The Global Intraoperative Neuromonitoring Market, by Modality (Sub-sensory Evoked Potentials, Motor Sensory Evoked Potentials (Brainstem Auditory Evoked Potentials, Visual Evoked Potentials, and Somatosensory Evoked Potentials), Mapping for Motor Cortex), by Source Type (Insourced Monitoring and Outsourced Monitoring), by End User (Hospitals, Ambulatory Surgical Centers, and Others) and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was valued at US$ 2,632.4 million in 2016 and is projected to exhibit a CAGR of 6.53% over the forecast period (2017 – 2025), as highlighted in a new report published by Coherent Market Insights. Intraoperative neuromonitoring market is expected to gain significant traction over the forecast period, owing to increasing incidence of surgical procedures worldwide. According to National Health Service (NHS) 2014, around 4.7 million surgeries were performed in the U.K in 2014 witnessing a rise of 27% in the total number of surgeries since 2004.
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Technological advancements in surgical procedures to foster growth of global intraoperative neuromonitoring market
Advancements in intraoperative neuromonitoring has resulted in development of technologically sound systems to improve patient monitoring during a surgical procedure. Moreover, the growing popularity of outsourcing IONM services is also responsible to foster the market growth. For instance, in February 2018, SpineTRACK Registry by NuVasive, Inc. qualified clinical data registry by Centers of Medicare & Medicaid Services that allows surgeons to use real time data reports to make on-time and appropriate medical decisions during the surgeries.
The market players in the intraoperative neuromonitoring market are also undergoing strategic partnership with various companies to leverage technical expertise of the company so as to inculcate it as a part of the systemor expand the company’s geographic reach. For instance, in December 2017, NuVasive, Inc. entered into a definitive agreement to acquire SafePassage, an intraoperative neuromonitoring service provider that will help the company to strengthen its IONM business worldwide with the help of SafePassage’s expertise in technical aspects associated with IONM.
Browse 34 Market Data Tables and 28 Figures spread through 145 Pages and in-depth TOC on “Intraoperative Neuromonitoring Market”- by Modality (Sub-sensory Evoked Potentials, Motor Sensory Evoked Potentials (Brainstem Auditory Evoked Potentials, Visual Evoked Potentials, and Somatosensory Evoked Potentials), Mapping for Motor Cortex), by Source Type (Insourced Monitoring and Outsourced Monitoring) by End User (Hospitals, Ambulatory Surgical Centers, Others) and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) – Global Forecast to 2025
The market players are also focusing on enhancing the performance of the IONM solutions in their portfolio and are undergoing research & development practices. For instance, in October 2017, SpecialtyCare introduced OptimizeOR, a powerful operating room management analytics solution that is expected to help hospitals to improve their perioperative performance. Moreover, the market players are undergoing research and development for approvals from the regulatory bodies of various countries to receive marketing permissions. Moreover, the companies are conducting educational campaigns and informative sessions for patients as well as healthcare providers to generate awareness and explain the benefits of IONM to the patients during surgical procedure. For instance, in June 2016, SpecialtyCare initiated a Support of New Advanced Perfusion Education Program to educate healthcare professionals regarding the use of intraoperative neuromonitoring during different types of surgeries such as heart, lung, and other cardiovascular surgeries.
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Key Takeaways of Intraoperative Neuromonitoring Market:
The global intraoperative neuromonitoring market is expected to exhibit a CAGR of 8.87% over the forecast period, owing to increasing number of surgical procedures coupled with favorable reimbursement scenario
Among modality segment, the motor sensory evoked potentials segment dominated the global intraoperative neuromonitoring market, owing to presence of advanced amplifiers present in these systems that helps to measure required biological signals
Among source type segment, the outsourced monitoring segment dominated the global intraoperative neuromonitoring market, as the hospitals do not have to appoint a full time resource for IONM in hospitals as well as the IONM professionals can be benefitted by working at more than one contract-based hospitals
Among region, North America is expected to dominate the global intraoperative neuromonitoring market, owing to presence of leading companies investing significantly in to research for the development of innovative systems that are indulged into innovation as well as favorable reimbursement policies by Medicare in the U.S.
The key players operating in global intraoperative neuromonitoring market include Accurate Monitoring, Inomed Medizintechnik GmbH, Neuromonitoring Technologies, Natus Medical Incorporated, Medtronic, Biotronic NeuroNetwork, NuVasive Inc., Sentient Medical Systems, and SpecialityCare.