Intraoperative Neuromonitoring Market Size, Share, Growth Report 2030

Industry Prospective:

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.   

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Intraoperative Neuromonitoring Market: Overview

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.

Key Insights

• As per the analysis shared by our research analyst, the global intraoperative neuromonitoring market is estimated to grow annually at a CAGR of around 5.1% over the forecast period (2023-2030).
• In terms of revenue, the global intraoperative neuromonitoring market size was valued at around USD 3.4 billion in 2022 and is projected to reach USD 5.2 billion, by 2030.
• A favorable reimbursement policy is a crucial factor that is driving the growth of the global intraoperative neuromonitoring market.
• Based on the type, 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 the application, spinal surgery held the largest market share in 2022.
• Based on the end-use, The hospital segment held the largest market share in 2022.
• Based on region, North America is expected to dominate the market during the forecast period.

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Intraoperative Neuromonitoring Market: Growth Drivers

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.

Intraoperative Neuromonitoring Market: Restraints

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.

Intraoperative Neuromonitoring Market: Opportunities

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.

Intraoperative Neuromonitoring Market: Challenges

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.

Intraoperative Neuromonitoring Market: Segmentation

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.

Recent Developments:

• In February 2021, Sentry Neuromonitoring LLC, a significant intraoperative neuromonitoring service provider, was acquired by Assure Holdings Corporation, a supplier of intraoperative neuromonitoring services. The strategic decision will enhance economies of scale for Assure Holdings and help it solidify its position in the worldwide market for neuromonitoring products.
• In April 2022, DefineMBC, a brand-new comprehensive blood-based test for identifying metastatic breast cancer, was added to Epic Sciences, Inc.'s CLIA laboratory portfolio.
• In February 2021, The Twist NGS Methylation Detection System for Intraoperative Neuromonitoring Cancer Analysis and Epigenetic Research has been released by Twist Bioscience Corp.
• In February 2019, with its automated SafeOp neuromonitoring system that provides real-time intraoperative nerve localization and health evaluation, Alphatec Holdings Inc. obtained FDA certification. Almost 1,000 procedures have employed the SafeOp system to detect nerve damage, and it has shown dependability in keeping track of peripheral nerves during spine surgery.

Intraoperative Neuromonitoring Market Report Scope:

Intraoperative Neuromonitoring Market: Regional Analysis

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.

Intraoperative Neuromonitoring Market: Competitive Analysis

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
• Technomed

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

By Region

• 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