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, restraints, and growth of the Global Intraoperative Neuromonitoring market
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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Surgical Microscopes Market - The global surgical microscopes market size was valued at USD 1.1 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 11.37% from 2022 to 2030.
Surgical Robots Market - The global surgical robots market size was valued at USD 4.4 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 18.0% from 2023 to 2030.
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 and Africa
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. NuVasive Clinical Services (NCS) would maintain its position as the provider of outsourced IONM services in the U.S. by acquiring Safe Passage, with over 3,000 surgeons & supervision physicians to serve over 1,000 clients and 550 neurophysiologists
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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