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Intraoperative Neuromonitoring Market Value to Show $1,938 Million by 2022

03-19-2019 04:47 PM CET | Health & Medicine

Press release from: Allied Market Research

U.S. Intraoperative Neuromonitoring Market

U.S. Intraoperative Neuromonitoring Market

Intraoperative neuromonitoring, also termed as intraoperative neurophysiological monitoring (IONM), is the use of electrophysiological methods to monitor the functional integrity of neural structures during surgical procedures. The purpose of IONM is to reduce neurological damage during surgery and avoid postoperative impairments.

The U.S. intraoperative neuromonitoring (IONM) market generated $1,239 million in 2015 and is projected to reach $1,938 million by 2022, growing at a CAGR of 6.6% from 2016 to 2022. The U.S. IONM market is expected to grow at a significant rate during the forecast period, owing to increase in prevalence of chronic disorders, surge in applications of IONM in different surgeries, and rise in risk management through IONM during complex surgeries. Furthermore, stringent regulations for IONM procedures and easy availability of technologically advanced IONM systems & accessories fuel the market growth.

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The IONM system segment accounted for nearly half of the total market in 2015. These systems help to identify neural structures during a surgery. This helps the surgeons to prevent any damage to the nervous system, which may be caused during the surgery and also reduce post-operative complications. The U.S. IONM market is driven by rise in number of surgeries, increase in geriatric population, growth in prevalence of chronic disorders, and surge in adoption of IONM during complex surgeries.

Based on source type, the U.S. IONM market is bifurcated as outsourced monitoring and insourced monitoring. The outsourced monitoring segment is expected to grow at the highest CAGR, owing to its benefits over insourced monitoring. At present, 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 to improve the quality of service. Thus, outsourced monitoring is in demand among hospitals and ambulatory surgical centers (ASCs).

Based on product & service, the U.S. IONM market is categorized as system, accessory, and service. The system segment dominates the U.S. IONM market, owing to its critical role in every IONM procedure. On the other side, the service segment is expected to exhibit the fastest market growth during the forecast period, owing to increase in demand for IONM service providers. Based on modality, the U.S. IONM market is segmented into somatosensory evoked potential (SSEP), motor evoked potential (MEP), electromyography (EMG), electroencephalography (EEG), visual evoked potential (VEP), and brainstem auditory evoked potential (BAEP). The EMG segment was the major revenue contributor in 2015 and is estimated to remain dominant during the forecast period, owing to its applicability in complex surgery. However, the BAEP segment is expected to show the fastest market growth during the forecast period, owing to technological advancements and rise in adoption of BAEPs.

Based on application, the U.S. IONM market is categorized into spinal surgery, neurosurgery, orthopedic surgery, ENT surgery, vascular surgery, and other surgeries. The spinal surgery segment was the highest revenue contributor to the U.S. IONM market in 2015, owing to increase in number of spinal surgeries in the U.S and recommended use of IONM during spinal surgery. However, the orthopedic surgery segment is projected to exhibit the fastest market growth during the forecast period, owing to increase in adoption of IONM during orthopedic surgery.

Based on end user, the U.S. IONM market is classified into hospital and ambulatory surgical center (ASC). The hospital segment was the major revenue contributor in 2015, owing to increase in number of hospitals, growth in number of surgeries, and rise in outsourced monitoring within hospitals. However, the ambulatory surgery center segment is expected to exhibit rapid growth during the forecast period, owing to rise in number of surgeries within ambulatory surgery centers.

State-wise, the market is studied across all the states in U.S., California was the major revenue generating state in 2015, owing to increased usage of IONM procedures, surge in number of neurosurgery & orthopedic surgeries, easy availability of trained medical professionals, presence of developed healthcare infrastructure with higher healthcare spending. However, Washington will witness the fastest market growth over the forecast period, owing to the growing adoption of IONM in various surgical procedures, increasing incidence of chronic diseases, and rising healthcare spending among the population.

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Key Finding of the Intraoperative Neuromonitoring Market :

• Based on application, the spinal surgery segment accounted for more than one-fourth of the total market in 2015.
• As per modality, the electromyography (EMG) segment accounted for more than one-fourth of the U.S. market in 2015.
• According to product & service, the IONM service segment is expected to grow at a high CAGR of 9.4% during the forecast period, owing to an increase in the demand for IONM service providers.
• On the basis of end user, the hospital segment accounted for nearly half of the total market share in 2015.
• State-wise, Washington is expected to grow at a CAGR of 10.1% during the forecast period 2016 to 2022.

The key players profiled in this report include Accurate Monitoring, LLC., Computational Diagnostics, Inc., Intranerve, LLC., Inomed Medizintechnik GmbH, Medtronic Plc, Moberg Research, Inc. (Dayone Medical, LLC.), Natus Medical Incorporated, Nihon Kohden Corporation, Nuvasive, Inc., and Specialtycare.

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