The intraoperative neuromonitoring (IONM) market is projected to expand at a CAGR of 6.5% by 2025. The growing prevalence of various lifestyles associated with chronic diseases such as neurological and cardiovascular conditions and increasing emphasis on patient safety during complicated surgeries are some of the factors expected to drive the overall market growth. According to the WHO, hundreds of millions of people worldwide are affected by neurological disorders. More than 6 million people die because of stroke each year. This has contributed to the growth of this market.
Intraoperative neuromonitoring (IONM) is a critical technique for monitoring the neurosurgery as it offers an early warning concerning motor and sensory functions during surgery by reducing intervention time and risk. CDC reported that in 2013, more than 2.8 million people visited the emergency department in the US for traumatic brain injuries. IONM is the only option to assess the early symptoms and conditions during emergency brain trauma. These benefits have made it mandatory in neurosurgeries.
The patients’ desire to avoid readmission to hospitals and a huge burden of healthcare costs are also some of the factors for the adoption of intraoperative neuromonitoring. In addition, an increase in medical tourism and growth opportunities in the emerging economies of the Asia-Pacific and LAMEA regions is expected to aid the growth of the Intraoperative Neuromonitoring market.
However, lack of awareness of IONM in the underdeveloped nations and the dearth of skilled personnel restrict the market.
Key Market Trends
The Insource IONM Segment Dominates the Market
Based on source type, the market is segmented intoinsource IONM and outsourced IONM. The insource IONM by source type segment is expected to dominate the intraoperative neuromonitoring (IONM) market through the forecast period due to a rising number of surgeries and compulsory monitoring of vital stats during every procedure. Hospitals have trained technologists, who are supervised by physiologists and neurologists during the procedures. There are no defined guidelines for the use of neuromodulation devices, but growing demand and usage of the same is anticipated to trigger this procedure
The North America Dominates the Market and is Expected to Continue the Same during the Forecast Period
North America is leading owing to the presence of major market players. A favorable and constantly improving reimbursement in North America has triggered the regional market. Many neurological centers in the U.S. strongly recommend the use of IONM and try to fulfill the manpower gap to meet the demand. In addition, well-defined guidelines help in implementing neuromonitoring during procedures resulting in better outcomes, thereby benefitting the patients and hospitals.
Asia-Pacific is projected to be a lucrative region for the intraoperative neuromonitoring market. Increasing awareness about patient safety during surgery and increasing medical tourism in this region are the major factors aiding regional growth.
Competitive Landscape
The market for intraoperative neuromonitoring (IONM) is highly competitive and consists of the global and local players. Due to the technological advancements, small and mid-sized companies are focusing on market penetration to grab the market share. The market is witnessing dynamic merger and acquisition activities. Some of the companies which are currently present in the market are Computational Diagnostics Inc., inomed Medizintechnik GmbH, inomed Medizintechnik GmbH, Medtronic, Natus Medical Incorporated, Neuro Style, Nihon Kohden Corporation, Nuvasive Inc., Specialtycare, Technomed.
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