according to intraoperative neuromonitoring market analysis by research dive, the global market forecast will be $3,413.0 million by the end of 2026, at a 4.5% cagr, growing from $2,400.0 million in the end of 2018.
Intraoperative Neuromonitoring Market Drivers: Growing aged populace globally, along with increasing occurrence of chronic illnesses, are the major driving aspects for the intraoperative neuromonitoring market growth. Furthermore, intraoperative monitoring is an important process that assists in risk management throughout complex surgeries. This factor is projected to propel the market size in the coming years. Furthermore, rising trend of medical tourism along with growing investments for healthcare infrastructure in developing economies are projected to create significant revenue generating opportunities in the global market. Nevertheless, shortage of trained workforce for the control and maintenance of intraoperative neuromonitoring arrangements are limiting the market size growth. Moreover, lack of awareness on intraoperative neuromonitoring specifically in developing economies is also one of the factors restricting the market size.
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Intraoperative neuromonitoring market for insourced type generated for highest market size, it was valued at $1,401.6 million in the 2018 and is projected to continue its trend in the estimated time. This growth is mainly owing to growing number of surgeries and wide usage of insourced monitoring by hospitals across the globe. The market for outsourced monitoring type is anticipated to rise at a notable rate and is expected to reach $1,658.7 million till 2026. This is mainly because healthcare centers and hospitals are shifting towards outsourced monitoring type owing to its less cost compared to insourced monitoring.
The neuro & spine surgeries intraoperative neuromonitoring market registered $830.4 million in 2018 and is estimated to continue its growth & command over global market throughout the forecast time. The dominance is significantly due to growing demand for intraoperative neuromonitoring for constant monitoring of neuro & spinal surgery processes. Moreover, intraoperative neuromonitoring arrangements are able to identify an unsuspected & unpleasant neurological fault after neuro & spinal surgeries; this aspect will boost the growth of the market. The intraoperative neuromonitoring market for orthopedic surgeries application will witness to rise at a CAGR of 5.4% and is estimated to account for $921.5 million in 2026. This growth is owing to growing adoption of intraoperative neuromonitoring for the orthopedic surgeries.
North America has dominated the global intraoperative neuromonitoring market size in the previous years followed by Europe and is estimated to grow at a rate of 3.8% CAGR in the projected time. This command over global market is mainly due to well-established healthcare structure in this region. Moreover, increasing awareness among people about intraoperative neuromonitoring is also anticipated to boost the market growth in North America region. Asia-Pacific intraoperative neuromonitoring market is projected to experience a notable growth and is estimated to generate substantial revenue opportunities in the projected timeframe. Growing number of neurological surgeries and rising funds on development of healthcare sector is projected to drive the growth of the market.
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NuVasive, Inc., NIHON KOHDEN CORPORATION, Computational Diagnostics, Inc., Moberg Research, Inc., Cadwell Industries, Inc., Medsurant Health, Medtronic, IntraNerve Neuroscience Holdings, LLC, Medgadget, Inc., Accurate Monitoring, NeuroMonitoring Technologies, Inc. are some of the global intraoperative neuromonitoring market players. These significant players are emphasizing on new product launches, geographical expansions and collaborations & partnerships; these are some of the strategies to gain majority of the market share in the global intraoperative neuromonitoring industry.
Porter’s Five Forces Analysis for Intraoperative Neuromonitoring Market:
• Bargaining Power of Suppliers: The intraoperative neuromonitoring market contains high number of large and small & medium suppliers and growing demand for intraoperative neuromonitoring systems, and hence, the resulting bargaining power of suppliers is HIGH.
• Bargaining Power of Consumers: Intraoperative neuromonitoring market has huge number of consumers and consumer can check the prices of several intraoperative neuromonitoring arrangements manufacturers. The bargaining power of consumer is HIGH.
• Risk of New Entrants: Intraoperative neuromonitoring market has key players and strict government guidelines on the authorization of intraoperative neuromonitoring procedures, which is resulting in HIGH risk of new contestants in the industry.
• Risk of Substitutes: This market contains very a smaller number of alternative solutions, and thereby, there is LOW risk of alternatives.
• Competitiveness in the Industry: Intraoperative neuromonitoring market has large number of key manufacturers. These key players are concentrating on mergers, joint ventures, R&D investments and new product launches to raise position in the global market. This aspect is delivering HIGH competitiveness in the industry.
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