Nerve monitoring procedures utilize dedicated stimulation probes or electrodes; those are hand-held, single-use devices to locate and/or stimulate local nerve endings. These devices provide an electrical impulse to stimulate motor nerves or muscle to evaluate nerve integrity. Moreover, nerve stimulation electrodes & probes are used during various surgeries, such as parotid surgeries, orthopedic trauma surgeries, head & neck surgeries, and neurosurgery.
The nerve stimulation electrodes and probes market is projected to reach 42.4% of overall nerve monitoring market by 2022, largely due to the increasing awareness of healthcare professionals about clinical benefits associated with nerve monitoring (such as improved patient safety & surgical accuracy, decreased post-operative trauma, and early patient recovery), increasing number of complex & critical surgeries worldwide (coupled with growing number of target patient population base).
Rising spinal cord injuries across the world, ongoing technological advancements in the field of nerve stimulation & monitoring, and rising adoption of intraoperative nerve monitoring during surgeries are likely to propel further growth of the nerve monitoring systems during the forecast period.
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Key Questions Addressed in This Study:
# What are the business growth strategies adopted by key market players to maintain their position across key geographies in the global Nerve Monitoring System Market?
# What is the existing developmental pipeline of major nerve monitoring systems among Medtech manufacturers as well as academia?
# Growing number of trauma based surgical procedures is a key trend in clinical management. What impact trauma based surgical procedures will have on nerve monitoring systems market during the forecast period?
# What alternative technologies/therapies are currently being used for nerve monitoring worldwide? What competition they pose for key nerve monitoring systems market players.?
Expected Revenue Growth:
The Global Nerve Monitoring Market is projected to reach USD 1.45 Billion by 2022 from USD 1.14 Billion in 2017, at a CAGR of 4.9% during the forecast period.
# Nerve monitoring product manufacturers
# Nerve monitoring product suppliers and distributors
# Contract manufacturers
# Healthcare service providers
# Research laboratories and academic institutes
# Clinical research organizations (CROs)
# Government regulatory authorities
# Independent associations and non-government organizations
# National and international regulatory authorities
# Market research firms
Geographical Growth Scenario:
North America accounted for the largest share of the nerve monitoring system market
Geographically, the nerve monitoring system market is segmented into North America, Europe, Asia, and the Rest of the World. North America is estimated to account for the largest share of the market in 2017, which is driven by the presence of a large patient population accompanied by a well established medical reimbursement policy.
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Key Players of the Industry:
Analysis of the market developments between 2015 and 2017 revealed that several growth strategies such as product launches, acquisitions, mergers, and expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the nerve monitoring system market. Among these business strategies, mergers and acquisitions, were the most widely adopted growth strategies by players to strengthen their product portfolios and to remain competitive in the market.
The major players of the nerve monitoring market are Medtronic (Ireland), NuVasive (US), Nihon Kohden (Japan), Bovie Medical (US), and Natus Medical (US), Checkpoint Surgical (US), Magstim (UK), Inomed (Germany), Erbe Elektromedizin (Germany), Dr. Langer Medical (Germany), EMS Handels (Austria), Neurovision Medical (US), and Halyard Health (Georgia).