Market Overview
The global intraoperative neurophysiological monitoring market size is touted to expand at an 8.9% CAGR from 2016 to 2027 (forecast period), according to a report by Market Research Future (MRFR). Its valuation is projected to reach USD 3.1 Bn. by 2027. Intraoperative neurophysiological monitoring (IONM) or intraoperative neuromonitoring cover a range of electrophysiological methods to monitor the functions of nerves during surgeries. Awareness of IONM methods among patients is anticipated to drive market demand during the forecast period.
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Segmentation:
The global intraoperative neurophysiological monitoring market is segmented on the basis of type, procedure, method, source, and region.
By type, the global multimodality intraoperative neurophysiological monitoring is segmented into EEG, EMG, evoked potentials, and others. The EEG (electroencephalography) segment is likely to remain the dominant force in the global intraoperative neurophysiological monitoring market over the forecast period, having taken up a share of around 60% in the global market in 2015.
By procedure, the global intraoperative neurophysiological monitoring market is segmented into spinal, neurovascular, orthopedic, otolaryngology, urology, and others.
By method, the global intraoperative neurophysiological monitoring market is segmented into non-invasive, minimally invasive, and invasive.
By source, the global intraoperative neurophysiological monitoring market is segmented into in-house, outsourced, and telehealth.
Drivers and Restraints
Adoption of IONM methods among hospitals is anticipated to boost market revenues till 2027. Factors such as technological advances in medical equipment, cost-effectiveness, and rise in numbers of spinal and cranial procedures are expected to boost market growth over the forecast period. Investments by reputed players in developing economies can create awareness and open up expansion opportunities. Increasing focus on patient safety and demand for inexpensive healthcare packages are anticipated to evoke market demand over the forecast period.
Geographical Analysis
The North America region is estimated to lead the IONM market with a significant market share. Factors such as the growing demand for the spinal and cranial procedures led by the growing number of patients substantiate the market growth of this region.
The IONM market in the European region accounts for the world’s second-largest market. The region is expected to demonstrate healthy growth throughout the review period. Factors driving the market growth include the well-proliferated healthcare sector that is witnessing the growing number of advanced treatment facilities due to the growing demand for better healthcare infrastructure and increasing healthcare expenditures.
The Asia Pacific market for IONM is emerging as a lucrative market with the rising number of patients suffering from spinal disorders and the ever-increasing population that is inclined towards the sedentary lifestyle. Growing funding support from the government and private organizations are fostering the market growth increasing R&D activities in the region.
Industry Developments
Demand for monitoring in inpatient and outpatient surgeries is expected to create a demand for portable IONM equipment. For instance, the NS-SIOM-1E by Neurostyle Inc. is a portable device available in four to eight channels. It can be utilized in various surgeries to prevent critical nerve damage during pre- or post-surgery.
Acquisitions are a common trend witnesses in the market with various companies acquiring smaller firms to gain leverage. This is evident by the acquisition of Safeop Surgical, Inc. by Alphatec Holdings and acquisition of Safe Passage Neuromonitoring, LLC by NuVasive Inc. These acquisitions are vital in enhancing the accuracy of current technologies.
Competitive Analysis:
The global intraoperative neurophysiological monitoring market is reasonably fragmented, with no player claiming a majority share. Leading players in the intraoperative neurophysiological monitoring market include NuVasive, Medtronic, Argos Neuromonitoring LP, Computational Diagnostics Inc., Sentient Medical Systems, EMOTIV, Cadwell Laboratories Inc., Accurate Monitoring LLC, Medsurant Holdings, and others.
Industry Updates:
In December 2017, NuVasive acquired SafePassafe, a privately held services provider in the intraoperative neurophysiological monitoring market. This is expected to further strengthen the former’s intraoperative neurophysiological monitoring product line.
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