According to a report available on Radiant Insights, Inc.; the global intraoperative neuromonitoring (IONM) market is predicted to expand at a steady CAGR over the forecast period (2016 to 2025).Growing necessity for advanced medical devices to monitor and avoid avoiding post-operative neurophysiological deficits can positively influence demand for IONM devices. Such devices can monitor vital stats during surgical procedures and warn surgeons of possible damages to nervous system or any other functionality inside human body.
Rising cases of chronic diseases is predicted to increase frequency of surgeries. High frequency of surgical procedures is anticipated to propel growth of the IONM market in the coming years. Increasing adoption of IONM devices to avoid any damage to nervous system during or post-surgical procedures can further spur market growth. Unaffordability of highly expensive surgeries and fear of readmission to hospitals among patients may also stimulate growth of the market.
The report “Global Intraoperative Neuromonitoring Market 2017-2021” is available now at https://www.radiantinsights.com/research/global-intraoperative-neuromonitoring-market-2017-2021
Supportive reimbursement policies initiated by regulatory authorities can fuel growth of the market for intraoperative neuromonitoring. Growing emphasis on patient safety during problematical surgeries can fuel market growth during the forecast period (2016 to 2025).
Effective functionalities of intraoperative monitoring devices such as early warnings related to possible damage during surgical procedures can foster demand for advanced IONM services. Considering the rising demand, most companies are adopting merger and acquisition strategy to expand their services and to gain competitive edge over other market players.
For instance, NuVasive recently acquired Safe Passage to become the largest provider of outsourced intraoperative neuromonitoring services with total number of 550 oversight physicians and neurologists. This acquisition is likely to expand the company’s ability to offer consistent and quality care to maximum number of surgeons and patients at economical costs. Dedication in employees of the latter to serve patients and doctors with quality IONM services can support the former’s vision to eradicate preventable healthcare injuries during surgical procedures.
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Inadequacy of trained technologists to handle advanced IONM devices in hospitals and medical clinics can hinder growth of the market over the forecast period. In addition, time-consuming and expensive affair to train neurophysiologists to operate IONM devices can further obstruct market growth in the coming years.
The worldwide intraoperative neuromonitoring market can be segregated on the basis of product type and region. Based on product type, the market can be bifurcated into in source IONM and outsource IONM. In 2015, in source IONM dominated the market owing to increasing number of surgeries and focus on advanced monitoring of stats during surgical procedures. In addition, availability of trained technologists in hospitals using IONM devices is one of the significant drivers for the segment. Outsource IONM devices may witness maximum growth over the forecast period owing to elimination of purchasing expenditure and maintenance cost of equipment.
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Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East and Africa (MEA). In the coming years, Asia Pacific is expected to witness maximum growth owing to growing awareness about patient safety during surgery and rising medical tourism in the region.
In North America, the intraoperative neuromonitoring market is likely to propel at a substantial CAGR during next few years owing to supportive and steadily flourishing reimbursement scenario in the region. In addition, straightforward codes for each procedure are likely to support insurance companies and patients. Moreover, well-defined policies to implement neuromonitoring during surgical procedures can result in better outcomes for patients.
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In Europe, the IONM market is anticipated to evolve at a remarkable CAGR during the forecast period owing to increasing number of orthopedic and spinal surgeries. In addition, growing adoption of portable IONM devices in ambulatory care due to continuous monitoring can spur regional market growth in near future.
Some of the leading companies in the global intraoperative neuromonitoring market are NeuroMonitoring Technologies; Natus Medical Incorporated; NuVasiveInc; BiotronicNeuroNetwork, LLC;and Medtronic.
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