Intraoperative Neuromonitoring Global Market Report 2024

The global intraoperative neuromonitoring market has grown strongly in recent years. It will grow from $3.4 billion in 2023 to $3.66 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The uptick witnessed in the historical period can be credited to the increased prevalence of neurological disorders, heightened awareness among surgeons, broader utilization across diverse surgical procedures, the growing elderly demographic, and the influence of insurance coverage and reimbursement policies.

The global intraoperative neuromonitoring market is expected to see strong growth in the next few years. It will grow to $4.88 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The projected expansion during the upcoming period stems from heightened requests for minimally invasive surgeries, a worldwide upswing in surgical procedures, amplified emphasis on patient safety, broader integration into emerging medical domains, governmental efforts, and regulatory measures. Key trends anticipated in this period encompass technological advancements, the utilization of IoT-based devices, innovative product developments, and strategic partnerships.

Anticipated growth in the intraoperative neuromonitoring market is driven by the escalating prevalence of neurovascular disorders. These disorders, spanning conditions like Parkinson's disease, Alzheimer's disease, and epilepsy, are chronic in nature. Intraoperative neuromonitoring plays a pivotal role in evaluating neural structure integrity and consciousness during surgeries related to various neurological diseases, including Alzheimer's. Notably, projections from the National Library of Medicine suggest a rise in Alzheimer's cases among Americans aged 65 and above, reaching an estimated 13.8 million by 2060 from the current 6.2 million, underscoring the significance of addressing the surge in chronic ailments for the growth of this market.

The burgeoning demand for early health issue detection is poised to propel the intraoperative neuromonitoring market. Timely diagnosis relies heavily on precise and highly accurate diagnostic tools. Manufacturers in this sector constantly innovate to bolster tool precision, meeting the need for early and dependable diagnosis. For instance, the King's Fund reported a noticeable surge in diagnostic demand post the COVID-19 pandemic. Figures indicate a 15% rise in patients awaiting diagnostic tests in January 2023 compared to the prior decade, and a 10% increase from the previous year. This escalating demand for early health issue detection is expected to positively influence the intraoperative neuromonitoring market during the forecast period.

A prevailing trend within the intraoperative neuromonitoring market is the adoption of technologically advanced devices. Leading companies in this domain prioritize the development of innovative technological solutions to fortify their market presence. For instance, NuVasive Inc., a US-based medical devices company, introduced the Cohere TLIF-O implant in October 2021. This porous peek implant, designed for posterior spine surgery, is associated with improved clinical outcomes and offers comprehensive surface technology choices, elevating the standards of patient care.

Noteworthy advancements in brain-machine interface technology have become a focal point for major players in the intraoperative neuromonitoring market. Companies are concentrating efforts on introducing groundbreaking brain-machine interface technology to expand their service portfolios and drive revenue growth. Axoft, a US-based neurotechnology company, attained FDA Breakthrough Device designation for its brain-machine interface (BMI) technology in October 2022. This technology aims to improve the quality of life for individuals grappling with neurological disorders by providing better therapeutic options and potentially mitigating the severity of symptoms.

In May 2021, Assure Holdings Corp., a US firm specializing in intraoperative neuromonitoring services, completed the acquisition of Sentry Neuromonitoring, LLC for an undisclosed sum. This strategic move is poised to fortify Assure Holdings Corp.'s financial position and unlock fresh business opportunities in the regions of Texas, Missouri, and Kansas. Sentry Neuromonitoring, LLC, a US-based entity operating in the field of intraoperative neuromonitoring, was the target of this acquisition.

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North America was the largest region in the intraoperative neuromonitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the intraoperative neuromonitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the intraoperative neuromonitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary offerings within intraoperative neuromonitoring encompass systems, accessories, and services. Systems represent an amalgamation of components working toward a shared objective. Diverse modalities such as motor-evoked potentials, somatosensory evoked potentials, electroencephalography, electromyography, brainstem auditory evoked potentials, and visual-evoked potentials are utilized across spinal surgery, neurosurgery, vascular surgery, ENT surgery, orthopedic surgery, and other medical domains. These solutions find application in hospitals and ambulatory surgical centers.

This report provides intraoperative neuromonitoring market statistics, including the intraoperative neuromonitoring industry’s global market size, regional shares, competitors with an intraoperative neuromonitoring market share, detailed intraoperative neuromonitoring market segments, market trends and opportunities, and any further data you may need to thrive in the intraoperative neuromonitoring industry. This intraoperative neuromonitoring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The intraoperative neuromonitoring mainly includes revenues earned by entities by providing neuro services such as insourced monitoring and outsourced monitoring. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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