The intraoperative neuromonitoring market will increase to USD 4.93 billion by 2030, powering at a rate of 4.8% in the years to come, as stated by a market research institution, P&S Intelligence.
This is credited to the rising incidence of several lifestyle related chronic diseases for example neurological and cardiovascular conditions, the growing emphasis on patient safety throughout complex surgeries, and the increasing requirement for minimally invasive and cutting-edge intraoperative neuromonitoring devices.
Insourced monitoring had a major revenue share, of about 52%, in the past and will maintain its dominance in the years to come. This is as a result of the increased surgical cases, high requirement for consistent monitoring, and augmented attainments by device manufacturers in the years to come to get a direct link with hospitals.
Also, outsourced monitoring is attaining popularity, on account of the reducing costs of healthcare, the plummeting monetary burden of acquiring and sustaining systems, and the mounting count of outsourcing vendors globally.
The elderly population is more susceptible to numerous diseases. The growing life expectancy and dropping birth rate are the key reasons for the growing aging population. With the increase in age, the population will encounter several chronic diseases for example neuropathic disorders, cardiovascular disease, old age-linked trauma, osteoarthritis, and associated orthopedic ailments.
The systems category had a major revenue in the past, and it will grow significantly in the future. This is because of the increasing use of such systems in hospitals and ASCs and the growing necessity to monitor electrophysiological signals from the body of the patient during surgery.
The EMG category dominated the intraoperative neuromonitoring market and it will grow substantially in the future.
This is as a result of its better precision in recognizing possible neurological damage than further monitoring modalities, the increasing requirement for minimally invasive surgeries, the continuing development and growing demand for portable EMG devices to decrease snowballing hospital and healthcare costs, and on the rise healthcare expenditures.
North America led the industry with approximately 51%, in the recent past, and it will maintain its dominance in the years to come. This is credited to the high incidence of neurological ailments, the increased acceptance rate of IONM, existence of sophisticated healthcare infra, the promising reimbursement framework for such innovative neuromonitoring solutions, and the increased patient consciousness pertaining to neurological monitoring.
APAC will grow the fastest in the future. The main reason for this numerous healthcare reforms, the growing requirement for cutting-edge healthcare services in China and India, the increasing prevalence of chronic ailments, and the growing elderly population.
It is because of the increasing research and development activities all over the world, the demand for intraoperative neuromonitoring will continue to rise in the future.