Intraoperative Neuromonitoring Market: Outsourced Segment Is Expected To Witness The Fastest Growth
Intraoperative Neuromonitoring Industry Overview
The global intraoperative neuromonitoring market size was valued at USD 3.02 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030. The growth of the market can be attributed due to the increasing emphasis on patient safety during difficult surgical procedures and the growing prevalence of chronic disorders, such as stroke, epilepsy, Alzheimer’s disease, and Parkinson’s disease. According to the WHO, hundreds and millions of people worldwide are affected by neurological disorders. Annually, 15 million people worldwide suffer a cerebral stroke. This has contributed to the growth of the market.
The COVID-19 pandemic is expected to have a dual impact on the intraoperative neuromonitoring (IONM) market. To allocate & direct medical supplies and capacity to COVID-19 response, hospitals in the U.S. and around the world have postponed and delayed elective surgeries to varying degrees. Manufacturers have found it difficult to serve their surgeon customers since some hospitals have restricted access to their facilities or changed access regulations. As a result, they saw a decrease in procedural volume in 2020, which is expected to impede growth.
Gather more insights about the market drivers, restrains and growth of the Global Intraoperative Neuromonitoring market
However, according to the Frontiers Media S.A. in November 2020, in critically ill patients with COVID-19 who are receiving invasive mechanical ventilation, neurological problems are prevalent and are linked to longer ICU stays. During the pandemic, multimodal noninvasive neuromonitoring devices were useful tools for the early detection of abnormalities in cerebrovascular parameters. In addition, stricter patient education, recovery room evaluation for non-ICU hospitalization, earlier mobilization, post-discharge communication, increasing adoption of less invasive operations, and early post imaging are all recommended. These factors are expected to lead to significant market growth opportunities.
Despite the pandemic, an increase in the prevalence of neurovascular disorders is expected to boost the demand for minimally invasive/noninvasive and advanced intraoperative neuromonitoring devices, thus driving the market growth. In addition, most countries around the world have started to ease lockdown restrictions and recommenced certain elective surgeries. Hence, the market is projected to recover and grow over the forecast period. Companies have been using strategies such as rerouting logistics, sourcing from additional partners, and air freight delivery to deal with supply chain disruptions. In addition, major firms are planning to geographically expand their businesses and establish more warehouses in various areas to conduct their operations through multiple available channels in worst-affected regions, to fulfill the growing demand. These factors are expected to create lucrative growth prospects.
Along with the above factors, the need for intraoperative neuromonitoring in various healthcare settings is likely to increase with the growing aging population, a demographic that is more susceptible to chronic illnesses. In addition, according to CDC, adults aged 65 years and above are more likely to suffer from heart disease, COPD, diabetes, cancer, neurological problems, and other chronic illnesses. According to a Nature Reviews Neurology article in September 2019, Alzheimer’s disease affects one out of every 10 people over the age of 65, and its prevalence rises with age. Patients suffering from such illnesses require both emergency and nonemergency hospital treatments, which is projected to drive market growth in the near future.
Monitoring the nervous system's health during spinal surgery has been a major component of manufacturers' product differentiation strategy. With the evolution of IONM technology and techniques, the demand for neuromonitoring from surgeons and hospitals has increased over time. This is because of the manufacturer's proprietary software and simple to operate. Intraoperative neuromonitoring devices enable surgeons to make key decisions in real-time, making surgeries safer, faster, and more repeatable, resulting in better patient outcomes, which is expected to impel growth.
Moreover, the development of advanced devices, such as neurosurgery devices, surgical microscopes, ophthalmic surgical devices, and surgical robots, has led to a reduction in direct human interference in surgical procedures, which is also expected to support the market growth in the near future. For instance, in October 2020, Medtronic plc received 510(k) clearance from the U.S. FDA for the NIM Vital nerve monitoring system, which allows physicians to detect, monitor, and confirm nerve function, to assist in reducing the risk of nerve damage during head & neck surgeries. The NIM Vital system employs patented technology to deliver precise intraoperative nerve status data that influence surgical strategy, improve operative efficiency & precision, and help patients maintain their quality of life. These factors are expected to impel growth in the near future.
Increasing government initiatives and growing awareness about products and services are further expected to boost growth. For instance, Accurate Neuromonitoring provided IONM in Africa during the 2019 Weill Cornell Tanzania Neurosurgery Mission. The mission trip raised awareness about the need for IONM in difficult brain & spine procedures and demonstrated the need for it, which is anticipated to boost the growth of the intraoperative neuromonitoring market.
The U.S. dominated the market with the highest share of 97.16% in 2021. The increasing prevalence of chronic diseases and the growing geriatric population are the factors driving growth in the U.S. According to CDC in 2021, at least one chronic condition, such as stroke, heart disease, cancer, or diabetes, affects six out of 10 Americans. Chronic diseases such as these are the main causes of death and disability in the U.S, as well as major drivers of healthcare expenses. In addition, the market is impelled by continued medical infrastructure construction as well as growing government and private sector investments to promote the usage of safer & more cost-effective healthcare solutions.
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Intraoperative Neuromonitoring Market Segmentation
Grand View Research has segmented the global intraoperative neuromonitoring market based on type and region:
Intraoperative Neuromonitoring Type Outlook (Revenue, USD Million, 2017 - 2030)
- Insourced
- Outsourced
Intraoperative Neuromonitoring Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- December 2017: Safe Passage Health and NuVasive, a privately held supplier of IONM services, announced the signing of a formal agreement in which NuVasive would acquire Safe Passage.
Key Companies profiled:
Some prominent players in the global intraoperative neuromonitoring market are:
- Natus Medical Incorporated
- Accurate Monitoring
- NeuroMonitoring Technologies
- Biotronic NeuroNetwork, LLC
- Medtronic
- NuVasive Inc.
- SpecialtyCare
- Sentient Medical Systems
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