PUBLISHER: Allied Market Research | PRODUCT CODE: 1414905
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414905
According to a new report published by Allied Market Research, titled, "Intraoperative Neuromonitoring Market," The intraoperative neuromonitoring market was valued at $4.8 billion in 2022, and is estimated to reach $8.7 billion by 2032, growing at a CAGR of 6.1% from 2023 to 2032. Intraoperative neuromonitoring (IONM) is a medical technique employed during surgery to assess and safeguard the integrity of the nervous system. Through real-time monitoring of neural structures, including the brain, spinal cord, and peripheral nerves, IONM aims to prevent potential damage and guide surgeons in making informed decisions. Electrodes are strategically placed to record and analyze electrical signals, allowing for the identification of any anomalies or potential risks. By continuously evaluating the nervous system's function throughout the surgical procedure, IONM enhances patient safety and contributes to better surgical outcomes by enabling prompt adjustments to minimize the risk of neurological complications.
The major factor driving the growth of the intraoperative neuromonitoring market is prevalence of chronic diseases, encompassing neurological disorders, cardiovascular conditions, and osteoarthritis. These conditions often require surgical intervention, where intraoperative neuromonitoring emerges as a pivotal tool, enhancing surgical precision and minimizing complications. In addition, the rise in number of surgical procedures further drives the market growth. For instance, in 2022, a White Paper from Etiometry Inc., a digital health company, reported that approximately 900,000 cardiac surgeries are performed annually in the U.S., with an average increase in surgery volume of 5% per year. Further, with an aging population, the prevalence of chronic diseases is expected to soar, leading to a higher frequency of complex surgeries. This demographic shift is anticipated to be a key driver, fostering sustained market growth for intraoperative neuromonitoring as an indispensable component of advanced surgical practices.
Moreover, the presence of favorable reimbursement policies significantly contributes to the robust growth of the intraoperative neuromonitoring market. As healthcare systems acknowledge the importance of these monitoring technologies in ensuring patient safety during surgeries, supportive reimbursement frameworks incentivize healthcare providers to integrate intraoperative neuromonitoring into their practices. Reimbursement policies not only alleviate financial burdens on healthcare facilities but also encourage broader adoption, making these advanced monitoring solutions more accessible. This alignment between the benefits of intraoperative neuromonitoring and favorable reimbursement policies serves as a key catalyst, fostering a conducive environment for sustained market expansion.
The intraoperative neuromonitoring market is segmented on the basis of products & services, source type, application, modality, end user, and region. On the basis of product & service, the market is segmented into system, accessory, and service. As per source type, the market is segmented into insourced monitoring and outsourced monitoring. Depending on application, the market is segmented into spinal surgery, neurosurgery, vascular surgery, ENT surgery, orthopedic surgery, and other surgeries. On the basis of modality, the market is segmented into motor evoked potential (MEPs), somatosensory evoked potential (SSEPs), electroencephalography (EEG), electromyography (EMG), brainstem auditory evoked potential (BAEPs), and visual evoked potential (VEPs). According to end user, market is segmented into hospitals and ambulatory surgical centers (ASCs). Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
The major key players that operate in the global intraoperative neuromonitoring market are NuVasive, Inc.,Medtronic plc, Natus Medical Incorporated, inomed Medizintechnik GmbH, Nihon Kohden Corporation, Accurate Monitoring, Computational Diagnostics, Inc., SpecialtyCare, NeuroStyle Pte. Ltd, and Intranerve Neuroscience Holdings, LLC.
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