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Intraoperative Neuromonitoring (IONM) Market Size Is Expected To Reach $ 490 billion by 2022, Rising at a Market Growth of 7% CAGR During the Forecast Period

03-14-2019 09:56 AM CET | Health & Medicine

Press release from: Allied Market Research

Intraoperative Neuromonitoring (IONM) market

Intraoperative Neuromonitoring (IONM) market

IONM systems accounted for nearly half of the total market in 2015. The IONM system helps identify neural structures during surgery. This helps the surgeon prevent any nervous system damage that may occur during surgery and reduce postoperative complications. Thus, the IONM system identifies progressive threats to the nervous system and warns the surgeon before reaching the patient's risk of injury.

The World Intraoperative Neuromonitoring (IONM) market was valued at $ 336 million in 2015, and the report said the combined report would reach $ 490 billion by 2022, a year-on-year growth of 7% from 2016 to 2022.

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The aging population, the increasing prevalence of chronic diseases, the application of IONM in other surgeries and the risk management through IONM during complex surgery are leading the market. However, there is a lack of awareness of IONM in developing countries and a lack of skilled professionals, which inhibits market growth. Increasing medical tourism and growth opportunities in the emerging economies of Asia Pacific and LAMEA are expected to provide major opportunities for major companies.

The major companies profiled in the report include
• Medtronic plc
• NuVasive Inc.
• Computational Diagnostics Inc.
• SpecialtyCare
• Natus Medical Incorporated.
• IntraNerve LLC
• inomed Medizintechnik GmbH
• AccurateMonitoring LLC
• Nihon Kohden Corporation
• Moberg Research Inc.

Outsourced IONM monitoring is growing at a faster pace than benefits from insourced monitoring. Hospitals do not prefer Incident monitoring because they cannot provide the standardized training required to improve the quality of service and appoint full-time staff with the required skills. Therefore, outsourcing monitoring is required between hospital and ASC, and the market is gradually moving to outsourcing monitoring service.

IONM is most commonly used in spine and neurosurgery. However, the use of IONM for orthopedics and internal surgery is increasing because these surgeries present a potential risk to neural structures and require skills to protect the nerves (and other related structures) during surgery.

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Key findings of the Intraoperative Neuromonitoring Market
• Based on applications, spinal surgery segment accounted for one-third of the total market in 2015. However, orthopedic surgery is the fastest growing application of IONM (which is expected to grow with a CAGR of 7.4% from 2016 to 2022)
• Electromyography (EMG) modality accounted for more than one-fourth of the global market in 2015.
• IONM services segment is expected to grow at a high CAGR of 10.0% during the forecast period, due to an increase in the demand for IONM service providers.
• Hospitals accounted for nearly three-fifths of the total market in 2015.
• Asia-Pacific is expected grow at a high CAGR of 8.2%, owing to the presence of ample growth opportunities in terms of unmet medical needs for IONM services in the region.

North America accounted for majority of the share (more than two-fifths) in the market in 2015, and is expected to remain dominant throughout the forecast period. This is attributed to the presence of a large number of hospitals, and increase in number of surgeries in the region. In addition, awareness among people for IONM is anticipated to provide new growth opportunities for the key players in this market. In addition, rise in geriatric population, increase in incidence of spinal deformities, spinal stenosis, disc compression, and other chronic disorders drive the IONM market in Europe.

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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

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