U.S. Intraoperative Neuromonitoring Market to Grow $1.93 Billion, at 6.5% CAGR

The U.S. intraoperative neuromonitoring market generated $1.41 billion in 2017 and is expected to reach $1.93 billion by 2022, registering a CAGR of 6.5% from 2018 to 2022.

High incidence of chronic diseases, surge in geriatric population, and increased focus on risk management during complex surgeries drive the growth of the market. However, rise in expenses related to insourced monitoring would hinder the market growth. On the other hand, increasing applicability of IONM in various types of surgeries would create new opportunities for the market in future.

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Insourced monitoring segment to dominate, outsourced monitoring segment to grow the fastest by 2022

The insourced monitoring segment contributed more than half of the total market share in 2017, due to lower dependency on third-party service providers for carrying out IONM. The segment would maintain its lead position throughout the forecast period. The outsourced monitoring segment would register the highest CAGR of 10.3% from 2018 to 2022, owing to associated benefits including lower cost, ease of availability, and improved convenience.

IONM system segment to lead throughout the forecast period

The IONM system segment garnered the highest share in 2017, accounting for nearly half of the total market revenue. This is due to the high cost of IONM devices and instruments used in surgical procedures. However, the IONM service segment would register the fastest CAGR of 9.3% from 2018 to 2022, owing to their high adoption during complex surgeries, increase in charges of service providers, and rise in demand for technologically advanced products. The accessory segment is expected to grow at a steady rate during the forecast period.

EMG segment to dominate in terms of revenue

The electromyography (EMG) segment garnered lion's share in 2017, accounting for more than one-fourth of the total market revenue. It is due to the ability of EMG to accurately determine the potential damage of neurological conditions as compared to other modalities. The brainstem auditory evoked potentials (BAEPs) segment would grow at the highest CAGR of 7.9% from 2018 to 2022, owing to rise in adoption for monitoring auditory structures. The report also analyzes motor evoked potentials (MEPs), somatosensory evoked potentials (SSEPs), and visual evoked potentials (VEPs) segments.

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Spinal surgery: The highest revenue generating segment

Rise in prevalence of spinal conditions and increase in adoption of IONM have enabled the spinal surgery application segment to contribute for more than one-fourth of the total market share in 2017. However, orthopedic surgery segment would register the highest CAGR of 8.8% during the forecast period, owing to rise in adoption of IONM during orthopedic surgeries. The report also analyzes neurosurgery, vascular surgery, ENT surgery, and other applications.

Hospitals segment to hold major share by 2022

Hospitals segment held a major share in 2017, contributing more than half of the total market, owing to rise in the number of surgeries and increase in outsourced monitoring. This segment is expected to remain dominant throughout the forecast period. However, the ambulatory surgery centers (ASCs) segment would register the highest CAGR of 7.0% from 2018 to 2022, owing to rise in the number of ambulatory surgical centers (ASCs) across the country.

Country-wise analysis: California to contribute the largest revenue by 2022

The IONM market in California accounted for the highest share in 2017, contributing nearly one-tenth of the total market revenue. This is due to the upsurge in the number of neurosurgery & orthopedic surgeries, high population base, easy availability of trained professionals, and well-developed healthcare infrastructure. However, Washington IONM market would register the highest CAGR of 9.8% from 2018 to 2022, owing to significant rise in healthcare spending, developing healthcare infrastructure, and rise in the number of complex surgeries.

Leading industry players

The report analyzes several major industry players including Accurate Monitoring, LLC., Intranerve, LLC., Computational Diagnostics, Inc., Medtronic Plc, Inomed Medizintechnik GmbH, Natus Medical Incorporated, Moberg Research, Inc. (DAYONE MEDICAL, LLC.), Nuvasive, Inc., Nihon Kohden Corporation, and Specialtycare. These players have adopted different strategies such as new product launches, joint ventures, expansions, collaborations, mergers & acquisitions, and others to achieve gain a strong foothold in the industry.

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