views
![Nerve Monitoring System Market is Anticipated to Witness High Growth Owing to Rising Incidences of Nerve-related Surgeries](https://s3.us-west-2.amazonaws.com/timessquarereporter.com/upload/media/posts/2024-05/15/nerve-monitoring-system-market-is-anticipated-to-witness-high-growth-owing-to-rising-incidences-of-nerve-related-surgeries_1715757480-b.jpg)
The nerve monitoring system market primarily includes devices that are used to monitor the integrity of peripheral nerves during surgical procedures. These systems help in assessing nerve function, detecting accidental damage, and preventing permanent injury to nerves. They assist in reducing the risk of nerve damage-related complications such as numbness and paralysis. Some key advantages of nerve monitoring systems include accurate neuromuscular function assessment, prevention of postoperative neurological deficits, and real-time feedback to surgeons during procedures. The growing prevalence of neurological disorders and rising number of high-risk surgical procedures such as ENT, neurosurgery, cardiovascular, and orthopedic surgeries are driving the demand for nerve monitoring systems.
The Global nerve monitoring system market is estimated to be valued at US$ 2.38 Bn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Nerve Monitoring System Market Demand are Medtronic, Natus Medical, Inomed, NIHON KOHDEN CORPORATION, Checkpoint Surgical Inc., Magstim, Bovie Medical, Halyard Health, Neurovision Medical, NuVasive, Inc., Stimwave Technologies, Neuspera Medical, Langer Medical GmbH, Neurosign, Cadwell Laboratories, Compumedics Limited, Electrical Geodesics Inc. These players are focusing on new product launches, collaborations, and geographic expansions to meet the growing demand and strengthen their market position.
The rising number of neurological disorders and high-risk surgeries offer significant growth prospects for players in the nerve monitoring system market. According to the WHO, over 50 million people worldwide suffer from epilepsy. Furthermore, millions undergo ENT, neurosurgery, cardiovascular, and orthopedic procedures annually. Nerve monitoring aids in preventing complications during such procedures.
North America currently dominates the global nerve monitoring system market. However, regions such as Asia Pacific and Latin America are expected to offer lucrative growth opportunities during the forecast period. This is attributable to factors such as increasing healthcare spending, growing medical tourism, and rising awareness about nerve monitoring benefits in these regions.
Market Drivers
Growing geriatric population susceptible to nerve injuries: The risk of nerve damage is high among older adults due to age-related physiological changes and increased likelihood of medical issues such as diabetes that reduce nerve integrity. This is expected to drive the demand for nerve monitoring systems for risk reduction in geriatric surgeries.
Increasing adoption of nerve monitoring to improve surgical outcomes: Fueled by their proven benefits, nerve monitoring adoption is rising among surgeons globally. This helps achieve better recovery, reduce complications, lower costs associated with medical errors and readmissions. Improved outcomes with nerve monitoring usage is a key factor propelling the market growth.
Market Restraints
High costs associated with nerve monitoring systems: The equipment, accessories, training and additional time required for neuromuscular monitoring make these solutions more expensive than conventional procedures. This limits adoption rates, especially in price-sensitive developing regions.
Lack of skilled professionals: Successful nerve monitoring requires expertise to interpret data, differentiate signals and take timely mitigation actions during surgery. Shortage of trained staff and technicians impacts the effective utilization of these systems. This restraints the penetration of advanced monitoring in some geographies.
Segment Analysis
The nerve monitoring system market is dominated by the intraoperative monitoring segment. Intraoperative monitoring helps surgeons to locate and protect nerves during complex surgical procedures such as spinal, orthopedic, and cardiovascular surgeries. It provides real-time feedback on the functional integrity of nerves and nerve roots during surgery. This helps surgeons in avoiding damages to nerves and reduces the risk of perioperative neurological deficits. The adoption of intraoperative monitoring has increased significantly over the years owing to the growing number of complex surgical procedures globally.
Global Analysis
North America is the fastest growing as well as the dominating regional market for nerve monitoring systems. The high growth can be attributed to factors such as the growing prevalence of neurological disorders, rising geriatric population, increasing adoption of neuromonitoring in complex surgical procedures, and presence of advanced healthcare infrastructure. On the other hand, Asia Pacific is expected to witness the highest CAGR during the forecast period due to growing medical tourism, increasing healthcare spending, rising incidence of chronic diseases, growing awareness regarding neuromonitoring, and improving healthcare systems across emerging countries in the region. Key players are focusing on expanding their presence in Asia Pacific by adopting strategies like acquisitions and partnerships with local players.
Get more insights on Nerve Monitoring System Market
![disclaimer](https://www.timessquarereporter.com/disclaimer-timessquarereporter.jpg)
Comments
0 comment