Intraoperative Neuromonitoring Market Size to Grow at a CAGR of 5.9% | Valuates Reports

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Oct 09, 2023, 12:00 ET

BANGALORE, India, Oct. 9, 2023 /PRNewswire/ -- Intraoperative Neuromonitoring Market is Segmented by Type (System, Accessory, Service), by Application (Spinal surgery, Neurosurgery, Vascular surgery, ENT Surgery): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is Published in Valuates Reports Under the Category of Medical Devices & Equipment.

The Intraoperative Neuromonitoring Market is projected to reach USD 6126.9 million in 2029, increasing from USD 4083.6 million in 2022, with a CAGR of 5.9% during the period of 2023 to 2029.

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Major Factors Driving the Growth of Intraoperative Neuromonitoring Market:

The market for intraoperative neurophysiological monitoring will be driven by the rising number of patients who have been diagnosed with various disorders in recent years. Growth in the market will also be fueled by rising demand for spinal, genitourinary, ENT, orthopedic, and cardiovascular surgical procedures. The need for intraoperative neuromonitoring in various healthcare settings is projected to rise as the aging population continues to expand and becomes more sensitive to chronic disorders.

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TRENDS INFLUENCING THE GROWTH OF THE INTRAOPERATIVE NEUROMONITORING MARKET:

Government funding for brain research is increasing, which is generating more fruitful chances for the market's expansion. Additionally, IONM can lower healthcare costs by lowering the frequency of postoperative complications, subsequent surgeries, and extended rehabilitation. As healthcare systems place more emphasis on providing care at a lower cost, IONM is becoming a popular choice for hospitals and surgical facilities.

The significance of IONM in maintaining patient safety has been recognized by regulatory agencies and medical organizations. Healthcare practitioners have been motivated to embrace IONM in their surgical practices because they have created guidelines and standards to promote its use. Additionally, patients are becoming more knowledgeable about how IONM lowers the risks and consequences associated with surgery. In order to satisfy patient expectations and provide greater quality treatment, healthcare providers are investing in this technology since patients are seeking more access to IONM during procedures. This factor is expected to drive the growth of the Intraoperative neuromonitoring market.

As the aging population keeps growing and grows more susceptible to chronic illnesses, there will likely be a greater demand for intraoperative neuromonitoring in a variety of healthcare settings. An increased risk of heart disease, COPD, diabetes, cancer, neurological problems, and other chronic illnesses is also reported by the CDC for people 65 and older. Over the age of 65, one in ten persons is neuromonitoring. According to a report published in Nature Reviews Neurology, Alzheimer's disease is becoming more common as people get older, and less direct human interaction is required during medical procedures. Such illnesses necessitate both urgent and non-urgent hospital care, which will drive the global intraoperative technology market expansion. This factor is expected to drive the growth of the Intraoperative neuromonitoring market

The method of intraoperative neuromonitoring has grown in popularity for surgical uses for a variety of reasons. Internal injuries can be found by IONM before they worsen and become fatal after surgery. Additionally, it aids in avoiding the possibility of patients developing crippling deficiencies including paralysis, hearing loss, muscular weakness, and loss of other essential bodily functions. These advantages have led to an increase in demand for neuromonitoring equipment in high-tech healthcare institutions. In the years to come, the global market for neuromonitoring devices is anticipated to generate a sizable amount of money, according to research recently published by Research Dive. This factor is expected to drive the growth of the Intraoperative neuromonitoring market.

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INTRAOPERATIVE NEUROMONITORING MARKET SHARE ANALYSIS

The majority of the Intraoperative neuromonitoring market share was held by North America. This dominance might be ascribed to favorable reimbursement conditions and technical improvements.

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Key Companies:

Biotronic
Neurolink Monitoring
Evokes
Neuro Alert
Sentient
Axis
Impulse Monitoring, Inc

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