The global Neuro Monitoring System Market size is anticipated to be valued at USD 9.4 Billion in 2032. An increasing number of critical and complex surgeries across the globe is set to propel the neuro-monitoring system market in the upcoming years.
According to FMI, demand for neuro-monitoring systems is likely to reach USD 3.1 Billion in 2022 and exhibit steady growth at 6.8% CAGR in the forecast period from 2022 to 2032.
| Report Attribute | Details |
|---|---|
| Neuro Monitoring System Market Estimated Base Year Value (2021) | USD 2.5 Billion |
| Neuro Monitoring System Market Expected Market Value (2022) | USD 3.1 Billion |
| Neuro Monitoring System Market Anticipated Forecast Value (2032) | USD 9.4 Billion |
| Neuro Monitoring System Market Projected Growth Rate (2022 to 2032) | 6.8% CAGR |
Neuro monitoring or nerve monitoring systems are considered to be novel techniques that can lower the risk of neurological defects after surgeries take place. These are associated with those surgeries that can negatively affect the nervous system.
Sales of neuromonitoring systems are expected to surge in future years owing to their ability to reduce the risk of paralysis, hearing loss, and muscle weakness. These systems are also capable of upgrading the outcomes amid a spinal surgery, increasing safety, and delivering immediate feedback.
Besides, neuro-monitoring systems can measure electrically evoked signals from the nerves to provide real-time information about their activities. These are considered to be ideal for preventing severe damage to the nervous system.
Various educational and research institutions are anticipated to conduct more R&D activities to discover new techniques. In May 2022, for instance, the Montreal Neurological Institute and Hospital recruited 70 medical students for performing virtual brain tumour removals.
They had to do it on a neurosurgical simulator and were provided with instructions from a remote expert instructor or AI tutor. Similar other innovations in the neuro-monitoring system market are likely to drive growth.
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Demand for neuromonitoring systems is likely to grow at a fast pace on the back of the rising prevalence of chronic diseases. The increasing number of road accidents is another major factor that is estimated to augur well for the market. Also, increasing awareness among doctors regarding the benefits of neuro-monitoring systems is expected to propel the market.
As these systems are capable of assessing the correct placement screws during surgeries, these can prevent the risk of nerve intrusion. At the same time, these can monitor the parts of the spinal cord that can further assist in the detection of sensory changes in an individual’s body.
The lack of knowledge about the availability of numerous cutting-edge healthcare devices, especially in underdeveloped countries is projected to hamper the expansion of the neuro-monitoring system market size.
Also, these systems require high initial installation costs, which may not be feasible for small-scale enterprises based in emerging economies. This factor may also obstruct the market in the evaluation period.
In terms of region, North America is likely to remain at the forefront by accounting for the largest neuro-monitoring system market share in the upcoming years.
This growth is attributable to the robust presence of various prominent healthcare device manufacturers in the USA and Canada. The availability of well-established healthcare infrastructure in these countries is another crucial factor that is estimated to augment growth.
In addition to that, the large patient population suffering from chronic diseases is set to contribute to this growth. The rising number of clinical trials conducted by research institutions to prove the therapeutic efficacy of neuro-monitoring systems is another significant factor that is expected to bolster the market.
The easy availability of favourable medical reimbursement policies in China, Japan, India, and South Korea is projected to foster the Asia Pacific neuro monitoring system market growth in future years.
The increasing awareness among healthcare professionals about various clinical benefits related to nerve monitoring is anticipated to boost the regional market.
Furthermore, the growing usage of intraoperative nerve monitoring systems during various surgeries and ongoing technological advancements in the field of nerve stimulation is expected to aid growth. An increasing number of surgical centres and hospitals across the Asia Pacific owing to rising investments by governments is another vital factor that is set to drive the market.
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Some of the leading companies present in the global neuro monitoring system market include NuVasive Inc., Inomed Medizintechnik GmbH, AXIS Neuromonitoring, LLC, Accurate Monitoring, SpecialityCare, Medtronic, Biotronic NeuroNetwork Sentient Medical Systems, Natus Medical Incorporated, and Neuromonitoring Technologies among others.
The global market is highly competitive with the presence of a large number of key players. The majority of these companies are engaging in mergers and acquisitions with local enterprises to co-develop innovative products and attract more customers.
A few other companies in the market are striving to expand their portfolios by introducing novel products and surging sales of neuro-monitoring systems.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.8% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Type, Application, End Users, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; APEJ; Japan; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | NuVasive Inc.; Inomed Medizintechnik GmbH; AXIS Neuromonitoring, LLC; Accurate Monitoring; SpecialityCare; Medtronic; Biotronic NeuroNetwork Sentient Medical Systems; Natus Medical Incorporated; Neuromonitoring Technologies |
The global neuro monitoring system market is likely to exceed USD 9.4 Billion in 2032.
North America is set to lead the neuro monitoring system market in the forecast period.
NuVasive Inc., Inomed Medizintechnik GmbH, AXIS Neuromonitoring, LLC, Accurate Monitoring, SpecialityCare, and Medtronic are some of the renowned companies in the neuro monitoring system market.
| Estimated Market Size (2024E) | USD 46.5 billion |
|---|---|
| Projected Market Value (2034F) | USD 161 billion |
| Value-based CAGR (2024 to 2034) | 13.3% |
| Market Estimated Size (2023) | USD 523.26 million |
|---|---|
| Market CAGR (2023 to 2033) | 5.5% |
| Market Forecasted Size (2033) | USD 894.63 million |
| Market Value (2023) | USD 7.4 billion |
|---|---|
| Market Forecast Value (2033) | USD 16 billion |
| Market Expected CAGR (2023 to 2033) | 8% |
| Market Value in 2021 | USD 2.9 Billion |
|---|---|
| Market Value in 2032 | USD 5.8 Billion |
| Market CAGR (2022 to 2032) | 5.6% |
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Neuro-monitoring System Market
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