The global nerve monitoring devices market size was significantly robust in 2022, and is expected to register a steady revenue CAGR over the forecast period. Demand for nerve monitoring devices has been rising substantially and its adoption across industries has been increasing in a parallel manner due to changing market trends and consumption patterns. These factors are expected to continue to support market revenue growth over the forecast period.
Nerve monitoring devices are an essential part of intraoperative surgeries. They are used to monitor neurological functioning. Nerve monitoring is also known as intraoperative neurophysiological monitoring (IONM), which implements electromyography (EMG), electroencephalography (EEG), and electrocorticography (ECOG), and has the potential to monitor functional integrity of certain neural structures.
Global Nerve Monitoring Devices Market: Dynamics
Persistent increase in geriatric population, rising incidence of neurodegenerative disorders and spinal cord injuries, and development of nerve monitoring devices due to technological advancements are expected to accelerate market growth over the forecast period. Aging is one of the key risk factors for neurological disorders. Therefore, demand for nerve monitoring devices is expected to increase with growing elderly population across the world.
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Moreover, rising numbers of complex neurosurgeries being performed and significant adoption of electroencephalography (EEG) among researchers are expected to drive market growth over the forecast period. Further, a growing pool of patients, coupled with increasing awareness about the clinical benefits of nerve monitoring, is creating new opportunities in the market.
However, high price of advanced nerve monitoring devices and high medical costs are expected to restrain market growth over the projected timeframe.
Global Nerve Monitoring Devices Market: Regional Landscape
Based on region, the global nerve monitoring devices market has been segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Market revenue of Asia-Pacific nerve monitoring devices market is expected to grow at a significantly high rate over the forecast period. This is due to government initiatives and investments for continuous advancement in medical technology. Further, increasing public awareness about health issues, coupled with rising disposable income and availability of health insurance, has augmented region’s market growth.
The North American market is expected to hold considerable revenue share due to ongoing technological research and development activities in the field of nerve stimulation and monitoring, as well as presence of sufficient reimbursement schemes in the region.
Global Nerve Monitoring Devices Market: Competitive Landscape
The report contains an industry analysis of recent developments and trends in the nerve monitoring devices market and strategies adopted by key players operating in the market. It also includes information on collaborations, business contracts, mergers and acquisitions, and joint ventures.
For instance, Medtronic received FDA 510(k) clearance for its NIM Vital in October 2020. The intraoperative nerve monitoring system (NIM Vital) allows physicians to confirm, monitor, and identify nerve function to minimize nerve damage risk during head and neck surgery. Additionally, Medtronic acquired Ai Biomed for an undisclosed amount, which added company’s PTeye parathyroid detection system to Medtronic’s ENT portfolio.
Some prominent players operating in nerve monitoring devices market are:
- Electrical Geodesics
- Neurosign Surgical
- Neurowave Systems
- Cadwell Laboratories
- Nihon Kohden
- Natus Medical
- Langer Medical GmbH
- Compumedics Limited
Global Nerve Monitoring Devices Market: Segmentation
The report consists of forecasts for the nerve monitoring devices market at global, regional, and country levels. The report contains an analysis of market trends in each segment for the period 2023 to 2032. For this study, has segmented the global nerve monitoring devices market in terms of technology, product, and end user as follows –
Technology Outlook (Revenue, USD Million; 2023–2032)
- Electromyography (EMG)
- Electroencephalography (EEG)
- Electrocorticography (ECOG)
- Evoked Potential (EP)
Product Outlook (Revenue, USD Million; 2023–2032)
- Cables, Lead wires, Adapters
- Reusable Surface Electrodes
- Disposable Surface Electrodes
End User Outlook (Revenue, USD Million; 2023–2032)
- Hospitals and Surgical Centers
- Ambulatory Surgical Centers
Regional Outlook (Revenue, USD Million; 2023–2032)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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