neuromonitoring Market Research Report
|Market Size in 2022
|USD $3.4 Billion
|Market Forecast in 2030
|USD $5.2 Billion
|Compound Annual Growth Rate
|CAGR of 5.1%
|Number of Pages
|Value (USD Billion), and Volume (Units)
|Key Companies Covered
|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 and Technomed among others.
|By Type, By Modality, By Application, By End-Use, And By Region
|North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA)
|North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|2017 to 2021
|2023 - 2030
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North America is expected to dominate the market during the forecast period
North America is expected to dominate the global intraoperative neuromonitoring market over the forecast period. Its dominance is mostly due to the favorable reimbursement environment and rising neurological problem cases. According to the National Institute of Health, around 795,000 Americans experience a stroke each year, which results in 137,000 fatalities. Also, according to the Migraine Research Foundation, 35 million Americans will experience migraine headaches in 2020.
Also, it is anticipated that across the nation, roughly 43% of women and 18% of men will suffer from migraines. Thus, rising rates of neurological conditions including TBI, migraine, and stroke are projected to fuel market expansion in this nation. IONM is not protected by national insurance but rather by local insurance.
In the United States, several neurological facilities support the use of IONM and are trying to solve the staffing issue and meet the unmet demand. In medicine, there is a physician shortage, but neurology has a far worse need. The IONM's introduction puts stress on neurologists and limits the situations they can handle. Annually, there are around 700,000 instances of IONM in the United States. Outsourced IONM providers, technicians, and neurologists with IONM interpretation training can take use of this.
Besides, the Asia Pacific is expected to grow at the highest CAGR during the forecast period. Throughout the projection period, emerging economies including China, Japan, South Korea, and India are anticipated to have significant growth. In China and Japan, the existence of several local players may foster market expansion. In addition, it is anticipated that the local market would be driven in the next years by the expanding geriatric population and the prevalence of traumatic brain injuries. For instance, the national 2020 census projects that 264 million (18.7%) of China's population is 60 or older. The number of elderly people in the nation is anticipated to reach 300 million by 2025 and 400 million by 2033.
The global intraoperative neuromonitoring market is dominated by players like:
A system known as intraoperative neuromonitoring (IONM) consists of several methods that may be used to identify, monitor, and validate nerve function while reducing the likelihood of neurological issues developing during or after neurological surgical operations.
The growing emphasis on patient safety during complicated surgical operations is the main factor driving the market. The significant increase in the prevalence of chronic neurovascular illnesses such as epilepsy, stroke, Parkinson's disease, and Alzheimer's disease is responsible for this.
According to the report, the global market size was worth around USD 3.4 billion in 2022 and is predicted to grow to around USD 5.2 billion by 2030.
The global intraoperative neuromonitoring market is expected to grow at a CAGR of 5.1% during the forecast period.
The global intraoperative neuromonitoring market growth is expected to be driven by North America. It is currently the world’s highest revenue-generating market due to the favorable reimbursement environment and rising neurological problem cases.
The global intraoperative neuromonitoring market is dominated by players like 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 and Technomed among others.