Intraoperative Neuromonitoring Market: Current Analysis and Forecast (2021-2027)
$3999 – $6999
Emphasis on Type (Insourced Monitoring, Outsourced Monitoring); Application (Spinal Surgery, Neurosurgery, Vascular Surgery, ENT Surgery, Orthopedic Surgery, Other Surgeries); End-Users (Hospitals, Ambulatory Surgical Centers); Region/Country
Detailed Analysis of COVID-19 Impact on the Intraoperative Neuromonitoring Market
Global Intraoperative Neuromonitoring Market is anticipated to grow with an elevated CAGR of around 5% over the forecast period (2021-2027). Intraoperative neuromonitoring refers to the continuous surveillance of a patient’s nervous system including the brain, spinal cord, and nerves during surgical procedures when they are at higher risk of getting injured during surgery. IONM provides an extra layer of safety for both the surgeon and the patient. The growing adoption of intraoperative neuromonitoring (IONM) can be attributed to the rising prevalence of chronic diseases leading to an increase in the number of surgeries coupled with a rapidly growing geriatric population. According to the United Nations, the 60+ aged population was 962 million in 2017 which is more than twice that it was in 1980 at 382 million. The number of elderly people is expected to double again by 2050 and reach nearly 2.1 billion worldwide. Furthermore, with rapid advancements in technology, many of the industry players are focusing on launching new products in the market to expand their product portfolio, which will drive the market for IONM globally. For example, in October 2020, Medtronic plc received 510(k) clearance from the U.S. FDA for the NIM Vital nerve monitoring system. This system allows physicians to detect, monitor, and confirm nerve function, to assist in reducing the risk of nerve damage during head & neck surgeries.
Medtronic plc, Computational Diagnostics Inc., Natus Medical Incorporated, Nihon Kohden Corporation, Accurate Monitoring, Technomed, NeuroMonitoring Technologies, NuVasive Inc., SpecialtyCare Inc., inomed Medizintechnik GmbH, are some of the prominent players operating in the Intraoperative Neuromonitoring market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with intraoperative neuromonitoring devices.
Insights Presented in the Report
“Amongst Type, insourced monitoring segment holds the major share”
Based on type, the intraoperative neuromonitoring market is segmented into insourced monitoring and outsourced monitoring. The insourced monitoring segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe. The growth of this segment can be attributed to the rising number of surgeries and the increasing need to monitor the vitals during surgical procedures.
“Amongst Application, neurosurgery segment holds the major share”
Based on application, the intraoperative neuromonitoring market is categorized into spinal surgery, neurosurgery, vascular surgery, ENT surgery, orthopedic surgery, and other surgeries. The neurosurgery segment occupied the major share of the intraoperative neuromonitoring market in 2020 and it is expected to grow with a substantial CAGR in the upcoming years owing to the increasing incidences of neurological conditions and thus, rise in neurological surgeries across the globe.
“Amongst End-Users, hospitals segment holds the major share”
Based on end-users, the market is fragmented into hospitals, and ambulatory surgical centers. In 2020, the hospitals segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period owing to the increasing number of hospitals and a surge in the number of surgeries in the hospital setting. Also, the presence of well-trained healthcare professionals, well-established infrastructure, and availability of technologically advanced devices in hospitals are some of the factors contributing to the growth of this segment. However, ambulatory surgical centers are also likely to witness lucrative growth during the forecast period.
“North America represents one of the largest markets of intraoperative neuromonitoring market”
For a better understanding of the market dynamics of the Intraoperative Neuromonitoring market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the Intraoperative Neuromonitoring market industry in 2020 owing to strong healthcare infrastructure and growing adoption of intraoperative neuromonitoring devices in the region.
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- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
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- Deep dive regional level analysis of the industry
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|1.4.||Currency used in Report|
|2.1.||Research Process of the Intraoperative Neuromonitoring Market|
|2.2.||Research Methodology of the Intraoperative Neuromonitoring Market|
|2.5.||Main Objective of the Intraoperative Neuromonitoring Market Study|
|5||GLOBAL INTRAOPERATIVE NEUROMONITORING MARKET COVID-19 IMPACT|
|6||GLOBAL INTRAOPERATIVE NEUROMONITORING MARKET REVENUE, 2019-2027F|
|9.2.||Ambulatory Surgical Centers|
|10.1.||North America Intraoperative Neuromonitoring Market|
|10.1.3.||Rest of North America|
|10.2.||Europe Intraoperative Neuromonitoring Market|
|10.2.6.||Rest of Europe|
|10.3.||Asia Pacific Intraoperative Neuromonitoring Market|
|10.3.5.||Rest of Asia Pacific|
|10.4.||Rest of World Intraoperative Neuromonitoring Market|
|12||INTRAOPERATIVE NEUROMONITORING MARKET OPPORTUNITIES|
|13||INTRAOPERATIVE NEUROMONITORING MARKET TRENDS|
|14||LEGAL & REGULATORY FRAMEWORK|
|15.1.||Demand Side Analysis|
|15.2.||Supply Side Analysis|
|16||VALUE CHAIN ANALYSIS|
|17.1.1.||Porter’s Five Forces Analysis|
|18.2.||Computational Diagnostics Inc.|
|18.3.||Natus Medical Incorporated|
|18.4.||Nihon Kohden Corporation|
|18.10.||inomed Medizintechnik GmbH|
Research Methodology for the Global Intraoperative Neuromonitoring Market Analysis (2021-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global intraoperative neuromonitoring market were the three major steps undertaken to create and analyze the adoption of intraoperative neuromonitoring in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global intraoperative neuromonitoring market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of intraoperative neuromonitoring through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the intraoperative neuromonitoring market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type, applications, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of Intraoperative Neuromonitoring across the globe.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the intraoperative neuromonitoring. Further, we conducted factor analysis using dependent and independent variables such as type, application, and end-users. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Intraoperative Neuromonitoring sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the intraoperative neuromonitoring market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of intraoperative neuromonitoring across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the intraoperative neuromonitoring market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the intraoperative neuromonitoring market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, application, and end-users of the intraoperative neuromonitoring market.
The main objective of the Intraoperative Neuromonitoring Market Study
The current & future market trends of intraoperative neuromonitoring were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of intraoperative neuromonitoring in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, application, and end-users
- Define and analysis of the regulatory framework for the intraoperative neuromonitoring industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the intraoperative neuromonitoring market for the major region
- Major regions studied in the report include North America, Europe, Asia-Pacific and Rest of the world
- Company profiles of the intraoperative neuromonitoring market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry