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 thereby, fostering the Intraoperative Neuromonitoring Market growth during the forecast period 2020-2025. 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 is growing at a significant rate as 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. 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 and is set to drive the Intraoperative Neuromonitoring market in the future as a significant share of the population with chronic disorders are amongst the ageing group thereby requiring exceptionally refined medicinal services framework.
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 made in neuromonitoring have helped the surgeons to minimize the risks during surgery, when the central nervous system (CNS) is at risk to the increasing R&D investments by governmental bodies to overcome limitations of high cost thereby launching advanced products are to play a vital role in propelling the Intraoperative Neuromonitoring Market.
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. There is a rise in the usage because the region has surged cases of chronic ailments, emergence of exceptionally refined medicinal services framework, high selection rate of intraoperative neuromonitoring, and expanded patient awareness in regards to the procedure. Moreover, the region is anticipated to increase its market share in the future, owing to the favorable and constantly improving reimbursement scenario. Significant investment is done on R&D activities in U.S. Many neurological centers in the U.S. strongly recommend the use of IONM thereby, trying to fulfill the manpower gap to meet the demand. Hospitals encourage physicians and doctorate-level IONM providers to get certified from organizations such as the American Board of Nuclear Medicine. The healthcare system is also making an effort to encourage underemployed neuroscience PhDs to pursue a career in IONM and become full-time professionals.
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Intraoperative Neuromonitoring Market Growth Drivers:
- 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.
- Increased Utility of IONM in Varied Surgeries:
The widespread utilization rate of IONM techniques for different procedures in the healthcare industry will attribute to the improvement in patient care in the global market. An increasing number of surgeons and neurophysiologists are recommending the application of these techniques for surgeries involving and affecting the nervous system. The various specialist areas treated with the help of this procedure include cardiothoracic surgery, ENT surgery, orthopedics, emergency surgery, vascular surgery, visceral surgery, and general surgery. The other areas where this technique is being adopted are of major surgeries such as thyroidectomy, parathyroidectomy, mastoidectomy, spinal cord tumor resection, total hip arthroplasty, bone tumor resection, total shoulder arthroplasty, abdominal/thoracic aneurysm, cardiopulmonary bypass, and sub-clavian bypass. The increasing application of this methodology will revolutionize patient care systems and create lucrative opportunities for leading vendors in the global market
Inomed Medizintechnik GmbH founded in 2012, operates internationally, serving almost 80 countries. The company invested heavily in research and development activities, which collaborates with various universities and research institutes for intraoperative neuromonitoring activities.
The Major Players in this Market Include
The major companies in the Intraoperative Neuromonitoring market include 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. 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.
Although there has been product withdrawals and low demand for the product, companies are conducting research and development for the perfecting the medical device. Health professionals are rooting for the comeback of Intraoperative Neuromonitoring with effective condition curing methods. There are the major factors set to buoy the Intraoperative Neuromonitoring market during 2020-2025.
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