Intraoperative Neuromonitoring Market - Global Industry Analysis

Global Intraoperative Neuromonitoring Market: Overview

The overall market size for intraoperative neuromonitoring was estimated at USD 4,105.7 million in 2020 and it is projected to reach USD 8,943.6 million by 2028 with a CAGR of 6.7%. Intraoperative neuromonitoring (IONM) is the constant monitoring of a person's nervous system (spinal cord, brain, and nerves) during surgery when it is a danger of harm. The goal of Intraoperative neuromonitoring is to keep the nervous system safe. Several tests can be done to assess nervous system function depending on the technique. IONM is often used to administer electrical impulses to the neurological system and measure their effectiveness. Electrodes are placed to the ankles, wrists, scalp, and, depending on the kind of operation, to particular muscle groups to collect this information.

Report Scope:

Global Intraoperative Neuromonitoring Market: Growth Factors

The global intraoperative neuromonitoring market is spurring at a rapid rate. The market for neuromonitoring during operations is being driven by the growing focus on patient safety during complex surgeries. Further, the high expense of healthcare and patients' wish to prevent hospital readmission are also some of the key factors driving the demand for intraoperative neuromonitoring (IONM). Intraoperative monitoring has now become incredibly valuable in neurosurgery because it provides early warnings about motor and sensory functioning during surgery, resulting in improved outcomes and preventing post-operative neurophysiological impairments. In addition to this, reduced intervention time and danger are two benefits of safer surgery. Because of these advantages, it is now necessary for neurosurgery. Also, a favorable reimbursement policy is a crucial factor that is driving the growth of the global intraoperative neuromonitoring market. Moreover, factors such as an increase in the number of procedures and the requirement that vital information is monitored throughout each surgery are also fueling the market growth. Furthermore, supporting regulatory bodies and approvals will generate extensive opportunities for the growth of the global intraoperative neuromonitoring market during the forecast period. For instance, in July 2021, after receiving CE certification, NuVasive, Inc.—the ruler in spine technology innovation aimed to transform spine surgery with minimally disruptive, procedurally integrated solutions—revealed that the Pulse® platform has obtained its recent US Food and Drug Administration 510(k) clearance. The company confirmed the commercial launch of Pulse, which is now available for purchase in selected global markets. However, the global intraoperative neuromonitoring market is constrained by a lack of knowledge of IONM in developing countries and a scarcity of experienced employees.

The market growth for Intraoperative Neuromonitoring remained steady during the pandemic period. Some of the key factors such as the increasing number of neuro complexities with COVID infected patients and the increasing number of surgeries contributed to maintaining the constant demand for intraoperative neuromonitoring during the pandemic period.

Global Intraoperative Neuromonitoring Market: Segmentation

The global market for intraoperative neuromonitoring is segregated based on products & services, source type, application, modality, end-user, and region. Based on products & services, the global market is categorized into services, systems, and accessories. By source type, the market is bifurcated into insourced monitoring and outsourced monitoring. The application segment of the global intraoperative neuromonitoring market is divided into neurosurgery, spinal surgery, vascular surgery, orthopedic surgery, ENT surgery, and other surgeries. The modality segment is categorized into motor evoked potentials, electroencephalography, somatosensory evoked potentials, electromyography, visual evoked potentials, and brainstem auditory evoked potentials. The end-user segment of the market is split into hospitals and ambulatory surgical centers.

Global Intraoperative Neuromonitoring Market: Regional Analysis

North America is expected to remain the largest revenue contributor in the global intraoperative neuromonitoring market. The region is also projected to register healthy growth during the forecast period owing to an increased patient population with neurological disorders, an increase in frequencies of surgeries, and rapid adoption of advanced technologies contributing to the large share of the market. The US is expected to remain the largest revenue contributor, whereas Canada is anticipated to grow at the highest CAGR in the region. Asia Pacific is also forecasted to generate significant revenue for the intraoperative neuromonitoring market over the forecast period. Large population density, an increasing number of neurological disorders is expected to contribute healthy revenue.

Global Intraoperative Neuromonitoring Market: Competitive Players

Major players functioning in the global intraoperative neuromonitoring market include Medtronic plc, Computational Diagnostics, Inc., NuVasive, Inc., SpecialtyCare, IntraNerve, LLC, Natus Medical Incorporated., Accurate Monitoring LLC, Inomed Medizintechnik GmbH, Moberg Research, Inc., and Nihon Kohden Corporation.

Global Intraoperative Neuromonitoring Market: Regional Segment Analysis

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

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.