Nerve Monitoring Devices Market Size, Share, Report, 2028

Nerve Monitoring Devices Market

Nerve Monitoring Devices Market By Technology (Evoked Potential, Electrocorticography, Electroencephalography, and Electromyography), By Product (Ancillary Products, Electrodes, and Monitors), By Application (Cardiovascular, ENT Surgery, Spine Surgery, Neurosurgery, and Others), By End-User (Ambulatory Surgical Centers and Hospitals & Surgical Centers), and By Region: Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 - 2028

Category: Medical Device Report Format : PDF Pages: 152 Report Code: ZMR-3370 Published Date: Apr-2022 Status : Published
Market Size in 2021 Market Forecast in 2028 CAGR (in %) Base Year
USD 1.32 Billion USD 1.78 Billion 4.31% 2021

Nerve Monitoring Devices Market

Industry Prospective:

The global nerve monitoring devices market was valued at about USD 1.32 billion in 2021 and is expected to increase to around USD 1.78 billion by 2028, with a compound annual growth rate (CAGR) of around 4.31%. The study examines the market's drivers, constraints, and challenges, as well as the impact they have on the demand throughout the forecast period. In addition, the study looks into the new potential in the market for nerve monitoring devices.

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Nerve Monitoring Devices Market: Overview

Nerve monitoring devices assist surgeons in detecting and monitoring motor nerve function to avoid nerve injury during general operations. It's a strategy for preventing nervous system injury during high-risk medical operations including spine, nerve, and brain surgery. The nerve monitoring devices enable surgeons to execute crucial surgeries while conserving nerve function and enhancing patient safety by integrating advanced hardware electronics with easy software.

COVID-19 Impact:

The Covid-19 epidemic posed an unprecedented challenge to the global healthcare sector. The losses were seen throughout all product lines and were mostly due to shutdown and restrictions on movement. The decline in capital equipment acquisitions as a result of the pandemic had a particularly negative influence on the nerve monitoring industry. The net sales losses in ENT were majorly due to procedure postponement and a decline in the development of devices. However, with ease in restrictions and smooth operations of the key players, the market is expected to grow at a healthy rate post-COVID-era.

Nerve Monitoring Devices Market: Growth Drivers

Growing incidences of neurodegenerative disorders to drive market growth

Millions of individuals throughout the world suffer from neurodegenerative illnesses. The most frequent neurodegenerative disorders are Parkinson's disease and Alzheimer's disease. According to research from 2021, the Alzheimer's Disease Association expects that 6.2 million Americans have Alzheimer's disease. By 2030, an estimated 1.2 million individuals in the United States will have Parkinson's disease. With age, the likelihood of developing a neurodegenerative disease rises considerably.

Thus, such a huge burden of neurodegenerative diseases and the growing geriatric population across the world are fostering the global nerve monitoring devices market growth. In addition to this, a rise in healthcare spending, a rapidly growing healthcare infrastructure, and an increase in the number of surgical procedures are also some of the key aspects that are fueling the growth of the market.

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Nerve Monitoring Devices Market: Restraints

Lack of skilled professionals to limit the market growth

With an increase in advancement and features of the nerve monitoring devices, to operate them, detailed knowledge of the device is necessary. Nerve monitoring devices are also nowadays combined into the software. Further, misinterpretations and failure to resolve technical glitches may result from a lack of basic understanding of neurophysiological monitoring. Also, the International Neural Study Monitoring Group has developed standards for the proper usage, setup, and troubleshooting of intraoperative nerve monitoring (IONM).

In emerging or underdeveloped countries, there is a lack of skilled professionals who can efficiently operate the device. Thus, this can be a limiting factor for market growth. Moreover, unfavorable reimbursement policies and strict regulatory bodies regarding the approval of the device are also some of the factors that may hinder the growth of the market.

Nerve Monitoring Devices Market: Opportunities

Growing investment in the R&D sector is likely to drive the market during the forecast period.

With the growing demand for nerve monitoring devices, market players are focusing on the development of innovative devices that are integrated with software and other latest technologies. Thus, heavy investment is made by leading market players in the R&D sector in order to hold a strong position in the global market.

Also, there is an increase in funding by the private as well as government sectors to establish well-developed healthcare infrastructure in emerging countries which in turn is encouraging the major players to expand the business and manufacture of nerve monitoring devices. All such factors coupled with an increase in outsourcing of the devices to provide affordable solutions are expected to propel the global nerve monitoring devices market growth during the forecast period.

Nerve Monitoring Devices Market: Challenges.

The high cost of the device may pose a major challenge for the market growth.

Intraoperative nerve monitoring (IONM) equipment and consumables, particularly continuous intraoperative neuromonitoring (CIONM), are costly and country-specific. When just the direct expenses of recurrent laryngeal nerve (RLN) injuries are evaluated, the IONM approach is unlikely to be cost-effective.

Also, inpatient expenditures for all types of thyroidectomies remain underfunded, irrespective of the equipment utilized. Thus, the unaffordability of nerve monitoring devices by small hospitals may pose a challenge to market growth.

Report Scope

Report Attributes Report Details
Report Name Nerve Monitoring Devices Market
Market Size in 2021 USD 1.32 Billion
Market Forecast in 2028 USD 1.78 Billion
Growth Rate CAGR of 4.31%
Number of Pages 152
Key Companies Covered Langer Medical GmbH, Deymed Diagnostics Inc., Checkpoint Surgical, Brainsway, Bovie Medical Corporation, Natus Medical Inc., Medtronic, Magtism, Neurosign, and EMS Biomedical, and others.
Segments Covered By Technology, By Product, By Application, By End User, and By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, The Middle East and Africa (MEA)
Base Year 2021
Historical Year 2016 to 2020
Forecast Year 2022 - 2028
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

 

Nerve Monitoring Devices Market: Segmentation

The global nerve monitoring devices market is divided based on technology, product, application, end-user, and region. Based on the technology, the global market is characterized by evoked potential, electrocorticography, electroencephalography, and electromyography.

The product segment is split into ancillary products, electrodes, and monitors. The application segment consists of cardiovascular, ENT surgery, spine surgery, neurosurgery, and others. By end-user, the market is classified into ambulatory surgical centers and hospitals & surgical centers.

Recent Developments

  • In May 2021, the V4 4-channel and 8-channel nerve monitoring systems from Neurosign received FDA approval. The V4 was developed in collaboration with top surgeons and is used largely for skull base procedures, cranial nerves, and spinal nerve roots.
  • In October 2020, Medtronic plc, the major leader in medical technology, received FDA 510(k) clearance for the NIM Vital™ nerve monitoring system, which allows doctors to identify, verify, and evaluate nerve function to aid decrease the risk of nerve injury throughout head and neck surgery. The company's ENT portfolio has been significantly expanded with the latest acquisition of privately held Ai Biomed Corp.

Nerve Monitoring Devices Market: Regional Landscape

North America holds the largest share in the global market during the forecast period.

Regionally, North America is estimated to account for the maximum share of the global nerve monitoring devices market during the forecast period. Due to the huge number of surgical procedures conducted, North America is the top market in terms of nerve monitoring device sales. The significant demand for nerve monitoring devices in North America is also owing to the accessibility of developed healthcare infrastructure, the substantial contribution of healthcare to the economy, and patient compliance.

Europe seems to have the second-largest position in the market with substantial demand for nerve monitoring devices owing to significant technological advancements in the healthcare industry. On the other hand, the revenue of nerve monitoring devices is predicted to expand at a faster rate in Asia Pacific than in North America and Europe, owing to the large market opportunities in countries like China and India.

Nerve Monitoring Devices Market: Competitive Landscape

The major players operating in the global nerve monitoring devices market include;

  • Langer Medical GmbH
  • Deymed Diagnostics Inc.
  • Checkpoint Surgical
  • Brainsway
  • Bovie Medical Corporation
  • Natus Medical Inc.
  • Medtronic
  • Magtism
  • Neurosign
  • EMS Biomedical

The global nerve monitoring devices market is segmented as follows:

By Technology

By Product

  • Ancillary Products
  • Electrodes
  • Monitors

By Application

  • Cardiovascular
  • ENT Surgery
  • Spine Surgery
  • Neurosurgery
  • Others

By End User

  • Ambulatory Surgical Centers
  • Hospitals & Surgical Centers

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

Free Analysis

FrequentlyAsked Questions

Growing incidences of neurodegenerative disorders to drive the market growth. In addition to this, rise in healthcare spending, rapidly growing healthcare infrastructure, and increase in number of surgical procedures are also some of the key aspects that are fueling the growth of the market.

 

 

According to the Zion Market Research report, the global nerve monitoring devices market was worth about 1.32 (USD billion) in 2021 and is predicted to grow to around 1.78 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 4.31 percent.

Regionally, North America is estimated to account for the maximum share of the global nerve monitoring device market during the forecast period. Due to the huge number of surgical procedures conducted, North America is the top market in terms of nerve monitoring device sales. The significant demand for nerve monitoring devices in North America is also owing to the accessibility of developed healthcare infrastructure, the substantial contribution of healthcare to the economy, and patient compliance.

The major players operating in the global nerve monitoring devices market include Langer Medical GmbH, Deymed diagnostic Inc., Checkpoint Surgical, Brainsway, Bovie Medical Corporation, Natus Medical Inc., Medtronic, Magtism, Neurosign, and EMS Biomedical.

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