Nerve Monitoring System - Market Insights, Competitive Landscape, and Market Forecast - 2030

Nerve Monitoring Systems Market By Product (Nerve Monitors, Nerve Stimulation Electrodes, and Probes), Technology (Electromyography (EMG), Electroencephalography (EEG), Electrocorticography (ECOG), and Evoked Potential (EP)), Application (Neurosurgery, ENT Surgery, Cardiovascular, and Others), End-User (Hospitals, Ambulatory Surgical Centers, and Others), and Geography is expected to grow at a steady CAGR forecast till 2030 owing to rise in nerve-related disorders and rising use of nerve monitoring systems in trauma cases

The global nerve monitoring systems market was valued at USD 1.28 billion in 2023, growing at a CAGR of 4.17% during the forecast period from 2024 to 2030, to reach USD 1.63 billion by 2030. The demand for nerve monitoring systems is primarily motivated by the rise in nerve-related disorder patient population, easy availability of medical reimbursement for these procedures, increasing demand for advanced products, and the strong presence of device manufacturers in the market.

Nerve Monitoring Systems Market Dynamics:

One of the key factors influencing the growth of the nerve monitoring systems market is the increasing burden of surgical numbers across the globe.

As per the OECD, nearly 9,451 coronary artery bypass graft procedures were performed in the United Kingdom in 2020. Also, approximately 38,859 coronary artery bypass graft procedures were performed in Germany in the same year. The same source stated that 26,355 transluminal coronary angioplasty procedures were performed in Switzerland, in 2020. In the same year, 53,993 transluminal coronary angioplasty procedures were performed in Spain.

Nerve injuries associated with angiography and endovascular interventions are rare and usually transient but may result in significant functional impairment and are largely avoidable. Intercostal nerve damage may occur in three-quarters of all patients undergoing coronary artery bypass graft-internal thoracic artery surgery.

In addition, nearly, 47,083 tonsillectomy procedures were performed in 2019, in Australia. The glossopharyngeal nerve is particularly prone to injury during tonsillectomy because of its position in the tonsillar bed.

The risk of damage to the nerve during any surgical procedure can be reduced if a nerve monitor system is used during the surgery.

Thus, the increasing number of various surgical procedures can increase the risk of nerve damage, leading to an increased demand for nerve monitoring systems, thereby propelling the overall market for nerve monitoring systems in the upcoming years.

However, frequent product recalls and the high cost of the devices may act as a restraint in the growth of the nerve monitoring systems market.

Nerve Monitoring Systems Market Segment Analysis:

Nerve Monitoring Systems by Product (Nerve Monitors, Nerve Stimulation Electrodes and Probes), Technology (Electromyography (EMG), Electroencephalography (EEG), Electrocorticography (ECOG), and Evoked Potential (EP)), Application (Neurosurgery, ENT Surgery, Cardiovascular, and Others), End-User (Hospitals, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the technology segment of the nerve monitoring systems market, the electromyography (EMG) category is expected to hold the largest share in the nerve monitoring systems market.

EMG is used for the analysis, evaluation, and recording of the electrical activity of skeletal muscles and motor nerve cells associated with them. It assists in the accurate and effective diagnosis of muscle disorders, nerve disorders, and disorders affecting the connection between the muscles and nerves.

Along with this, the EMG can be used to monitor nerve during lumbar decompression surgery, during lumbar interbody fusion surgery from any approach: anterior (ALIF), posterior (PLIF, TLIF), lateral (XLIF®), lumbar total disc replacement procedure, cauda equina surgery, anterior cervical discectomy and fusion (ACDF), cervical total disc replacement, posterior cervical fusion (PCF), spinal cord tumor resections, scoliosis surgery, and thoracic vertebroplasty procedures.

Further, increasing product launches and approvals will also increase the demand for electromyography during the forecast period. For instance, in November 2022, Xavant Technology announced that the FDA has approved the expansion of the sensor technology in its STIMPOD range of Quantitative NMT Monitors to include electromyography (EMG). To date, Xavant's range of Quantitative Neuromuscular Monitoring (NMT) monitors have been equipped with acceleromyography (AMG) sensors only.

Favorable reimbursement policies by the government for EMG-assisted surgical procedures in developed countries and the significant use of EMG nerve monitoring for intraoperative applications will boost the nerve monitoring systems market.

North America is expected to dominate the overall Nerve Monitoring Systems Market:

North America is expected to dominate the overall Nerve Monitoring Systems market during the forecast period. This domination is due to the growing demand for advanced technologies in nerve monitoring systems, and the growing number of surgical procedures, coupled with the presence of major market players in the region.

As per the Lifespan Health System Organization 2022, there are about 5,00,000 open heart surgeries that are performed every year in the United States. Ulnar neuropathy is a documented complication after many operations, but especially after open-heart operations. It is believed that the nerve dysfunction may be due to improper positioning of the forearms and hands during or following the operation. This complication can be avoided if nerve monitoring systems are used while the surgical procedure to monitor the nerve activity and to assess the nerve which is at risk.

The presence of favorable regulatory authority in the country will also increase the overall market as this will result in a higher rate of approval of medical devices. For instance, in October 2020, Medtronic secured Food and Drug Administration (FDA) 510(k) clearance of the NIM Vital nerve monitoring system, which enables doctors to identify, confirm, and monitor nerve function to help cut down the risk of nerve damage during head and neck surgery.

Thus, all the above-mentioned factors will lead to an increase in the United States nerve monitoring systems market growth during the forecasting period of 2024-2030.

Key Nerve Monitoring Systems Market Companies:

Some of the key market companies operating in the Nerve Monitoring Systems market include NuVasive®, Inc., Medtronic PLC, Nihon Kohden Corporation, Natus Medical Incorporated, Innopsys Inc., Neurovision Medical Products, NeuroWave Systems Inc., Cadwell Industries, Inc., Dr. Langer Medical GmbH, Inomed Medizintechnik GmbH, Symmetry Surgical, Checkpoint Surgical Inc., Neurosign®, EMS Handels Gesellschaft mbH, Halyard Health, and others.

Recent Developmental Activities in the Nerve Monitoring Systems Market:

In May 2021, Neurosign announced the US launch of its V4 system for monitoring cranial nerves and spinal nerve roots during surgeries. US Food & Drug Administration (FDA) cleared the V4 4-channel and 8-channel nerve monitoring systems in March.

In October 2020, Medtronic secured FDA 510(k) clearance of the NIM Vital nerve monitoring system, which enables doctors to identify, confirm, and monitor nerve function to help cut down the risk of nerve damage during head and neck surgery.

In February 2019 Alphatec Holdings, Inc. announced that it has received 510(k) clearance from the FDA for its automated SafeOp neuromonitoring system for use in real-time intraoperative nerve location and health assessment.

Key Takeaways from the Nerve Monitoring Systems Market Report Study

Market size analysis for current market size (2023), and market forecast for 5 years (2024-2030)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Nerve Monitoring Systems market.

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the Global Nerve Monitoring Systems Market.

Various opportunities are available for the other competitor in the Nerve Monitoring Systems Market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for Nerve Monitoring Systems market growth in the coming future?

Target Audience who can be benefited from this Nerve Monitoring Systems Market Report Study

Nerve Monitoring Systems providers

Research organizations and consulting companies

Nerve Monitoring Systems related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders in Nerve Monitoring Systems

Various end-users want to know more about the Nerve Monitoring Systems Market and the latest technological developments in the Nerve Monitoring Systems market.

Frequently asked questions for Nerve Monitoring Systems Market:

What is a Nerve Monitoring System?

A Nerve Monitoring System is a medical tool used in operations and procedures to check the health and efficiency of nerves. It is mostly used in procedures that put patients at risk for nerve damage, including spinal, thyroid, facial nerve, and several head and neck surgeries.

What is the market for Global Nerve Monitoring System?

The Global Nerve Monitoring System Market was valued at USD 1.28 billion in 2021, growing at a CAGR of 4.71% during the forecast period from 2024 to 2030, to reach USD 1.63 billion by 2030.

Who are the leading companies in the Nerve Monitoring System Market Landscape?

Some of the Key Nerve Monitoring System companies in the Market include Medtronic, Nihon Kohden Corporation, NuVasive, Inc., Natus Medical Incorporated, Inomed Medizintechnik GmbH, NerveVision, Axon Systems, Sentio LLC, Nervomatrix, Nerve Stim SPA, Bovie Medical Corporation, Neurovision Medical Products, Magstim Company Limited, Neurosign Surgical, Checkpoint Surgical, Inc., EMS Handels Gesellschaft mbH, ORIMtec GmbH, Xavant Technology (Pty) Ltd., NeuroWave Systems Inc., Scopis GmbH, and many others.

What are the key strengths of the Nerve Monitoring System Market Report?

Key strengths of Nerve Monitoring System Market Report are 05 Years Forecast, Global Coverage, Competitive Landscape, Market Size, Market Segmentation, Market Company Profiles, Market PORTER's Five Forces Analysis, and Market Share.

Which regions have the highest share in the Nerve Monitoring System Market?

North America is expected to dominate the overall market during the forecast period, 2024 to 2030. This domination is due to the growing demand for advanced technologies in the Nerve Monitoring System. The increased diseases in the region are driving the growth of the Nerve Monitoring System market.