The global Intraoperative Neuromonitoring market size is expected to be worth around US$ 13.6 billion by 2030, according to a new report by Vision Research Reports.
The global Intraoperative Neuromonitoring market size was valued at US$ 12.2 billion in 2020 and is anticipated to grow at a CAGR of 14.79% during forecast period 2021 to 2030.
The market is anticipated to witness significant growth in the forecast period, which can be attributed to the hospitals adopting intraoperative monitoring in a wide spectrum of surgeries.
Major surgeries pose a risk to the nervous system that necessitates neuromonitoring. This has resulted in the growing popularity of intraoperative neuromonitoring (IONM) amongst surgical teams, surgeons, and hospitals. It results in reduced cases of revision surgeries, postoperative complications, and permanent impairment.
Industry players are acquiring smaller companies to expand their product offerings and geographical presence. For instance, in June 2016, Biotronic NeuroNetwork, LLC, headquartered in Michigan, was acquired by NuVasive, Inc., in a transaction worth USD 98 million.
Based on the type, the IONM market is segmented into insource and outsource IONM. The insource IONM dominated the market in 2020 due to a rising number of surgeries and compulsory monitoring of vital stats during every procedure. Hospitals have adopted IONM and have trained technologists, who are supervised by neurologists and physiologists during the procedures. There are no defined guidelines for the use of neuromodulation devices but growing demand and usage of the same is anticipated to trigger this procedure.
Outsource IONM is also gaining popularity and is the fastest-growing segment. The IONM devices are in a continuous improvement phase. This results in constant modification of these devices. Outsourcing eliminates the need for hospitals to incur capital expenditure for the purchase of these equipment and bear its maintenance cost. All these factors contribute to the shift in preference to outsource IONM.
Most of the industry players focus on expanding their distribution channels to serve the maximum number of hospitals and healthcare facilities. Inomed Medizintechnik GmbH has distribution capabilities across more than 80 countries serving more than 4,000 clinics. Furthermore, NeuroMonitoring Technologies, Inc. serves over 200 surgeons in 54 hospitals, which accounts for 6000 procedures annually. Similarly, Sentient Medical Systems serves more than 800 surgeons in 300 hospitals and SpecialtyCare boasts of serving for more than 375,000 procedures annually with the help of almost 500 IONM experts.
North America dominated the intraoperative neuromonitoring market in 2020, followed by Europe. A favorable and constantly improving reimbursement scenario in the region is mainly responsible for dominance. The clearly defined codes for each procedure helps in making the procedure easy for the patients and insurance companies. In addition, well-defined guidelines help in implementing neuromonitoring during procedures resulting in better outcomes, thereby benefitting the patients & hospitals.
Many neurological centers in the U.S. strongly recommend the use of IONM and try to fulfill the manpower gap to meet the demand. Hospitals encourage physicians and doctorate-level IONM providers to get certified from organizations such as the American Board of Nuclear Medicine. The healthcare system is also making an effort to encourage underemployed neuroscience PhDs to pursue a career in IONM and become full-time professionals.
Natus Medical Incorporated, Accurate Monitoring, NeuroMonitoring Technologies, Biotronic NeuroNetwork, LLC, Medtronic, NuVasive Inc, SpecialtyCare, and Sentient Medical Systems.
The Intraoperative Neuromonitoring market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Intraoperative Neuromonitoring market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Intraoperative Neuromonitoring market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Intraoperative Neuromonitoring market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Intraoperative Neuromonitoring market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Intraoperative Neuromonitoring capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Intraoperative Neuromonitoring by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Intraoperative Neuromonitoring market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Intraoperative Neuromonitoring market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Intraoperative Neuromonitoring market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Intraoperative Neuromonitoring industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Intraoperative Neuromonitoring market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Intraoperative Neuromonitoring market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Intraoperative Neuromonitoring market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Intraoperative Neuromonitoring market. These factors have benefited the growth of the global market for Intraoperative Neuromonitoring. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Intraoperative Neuromonitoring. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Intraoperative Neuromonitoring are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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