NEW YORK, March 22, 2018 (GLOBE NEWSWIRE) -- According to P&S Market Research, Intraoperative neuromonitoring market is forecasted to reach around $5.5 billion by 2023, the growth in the market will be led by the ageing population, increasing prevalence of chronic disorders, applications of IONM in different surgeries, and risk management through IONM during complex surgeries.
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In terms of product and services, the intraoperative neuromonitoring market has been categorized into systems, instruments, and accessories. The systems segment was the largest contributor to the global market, with more than 45% share in 2016.
The IONM applications involve spinal surgery, neurosurgery, vascular surgery, ENT surgery, orthopedic surgery, and other surgeries. Among the available applications of IONM, orthopedic surgery is estimated to witness the fastest growth in demand at a CAGR of 7.9% during the forecast period. By end user, the intraoperative neuromonitoring market is led by hospitals contributing more than $2 billion in 2016. The large number of hospitals is the major factor to its large share in the market.
Asia-Pacific is the potential intraoperative neuromonitoring market for the growth of due to the high population base, presence of unmet medical needs, and increasing disposable incomes of people in the region. Moreover, the medical tourism and technological advancements make Asia-Pacific a lucrative market for IONM. It is estimated that the APAC will witness the fastest growth in demand at a CAGR of 8.6% during the forecast period.
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Key players in the intraoperative neuromonitoring industry are launching advanced products, to gain a larger market share. For instance, in February 2016, Nihon Kohden Corporation launched Neuromaster MEE-2000A, an IONM system, used in spine, neurology, vascular orthopedic, and otolaryngologic procedures. Similarly, in October 2016, Modberg Research Inc., launched CNS 300 monitor with wide screen display, high resolution, and advanced ICU amplifier.
Some of the other key players operating in the global intraoperative neuromonitoring market are Accurate Monitoring LLC, Computational Diagnostics, Inc., IntraNerve, LLC, Inomed Medizintechnik GmbH, Medtronic plc, and SpecialtyCare.
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