Intraoperative Neuromonitoring Market Size, Share & Trends Analysis Report By Product (Insourced, Outsourced), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), And Segment Forecasts, 2022 - 2030

Intraoperative Neuromonitoring Market Growth & Trends

The global intraoperative neuromonitoring market size is anticipated to reach USD 4.65 billion by 2030, registering a CAGR of 4.9% during the forecast period, according to a new report published by Grand View Research, Inc. This growth can be attributed to technological advancements, increasing awareness regarding the safety of the devices, and the growing geriatric population. The COVID-19 outbreak is expected to have a dual impact on the market. In March 2020, the American College of Surgeons (ACS) published a proposal to reduce, postpone, or cancel elective surgeries as COVID-19 cases grew quickly in the U.S., which is expected to hamper growth.

Moreover, according to a research study published in Elsevier journal (International Hemorrhagic Stroke Association; Jan 2021), up to 36% of hospitalized COVID-19 patients might exhibit neurological symptoms, and there were several cases related to ischemic & hemorrhagic infarction. In addition, another recent research study published in Neurology Online Journal in June 2021 proposed that the COVID-19 virus might be responsible for patients acquiring novel neurological diseases. Owing to the growth of new diseases, there is a higher risk of in-hospital mortality and a low discharge rate. These characteristics are expected to result in lucrative growth over the forecast period.

Furthermore, the market is expected to witness growth due to the increasing number & affordability of neurosurgeries and the growing emphasis on patient safety in surgeries. Hospitals are adopting Intraoperative Neuromonitoring (IONM) in a wide spectrum of surgeries, as it reduces the number of revision surgeries and results in fewer postoperative complications & cases of permanent impairment.

Intraoperative Neuromonitoring Market Report Highlights

• By type, the insourced segment accounted for the largest share of 55.19% in 2021. This can be attributed to growing awareness among physicians as well as patients about the benefits of IONM, which results in the hospitals utilizing IONM during complex procedures. This is a key reason for the dominance of insourced IONM in the market
• By region, North America accounted for the largest share of 49.30% in 2021. Favorable reimbursement scenarios along with technological advancements can be attributed to this dominance
• Asia Pacific is expected to witness the fastest CAGR of 5.46% over the forecast period. The growing geriatric population, increasing number of surgeries, and rising expenditure on healthcare can be attributed to this growth