New York, USA, June 09, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global intraoperative neuromonitoring market is projected to register a revenue of $3,413.0 million at a CAGR of 4.5% during the forecast period (2019-2026), increasing from $2,400.0 million in 2018. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Chronic diseases are the bitter fruits of changing lifestyle which include unhealthy eating habits and lack of physical activity. Geriatric population consists the major portion of such chronic diseases. These chronic diseases require neurosurgeries which involve intraoperative neuromonitoring process. This is the main reason behind the growth of the global intraoperative neuromonitoring market.
Intraoperative neuromonitoring procedures are essential for the safety of a patient during complex operations. Because of this reason, the demand for intraoperative neuromonitoring systems has been increased across different spheres of healthcare. These are other factors fueling the growth of the market.
Restraint: The main restraining factors of the market are expected to be the high cost of neurosurgeries and the lack of expert professionals for proper maintenance of the intraoperative neuromonitoring systems in developing countries.
Opportunity: The popular and evolving trend of medical tourism is expected to create many opportunities for the global market in upcoming years. Technological advancements in intraoperative neuromonitoring systems is also another factor multiplying the growth opportunities of the market.
Segments of the Market
The report has been divided into different segments based on monitoring type, application, and regional analysis.
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Monitoring Type: Insourced Sub-Segment Expected to Garner the Highest Revenue
Insourced sub-segment accounted for $1,401.6 million in 2018 and is further expected to garner the maximum revenue of $1,754.3 million during the forecast period. The insourced monitoring type is used in the intraoperative neuromonitoring procedures during the surgery to make the surgery error-free. This is the factor enhancing the growth of the market segment.
Application: Neuro & Spine Surgeries Sub-Segment Estimated to be the Most Lucrative
The neuro & spine surgeries sub-segment garnered a revenue of $830.4 million in 2018 and is further predicted to garner the most lucrative revenue of $1,095.6 million in upcoming years. The intraoperative neuromonitoring systems are used to continuously monitor complex neuro & spinal surgeries so that the surgeries are performed without any error. Moreover, intraoperative neuromonitoring systems can detect any kind of neurological defects post the surgery. This is the reason enhancing the growth of the market segment during the forecast period.
Region: North America Regional Market Expected to Lead the Market
North America regional market garnered the highest market share in 2018 at a CAGR of 51.3%. The market is further predicted to continue to dominate the market by generating a revenue of $1,662.1 million by the end of 2026. The region is highly using patient seeking neuromonitoring systems for their surgeries. This is the main factor accelerating the growth of the market.
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Key Players of the Market
The most significant players of the global intraoperative neuromonitoring market players include
- Computational Diagnostics, Inc.
- NIHON KOHDEN CORPORATION
- Moberg Research, Inc.
- NuVasive, Inc.
- Cadwell Industries, Inc.
- Medsurant Health
- Medgadget, Inc.
- Medtronic
- Accurate Monitoring
- IntraNerve Neuroscience Holdings, LLC
- NeuroMonitoring Technologies, Inc.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
In February 2021, NuVasive, Inc., the global leader in spine technology innovation, announced about its acquisition of Simplify Medical, a privately held company and developer of the Simplify® Cervical Artificial Disc (Simplify Disc) for cervical total disc replacement (cTDR).
The acquisition helped NuVasive to enhance its cervical portfolio in the market with the addition of the Simplify Disc to its C360™ portfolio. The acquisition also enabled NuVasive to address all main segments of the cervical spine by offering inclusive, procedurally integrated solutions across posterior cervical fusion (PCF), anterior cervical discectomy and fusion (ACDF), and cTDR procedures.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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