A01590 | Pages: 240 | Feb 2017 | 14097 Views | ||
Author(s) : Amrita Srivastava | Tables: 54 | Charts: 78 |
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Request Now !Global intraoperative neuromonitoring market size was valued at $3,036 million in 2015, and is expected to reach $4,900 million by 2022, growing at a CAGR of 7.0% during the forecast period. Intraoperative neurophysiological monitoring (IONM) or intraoperative neuromonitoring is a technique that reduces the risk of neurological deficits during and after surgeries involving nervous system. An IONM system uses recordings of potentials (such as EEG, EMG, and evoked potentials) from the nervous system during a surgical procedure. The use of neuromonitoring is important during surgeries as it helps in detection of injuries before they become so severe that they cause post-operative complications in the patients. Therefore, IONM reduces risk of debilitating deficits such as muscle weakness, paralysis, hearing loss, and other normal body functions.
Ageing population, increase in prevalence of chronic disorders, applications of IONM in different surgeries, and risk management through IONM during complex surgeries drive the market. However, the market growth is limited due to dearth of skilled professionals and low awareness of IONM in the developing nations. Conversely, increase in medical tourism and growth opportunities in the emerging economies of the Asia-Pacific and LAMEA regions are expected to provide several opportunities for market growth during the forecast period.
Segment Review
Intraoperative neuromonitoring market analysis shows that IONM has its applications in various surgical procedures such as spine surgery, neurosurgery, vascular surgery, ENT surgery, orthopedic surgery, and other surgeries where there is involvement of nervous system. IONM has become an important tool to minimize post-operative injuries. Wide applications of IONM along with a global rise in the number of surgeries majorly drives the IONM market. According to WHO, an estimated 266.2 to 359.5 million surgeries were performed globally in 2012. This represented an increase of 38% over the previous eight years. The estimates also demonstrated that largest increase in the number of surgeries was observed in very-low- and low-expenditure Member States of the UNO. This is anticipate to lead to growth of intraoperative neuromonitoring industry as the target consumers are not limited to any specific age group, gender, or disease type.
Shift towards Outsourced Monitoring
Outsourced IONM monitoring is growing at a fast pace due to its benefits over insourced monitoring. 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. Thus, the outsourcing intraoperative neuromonitoring market is expected to witness a high growth throughout the forecast period. Moreover, an outsourced provider can purchase one device and work for many hospitals in the same local area.
Top Investment Pockets
ENT surgery and orthopedic surgery are attractive areas of investment in IONM market as these surgeries pose a potential risk to the neural structures and require a technique which protects nerves (and other related structures) during the procedure. Thus, orthopedic and ENT surgeries are prominent areas for investment in IONM market.
Clinical Trials
As IONM is a new field, there are few clinical trials in IONM market. Europe accounted for the maximum number of trials (12) in the market followed by North America (11). Asia-Pacific and LAMEA accounted for a small share (one clinical trial in each region) in the intraoperative neuromonitoring market.
The list of key players profiled in this report include Medtronic plc, NuVasive, Inc., Computational Diagnostics, Inc., SpecialtyCare, Natus Medical Incorporated., IntraNerve, LLC, inomed Medizintechnik GmbH, Accurate Monitoring LLC, Nihon Kohden Corporation and Moberg Research, Inc. Key players in the value chain include Argos Neuromonitoring LP, Medsurant Holdings, LLC, NeuroMonitoring Technologies, Inc. and Cadwell Industries, Inc.
Key Benefits for Stakeholders
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There has been a remarkable increase in the use of IONM devices by hospitals and ambulatory surgical centers during complex surgeries. Moreover, the market is moving towards outsourced monitoring to provide advanced treatment options for patients suffering from chronic diseases. North America is projected to generate the highest revenue, whereas Asia-Pacific is expected to offer lucrative opportunities to the key players in this market.
Ageing population, increase in prevalence of chronic disorders, application of IONM in different surgeries, and risk management through IONM during complex surgeries drive the market. However, unawareness of IONM in developing nations and dearth of skilled professionals hamper the growth. Conversely, increase in medical tourism and growth opportunities in the emerging economies of the Asia-Pacific and LAMEA regions are expected to provide several opportunities for market growth during the forecast period. Majority of the manufacturers and distributors focus to expand their presence in emerging economies.
North America is expected to dominate the global IONM market during the forecast period due to high adoption of IONM services, better reimbursement policies, awareness among physicians and patients about IONM, and developed infrastructure.
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