Intraoperative Neuromonitoring Market size is valued at $1098.23M by 2019, and is estimated to reach $1,489.12M by 2025, growing at CAGR of 5.3% during the forecast period of 2020-2025. The Intraoperative Neuromonitoring Market growth rate is attributed to the increasing emphasis on patient safety during complicated surgeries which can be co-related to the growing prevalence of various lifestyles associated chronic diseases such as neurological and cardiovascular conditions that demands ultimate patient safety during the performance of these complicated surgeries thereby, fostering the market growth.
Intraoperative monitoring is becoming a crucial factor in neurosurgery as it offers an early warning concerning motor & sensory functions during surgery thus yielding better results and avoiding post-operative neurophysiological deficits thus reducing risks of debilitating deficits such as muscle weakness, paralysis, hearing loss, and other normal body functions. Safer surgery translates to reduced intervention time and risk.
An IONM system uses recordings of potentials (such as EEG, EMG, and evoked potentials) from the nervous system during a surgical procedure. These benefits have made it mandatory in neurosurgeries. From technological advancements in neuromonitoring have helped the surgeons to minimize the risks during surgery, when the central nervous system (CNS) is at risk to increased R&D investments by governmental bodies to overcome limitations of high cost thereby launching advanced products in the field of neuromonitoring is anticipated to propel the Intraoperative Neuromonitoring Market during the forecast period 2020-2025.
Report Coverage
The report: “Intraoperative Neuromonitoring Market Forecast (2020-2025)”, by Industry ARC, covers an in-depth analysis of the following segments of the Intraoperative Neuromonitoring Market:
By Source Type: Outsource Monitoring and Insource Monitoring.
By Modality: Electroencephalography(EEG), Electromyography(EMG) and Electrophysiology(EP).
By Application: Spinal Surgery, ENT Surgery, Neurosurgery, Vascular Surgery, Orthopedic Surgery and Others.
By End-Use: Hospitals, Ambulatory Surgical Centers, Specialty Clinics and Others.
By Geography: North America, Europe, Asia-Pacific and RoW.
North America dominated the Intraoperative Neuromonitoring Market with a share of 4.7% in the year 2019.
The factors such as huge burden of healthcare costs and patients’ desire to avoid readmission to hospitals, favorable reimbursement scenario are amongst the major factor projected to impel growth of Intraoperative Neuromonitoring Market.
Ageing population, increase in prevalence of chronic disorders, applications of IONM in different surgeries and risk management through IONM during complex surgeries are the key factors owing to the growth in the segment during forecast period 2020-2025.
Source Type - Segment Analysis
Insource IONM segment held the largest share in the market owing rising number of surgeries and compulsory monitoring of vital stats during every procedure. Also, Hospitals have adopted IONM systems and have trained technologists, who are supervised by neurologists and physiologists during the procedures. Moreover, there are no defined guidelines for the use of these neuromodulation devices but growing demand and usage of the same is anticipated to trigger the segmental growth.
However, Outsource IONM is gaining popularity and is anticipated to be the fastest-growing segment in the forecast period 2020-2025; this can be attributed to the fact that outsourcing devices eliminates the need for hospitals to incur capital expenditure for the purchase of the equipment’s and bear its maintenance cost.
Apart from this, now-a-days, hospitals generally do not prefer insourced monitoring as they have to appoint a full-time employee with the required skill set and they cannot offer the training standardization that is required to improve the quality of service. Thus, outsourced monitoring is in demand among hospitals and ASCs. In addition, IONM professionals also prefer to work for an outsourcing provider as they can work simultaneously for more than one hospital by working in an outsourcing IONM provider.
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