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Intraoperative Neuromonitoring Market Size, Emerging Trends, Market Opportunities, Key Players And Forecast To 2033
Intraoperative Neuromonitoring Market
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According to The Business Research Company's, The intraoperative neuromonitoring market size has grown strongly in recent years. It will grow from $3.4 billion in 2023 to $3.66 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to rising incidence of neurological disorders, growing awareness among surgeons, expanding applications in various surgeries, increasing geriatric population, insurance coverage and reimbursement policies.
The intraoperative neuromonitoring market size is expected to see strong growth in the next few years. It will grow to $4.88 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to increasing demand for minimally invasive surgeries, global surge in surgical procedures, growing focus on patient safety, expanding applications in new medical fields, government initiatives and regulations. Major trends in the forecast period include technological advancements, iot-based devices, product innovations, strategic collaborations.
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Market Drivers and Trends:
The rising demand for early diagnosis of health problems is expected to propel the growth of the intraoperative neuromonitoring market going forward. Early diagnosis often relies on highly accurate and precise diagnostic devices. Manufacturers of intraoperative neuromonitoring devices continually innovate to enhance the accuracy of their tools, thereby meeting the demand for early and reliable diagnosis. For instance, according to the King's Fund, a UK-based independent think tank, that is involved with work relating to the health system, since the COVID-19 pandemic, there has been a noticeable increase in the need for diagnostics, which has been rising gradually over the past decade as hospital referrals and attendance have increased. As a result, there would be 1.58 million patients waiting for diagnostic tests in January 2023, a 15% rise from the previous decade and a 10% increase from the previous year. Therefore, the rising demand for early diagnosis of health problems is expected to positively impact the growth of the intraoperative neuromonitoring market during the forecast period.
The adoption of technologically advanced devices in intraoperative neuromonitoring is a key trend gaining popularity in the intraoperative neuromonitoring market. Major companies operating in the intraoperative neuromonitoring market are focused on developing new technological solutions to strengthen their position. For instance, in October 2021, NuVasive Inc., a US-based medical devices company launched the Cohere TLIF-O implant, a porous peek implant for posterior spine surgery. This implant is associated with enhanced clinical outcomes and comprehensive surface technology options for posterior spine surgery helping advance the standard of patient care.
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Major Key Players of the Market:
Montana Reclaimed Lumber Co., AltruWood Inc., Vintage Timberworks Inc., Recycling The Past LLC, Beam and Board LLC, Longleaf Lumber Inc., Sustainable Lumber Company, Imondi Flooring, TerraMai Inc., Elemental Republic SDN BHD, Olde Wood Ltd., Trestlewood Inc., True American Grain Reclaimed Wood, Altholz - Baumgartner & Co. GmbH, Viridian Reclaimed Wood LLC, Moore Manufacturing Inc., RESAWN TIMBER co., Atlantic Reclaimed Lumber LLC, Carpentier Hardwood Solutions NV, Elmwood Reclaimed Timber Inc., Jarmak Corporation, GR Plume Company Inc., Eagle Reclaimed Lumber, Appalachian Woods LLC, Pioneer Millworks LLC, The Hudson Company, The Woodshop of Texas, The Barnwood Farm Ltd., The Old Wood Co., The Woods Company, The Reclaimed Wood Shop, The Lumber Baron Inc., The Reclaimed Barnwood Company, The Old Texas Wood Company, The Wood Cycle of Wisconsin
Intraoperative Neuromonitoring Market 2024 Key Insights:
• The intraoperative neuromonitoring market size is expected to see strong growth in the next few years. It will grow to $4.88 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• The Role Of Intraoperative Neuromonitoring In Addressing The Surge In Prevalence Of Chronic Neurological Disorders
• Advancements In Technologically Advanced Devices Drive Growth In The Intraoperative Neuromonitoring Market
• North America was the largest region in the intraoperative neuromonitoring market in 2023
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