May 24, 2024
Nerve Monitoring System Market

Nerve Monitoring System Market is Estimated to Witness High Growth Owing to Rising Number of Surgeries

The nerve monitoring system market is an integral part of the healthcare industry. Nerve monitors help identify and prevent nerve injuries during complex surgical procedures such as orthopedic, ENT, and neurosurgeries. They help enhance patient safety and reduce complications. Nerve injury monitoring devices use various techniques like electromyography (EMG), electroneuromyography (ENeMG), and somatosensory evoked potentials (SSEPs) to locate nerve structures and assess nerve function during surgeries. With the growing prevalence of chronic diseases requiring complex surgical interventions and increasing adoption of nerve monitoring in ambulatory surgical centers and hospitals, the demand for nerve monitoring systems has surged substantially in recent times.

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 from 2024 to 2031.

Key Takeaways

Key players operating in the Nerve Monitoring System Market Growth 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.

The burgeoning medical device industry and increasing focus on patient safety offer significant growth opportunities in the global nerve monitoring systems market. Major players are investing in R&D to develop innovative nerve monitoring technologies like 3D navigation modules and portable nerve monitoring devices to capitalize on the opportunities.

Rising awareness about nerve injury prevention and availability of medical reimbursements for nerve monitoring procedures are encouraging the adoption of nerve monitoring systems across hospitals and ASCs globally. Leading players have been expanding their geographical footprint through strategic collaborations and acquisitions to strengthen their positions in high-growth international markets.

Market drivers

The primary driver augmenting the demand for nerve monitoring systems is the rising number of complex surgical procedures performed yearly that require nerve injury monitoring and prevention measures. According to the U.S. National Library of Medicine, over 230 million surgeries are undertaken every year worldwide. Growing prevalence of chronic lifestyle diseases, increasing life expectancy, and rising healthcare expenditure are some of the key factors pushing surgical volumes higher annually. This widespread rise in surgeries signals the need for adoption of advanced monitoring technologies like nerve monitors to protect nerve functions and improve care quality and safety outcomes. Expanding applications of nerve monitoring across urology, spine, and dental procedures further increases the necessity of these devices.

PEST Analysis

Political: Increasing government investments and policies supporting healthcare infrastructure and technological advancements are expected to drive the market growth. However, strict regulatory norms may hamper adoption rates.

Economic: Rising per capita healthcare expenditures and growing demand for minimally invasive surgeries will fuel the demand for nerve monitoring systems. However, high costs of these devices may limit their applications.

Social: Growing geriatric population suffering from neurological disorders and rising popularity of neuromonitoring techniques in complex surgeries are fueling the adoption of nerve monitoring systems.

Technological: Advancements in integrated circuit design and nano technology is leading to development of portable nerve monitoring devices with high sensitivity and selectivity. Connectivity with digital platforms is also enhancing ease of use.

The North American region dominated the global nerve monitoring system market in terms of revenue in 2024 due to factors such as high awareness levels regarding benefits of nerve monitoring systems, presence of major players, and growing number of surgeries. The Asia Pacific region is expected to be the fastest growing market during the forecast period owing to increasing healthcare expenditure, rising prevalence of neurological disorders, increasing number of hospitals, and growing medical tourism.

In terms of value, hospital end-use segment accounted for the largest share of the global nerve monitoring system market in 2024. Development of innovative techniques by hospital professionals for flawless intraoperative nerve monitoring is contributing to the large share of this segment. Ambulatory surgery centers segment is expected to witness highest growth during the forecast period owing to increasing preference for outpatient surgeries and focus on cost cutting.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it