Intraoperative Neuromonitoring Market to Reach $4.93 Billion by 2030, Says P&S Intelligence
NEW YORK, Dec. 9, 2022 /PRNewswire/ -- The intraoperative neuromonitoring market was valued at $3.23 billion in 2021, and it will reach $4.93 billion by 2030, propelling at a growth rate of 4.8% in the years to come, according to the latest market research study published by P&S Intelligence.
This is accredited to the increasing occurrence of lifestyle-related chronic diseases, including neurological and cardiovascular conditions; the snowballing emphasis on the safety of patients throughout complex surgeries, and the increasing demand for minimally invasive and cutting-edge intraoperative neuromonitoring devices.
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Insourced Monitoring Will Generate Majority of Revenue
Insourced monitoring held the major share of revenue, of about 52%, in the recent past, and it will maintain its ascendency in the future. This is because of the increasing surgery count, high requirement for steady monitoring, and efforts by the manufacturers of these devices to obtain a direct sales link with hospitals.
Additionally, outsourced monitoring is becoming popular because of the rising costs of healthcare, need to decrease the monetary burden of buying and maintaining systems, and increasing count of outsourcing vendors all over the world.
Growing Elderly Population Helps Industry Growth
The elderly population is more vulnerable to numerous diseases, including neuropathic disorders, cardiovascular diseases, trauma associated with old age, and related orthopedic conditions, such as osteoarthritis. The falling birth rate and growing life expectancy are majorly responsible for the booming aging population.
Furthermore, the risk of spinal disorders, such as pain in the lower back, rises with age, because of the weakening of the intervertebral discs. Most of the chronic anomalies are treated with surgical intervention.
As neuromonitoring is a significant part of surgeries associated with the nervous system, the quickly aging population globally would drive the need for IONM procedures.
Systems Hold Major Revenue Share
Systems were the prime revenue generators in the past, and their sales will grow at a considerable rate in the future. This is because of the increasing use of such systems in ambulatory surgery centers and hospitals for monitoring the electrophysiological signals inside the body of a patient during surgery.
Furthermore, numerous IONM instrument sets are available, providing nerve monitoring and monopolar stimulation during sharp dissections, to help in the minimization of nerve trauma during surgeries.
Browse detailed report on Intraoperative Neuromonitoring Market Growth, Development and Demand Forecast to 2030
North America Is Dominating Market
North America had the largest revenue share, of roughly 51%, in 2021, and it will continue to be the biggest market over this decade.
This is because of the high occurrence of nervous disorders, increasing acceptance of IONM, developed nature of the urban healthcare infrastructure, the promising reimbursement framework for such innovative neuromonitoring solutions, and improving patient consciousness about this procedure.
APAC will grow the fastest in the years to come. This will be because of the implementation of numerous healthcare reforms of late, the growing demand for better healthcare services in China and India, the increasing prevalence of chronic ailments, and the increasing elderly population.
Intraoperative Neuromonitoring Market Report Coverage
By Product & Services
- Systems
- Accessories
- Services
By Source Type
- Insourced Monitoring
- Outsourced Monitoring
By Application
- Spinal Surgery
- Neurosurgery
- Vascular Surgery
- ENT Surgery
- Orthopedic Surgery
By Modality
- Motor Evoked Potentials (MEPs)
- Somatosensory Evoked Potentials (SSEPs)
- Electroencephalography (EEG)
- Electromyography (EMG)
- Brainstem Auditory Evoked Potentials (BAEPs)
- Visual Evoked Potentials (VEPs)
By End User
- Hospitals
- Ambulatory Surgery Centers (ASCs)
Regional Analysis
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
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