The global neuro-monitoring system industry size is poised for substantial growth, projected to reach a valuation of US$ 9.4 Billion by the year 2032, as per the latest findings by Future Market Insights (FMI). This significant surge is attributed to the escalating number of critical and intricate surgeries worldwide, driving the demand for advanced neuro-monitoring systems.
In its report, FMI highlighted that the neuro-monitoring system market has shown robust progress, with a projected demand of US$ 3.1 Billion in 2022. Forecasting steady growth at a Compound Annual Growth Rate (CAGR) of 6.8% from 2022 to 2032, the market is set to witness substantial expansion in the forthcoming years.
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The rising necessity for enhanced neuro-monitoring solutions during surgeries, coupled with technological advancements in the healthcare sector, has been a pivotal factor propelling the market forward. Neuro-monitoring systems play a crucial role in monitoring neural structures’ functionality and integrity during complex surgical procedures, thereby contributing to improved patient outcomes and surgical precision.
The burgeoning necessity for neuro-monitoring systems is underpinned by the escalating number of complex surgeries globally. These systems play an integral role in ensuring precision, safety, and efficacy during critical procedures, thereby amplifying their indispensability across various healthcare settings.
The neuro-monitoring system uses electrically evoked impulses from the nerves to measure activity. The neuro-monitoring systems keep an eye on neural structures like nerves, sections of the brain, and the spinal cord using techniques like electromyography (EMG), electroencephalography (EEG), and evoked potentials. The neuro monitoring system’s goal is to further lower the possibility of nervous system injury.
Neuro monitoring system: Drivers and Restraints
The use of neuro-monitoring systems offers convenience to help in the detection of injuries before they become severe. Aging population, rise of chronic diseases, road accidents which are further leading to increase in the number of surgeries and procedures are driving the neuro monitoring system market. Also increase awareness among doctors regarding the benefits of neuro-monitoring systems are expected to drive the neuro monitoring system market. The neuro monitoring systems are used to help and assess the functions of nerves and muscles.
The neuro monitoring system assess the proper placement screws in surgeries which further reduces the risk of nerve intrusion. Also neuro monitoring systems monitor the parts of the spinal cord which assists in detection of sensory changes in the body. The test monitors changes occurred due to ischemia, lack of blood supply to limbs and mechanical manipulations. Neuro monitoring devices such as MEP can be used to access the motor functions, damage and injury to the spinal cord and are further used to verify the pathway. These factors are expected to increase the neuro monitoring system devices industry. The Neuro monitoring system devices industry offers potential and holds a strong perception in future with its continued investment.
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Neuro-monitoring system: Regional Outlook
Among all the regions North America (United States) is anticipated to be the leading region in the global Neuro monitoring system devices industry followed by Europe, due to increasing percentage of ageing population suffering from chronic diseases in the region with strict regulations for patient safety. The Neuro monitoring system devices industry in Asia Pacific is expected to grow at a significant rate due to increasing number of patients suffering from spinal injuries. In addition, initiatives by the government in the region on providing better healthcare facilities to the population contribute to the growth of the Neuro-monitoring system. Manufacturers are expanding their business by acquiring companies which is expected to grow the Neuro-monitoring systems.
Neuro monitoring system devices industry: Key Players
Examples of some of the key players identified in the global Neuromonitoring system Market Inomed Medizintechnik GmbH, Accurate Monitoring, Neuromonitoring Technologies, Medtronic, Natus Medical Incorporated, NuVasive Inc., Biotronic NeuroNetwork Sentient Medical Systems, and SpecialityCare, AXIS Neuromonitoring, LLC, among others. The companies are involved in partnerships for R&D in order to exploit maximum potential. Also, they are majorly focusing on strengthening the core skills of their product portfolio.
Many companies such as NuVasive, Inc. acquired SafePassage to further expand its neuromonitoring business
Key data points covered in report:
The report covers exhaustive analysis on:
- Neuro monitoring system devices industry by types of hypersomnia, Treatment type, distribution channel and region
- Regional level market analysis of North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Middle East & Africa by end user and country segments
- Neuro monitoring system devices industry Dynamics & Opportunity Assessment
- Historical Actual Market Size, 2013 – 2017
- Neuro monitoring system devices industry system market Size & Forecast 2018-2028
- Neuro monitoring system devices industry Current Trends/Issues/Challenges
- Competition & Companies involved
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Neuro monitoring system devices industry: Segmentation
Tentatively, the global Neuro monitoring system Market can be segmented on the basis of types of hypersomnia, treatment Type, distribution channel and geography.
Based on types of Neuro-monitoring, the global Neuro monitoring system devices industry is segmented as:
- Sub-sensory evoked potentials
- Motor-sensory evoked potentials
- Brainstem auditory evoked potentials (BAEP)
- Visual evoked potentials (VEP)
- Somatosensory-evoked potentials (SSEP)
- Mapping for motor-cortex
Based on Application, the global Neuro monitoring system devices industry is segmented as:
- Spine surgery
- Vascular surgery
- Orthopedic surgery
- ENT surgery
Based on End Users, the global Neuro monitoring system devices industry is segmented as:
- Hospitals
- Diagnostic Labs
- Ambulatory surgical centers
- Outpatient Clinics
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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