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.
Expected Revenue Growth:
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.
Major Growth Boosting Factors:
Factors such as increased target patient population, clinical benefits associated with nerve monitoring procedures, and the rising use of nerve monitoring in trauma cases are expected to drive the demand for nerve monitoring products during the study period.
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Global Industry Dynamics:
Based on the technology, the electromyography segment is expected to register highest growth rate during the forecast period
Based on technology, the nerve monitoring system market is divided into electroencephalography, electromyography, electrocorticography and evoked potential. Among these segments, electromyography is expected to grow at the highest CAGR during the forecast period. Growing availability of reimbursements for EMG-assisted surgical procedures in developed countries, significant use of EMG nerve monitoring for intraoperative applications, and technological advancements in the field are expected to drive the growth of the electromyography segment in the next five years.
Based on application, neurosurgery is estimated to be the largest segment of the market in 2017.
The nerve monitoring system market is segmented by application into cardiovascular, neurosurgery, spine surgery, ENT surgery, and other applications. The neurosurgery segment is expected to have the largest share in the nerve monitoring system market in 2017, owing to increasing number of patients suffering from neurological disorders.
Based on end users, the hospitals and surgical centers segment is expected to register fastest growth rate in the forecast period
The nerve monitoring system market is segmented into hospitals and surgical centers and ambulatory surgical centers segment. The hospitals and surgical centers is projected to be the fastest-growing end-user segment due to increasing number of complex surgical procedures, and rising number of diagnostic and surgical procedures carried out at hospitals.
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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Global Key Players:
The major players of the nerve monitoring system 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).