The factors driving the growth of this market are the expansion in target patient base, rising demand for surgical intervention among trauma cases rising, clinical benefits associated with nerve monitoring systems, and the growing availability of medical reimbursements for nerve monitoring in developed nations.
The Global Nerve Monitoring System 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.
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.
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Medtronic (Ireland) held the leading position in the global nerve monitoring systems market in 2016. The company offers Intraoperative NIM nerve monitoring systems that provide audio and visual warnings to surgeons for various procedures such as ENT, biopsy, neuroendoscopy, and general surgeries.
# 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
This is helping the company to strengthen its position in the nerve monitoring market. The company is increasingly focusing on research and development activities to maintain its product portfolio. For instance, the company invested USD 1,640 million in research and development activities in 2015, whereas it invested USD 2,193 million in 2017.
NuVasive (US) secured the second position in the global nerve monitoring system market in 2016. The company is focused on transforming spine surgery with minimally disruptive, procedurally integrated solutions. The company’s nerve monitoring system “NVM5 platform” is capable of performing various functions during spine surgery such as nerve avoidance and navigation, nerve monitoring and instrument navigation, spinal cord monitoring, peripheral sensory nerve monitoring, computer-assisted, rod-bending technology, and intraoperative angular assessment tools.
Key Questions Addressed by This Report:
# What are the business growth strategies adopted by key market players to maintain their market position across key geographies?
# 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.
The company is continuously focusing on significant research and development efforts to expand its product platforms and develop advanced applications of unique technology into procedurally integrated surgical solutions.
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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.
Based on end user:
The nerve monitoring systems market is segmented into hospitals and surgical centers, and ambulatory surgical centers. The hospitals and surgical centers segment is projected to be the fastest-growing end-user segment of the nerve monitoring system market. High growth rate of the hospitals and surgical centers segment can be attributed to factors such as increasing number of complex surgical procedures performed there, rising number of diagnostic and surgical procedures carried out at hospitals, and growing number of hospitals and surgical centers across developing countries (such as India, China, Poland, Mexico, and South Africa)