Absolute Markets Insights (AMI) reports a robust growth forecast for the global neuromonitoring devices market during the forecast period (2021 – 2029). In its newly released report, AMI anticipates that the market will grow at 6.8% as advancement in technology are rapidly leading the market towards growth. AMI reports that the market stood at a valuation of US$ 7022.33 Mn in 2020.
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Neuromonitoring is defined as a technology that allows the surgeon to assess spinal cord function at the time of performing surgery on patients. It provides real-time feedback from motor tracts, individual nerve roots, and sensory tracts. Devices enabling the use of this technology are known as neuromonitoring devices. During ongoing surgical manipulation, the surgical team can obtain real-time information about the status of the patient's nervous system through intraoperative neuromonitoring. The objective of neuromonitoring is to prevent the risk of iatrogenic injury that the patient can suffer. Neuromonitoring devices can not only detect the key neural structures in the surgical times, they can also help reduce and stop impairment as well as postoperative damage. The increasing prevalence of neurological diseases is the biggest driver of global neuromonitoring devices market growth. According to statistics from World Health Organization (WHO), about 21% population would be aged population that would require frequent medical care by 2050. Aging is considered one of the main risk factors related to neurological problems. About 23% of adults over the age of 65 suffer from neurological diseases. Neurological disorders are the cause of over 6.6% of disabilities that the geriatric population suffers from. Other factors driving the market growth include potential hazard management, rise in number of medical procedures, technological advancement, and surge in selection of intraoperative neuromonitoring by emergency clinics.
Global neuromonitoring devices market is largely impacted by the global pandemic crisis of the COVID-19 epidemic that originated in China. Many countries are now allowing only those surgeries that are meant to cure life-threatening problems so that maximum medical infrastructure can be utilized for providing medical care to the patients. Many neuromonitoring devices are being purchased in order to ensure extra safety for patients who have to go through surgeries. Several countries are modifying their medical staff and equipment to deal with the Chinese virus and its complications. In May 2021, iCE Neurosystems obtained 510(k) Clearance from FDA for brain monitoring devices that are used in critical illness such as COVID-19. The approved devices are part of the iCEWav neuromonitoring platform. Together, they feature minimally invasive electrodes, custom cloud software and integrated multiparametric data to drive AI-based clinical decision support.
Increasing medical tourism is a major opportunity that is estimated to boost the global neuromonitoring devices market over the period of next eight years. Neuromonitoring devices are useful in spine surgery, which is one of the fastest growing specialties in medical tourism. Moreover, medical tourism is also expected to increase awareness regarding the importance and implementation of intraoperative neuromonitoring during surgeries. In February 2021, Valiant Clinic and Hospital of Dubai begun its efforts to set new standards in luxury medical care due to its popularity among medical visitors from the region and across the world as a health and wellness destination. For medical tourism, this hospital is a major attraction in Dubai.
Some of the key players in the global neuromonitoring devices market are Cadwell Industries Inc., inomed Medizintechnik GmbH, Integra LifeSciences, Medtronic, Moberg Research Inc., Natus Medical, Neurosoft, Neurostyle, Neurovision Medical Products, and Nihon Kohden Corporation, amongst other market participants.
Global Neuromonitoring Devices Market:
- By Component
- Systems
- Accessories
- Stimulation Probe
- Tubes
- Electrodes
- Others
- Services
- By Application
- Neurosurgery
- Spine Surgery
- Vascular Surgery
- Facial Nerve Surgery
- Rectal Surgery
- Colorectal Surgery
- Brain Mapping
- Thyroid Surgery
- Ear, Nose and Throat (ENT) Surgery
- Others
- By End User
- Hospitals
- Ambulatory Surgical Centres
- Others
- By Distribution Channel
- Direct
- Indirect
- By Region
- North America
- S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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