Insights on the Global Intraoperative Neuromonitoring Market to 2025 - ResearchAndMarkets.com

The "Intraoperative Neuromonitoring Market - Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.

The global intraoperative neuromonitoring Market size is valued at $1098.23M by 2019, and is estimated to reach $1,489.12M by 2025, growing at CAGR of 5.3% during the forecast period of 2020-2025.

The Intraoperative Neuromonitoring Market growth rate is attributed to the increasing emphasis on patient safety during complicated surgeries which can be co-related to the growing prevalence of various lifestyles associated chronic diseases such as neurological and cardiovascular conditions that demands ultimate patient safety during the performance of these complicated surgeries thereby, fostering the market growth. Intraoperative monitoring is becoming a crucial factor in neurosurgery as it offers an early warning concerning motor & sensory functions during surgery thus yielding better results and avoiding post-operative neurophysiological deficits thus reducing risks of debilitating deficits such as muscle weakness, paralysis, hearing loss, and other normal body functions. Safer surgery translates to reduced intervention time and risk.

An IONM system uses recordings of potentials (such as EEG, EMG, and evoked potentials) from the nervous system during a surgical procedure. These benefits have made it mandatory in neurosurgeries. From technological advancements in neuromonitoring have helped the surgeons to minimize the risks during surgery, when the central nervous system (CNS) is at risk to increased R&D investments by governmental bodies to overcome limitations of high cost thereby launching advanced products in the field of neuromonitoring is anticipated to propel the Intraoperative Neuromonitoring Market during the forecast period 2020-2025.

Key Takeaways

• North America dominated the Intraoperative Neuromonitoring Market with a share of 4.7% in the year 2019.
• The factors such as huge burden of healthcare costs and patients' desire to avoid readmission to hospitals, favorable reimbursement scenario are amongst the major factor projected to impel growth of Intraoperative Neuromonitoring Market.
• Ageing population, increase in prevalence of chronic disorders, applications of IONM in different surgeries and risk management through IONM during complex surgeries are the key factors owing to the growth in the segment during forecast period 2020-2025.

By Geography - Segment Analysis

North America is the major region dominating the Intraoperative Neuromonitoring market with revenue of $570.42M in 2019 and is estimated to grow at a CAGR of 4.7% during the forecast period of 2020-2025 to generate revenue of $ 745.23M in 2025.

The intraoperative neuromonitoring market in Asia Pacific is likely to observe the fastest growth over the forecast period 2020-2025 growing at a CAGR of 6.6% owing to the growing awareness in regards to intraoperative neuromonitoring in patients during complicated surgeries and development in medical tourism sector in the rising nations in the area, for example, India and China.

Drivers - Intraoperative Neuromonitoring Market

- Growing Requirement of Tele-Neuromonitoring

With leading manufacturers leveraging advanced technology to launch compact and portable IONM devices, which are capable of getting configured with any laptop or desktop in the global market. Tele-neuromonitoring enabled qualified and certified IONM professionals to monitor patients from remote locations effectively are the growing requirement of the era. Through remote-neuromonitoring, the certified technologist or the physician can continuously monitor all the vital data, including action potential amplitude value, blood pressure data, and the degree of muscle relaxation. Remote monitoring also helps doctors reach small communities and rural areas and provide superior healthcare services from remote locations. Several hospitals and clinics also rely on tele-neuromonitoring, where a certified medical professional can provide high-quality monitoring service from any distant location and help save lives in the global market hence, can be considered as an Intraoperative Neuromonitoring key driver of the market during the forecast period 2020-2025.

Challenges - Intraoperative Neuromonitoring Market

- High capital and Dearth of skilled professionals

The major challenge for the market is the high initial capital investment required for new production plant, R&D cost required adds additional cost for production of various intraoperative neuromonitoring devices and compliance of these products in a vast and heterogeneous market. The poor compliance is attributed to stringent government regulations which are anticipated to hamper growth of the global intraoperative neuromonitoring market as the devices undergo rigorous clinical trials prior to a PMA (premarket approval), which causes a significant rise in the costs incurred by the manufacturers; the main obstacle being the dearth of skilled professionals.

Intraoperative Neuromonitoring Industry Outlook

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Intraoperative Neuromonitoring Market. In 2019, Intraoperative Neuromonitoring Market share is fragmented by the top ten players present in the market. Intraoperative Neuromonitoring Market top 10 companies are Accurate Monitoring LLC, Medtronic PLC, NuVasive Inc., Computational Diagnostics Inc., SpecialtyCare, Natus Medical Incorporated., IntraNerve LLC, AXIS Neuromonitoring, LLC, Synaptic Resources LLC, Bromedicon, Inc., Inomed Medizintechnik GmbH and others.

Acquisitions/Product Launches

• In February 2019, Alphatec Holdings Inc. received clearance from the FDA for its automated SafeOp neuromonitoring system offering real-time intraoperative nerve location and health assessment. The SafeOp technology has been used in over 1,000 surgeries to identify nerve injury and has proved reliability in monitoring peripheral nerves in spine surgery.
• In February 2018, the Centers of Medicare & Medicaid Services approved SpineTRACK Registry by NuVasive Inc. this device allows surgeons to use real-time data reports to make on-time medical decisions during surgeries.
• In October 2016, SpecialityCare acquired Sentient Medical Systems and this acquisition was made to strengthen the company's Intraoperative Neuromonitoring devices product portfolio.

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