The global Intraoperative Neuromonitoring (IONM) Market is expected to reach USD 3.6 billion by 2025, based on a new report by Grand View Research, Inc. The intraoperative neuromonitoring market is anticipated to witness significant growth in the forecast period, which can be attributed to the hospitals adopting intraoperative monitoring in a wide spectrum of surgeries.
Major surgeries pose a risk to the nervous system that necessitates neuromonitoring. This has resulted in growing popularity of intraoperative neuromonitoring amongst surgical teams, surgeons, and hospitals. It results in reduced cases of revision surgeries, postoperative complications, and permanent impairment.
Industry players are acquiring smaller companies to expand their product offerings and geographical presence. For instance, in June 2016, Biotronic NeuroNetwork, LLC, headquartered in Michigan, was acquired by NuVasive, Inc., in a transaction worth USD 98 million.
U.S. Intraoperative Neuromonitoring (IONM) Market by Type, 2014 – 2025 (USD Million)
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Further key findings from the study suggest:
- Insourced IONM dominated the market in 2015, which is attributed to the rising number of surgeries and emphasis on patient during the procedures. IONM is utilized to minimize the neurological morbidity caused by operative manipulations. This offers detection of injuries during the operation and minimizes the risk of permanent nerve damage. Hospitals have adopted intraoperative monitoring and have trained technologists, who are supervised by neurologists and physiologists during the procedures.
- Outsourced IONM is also gaining popularity and is expected to grow at a rapid rate over the forecast period Hospitals and healthcare centers choose to outsource their IONM needs due to benefits such as cost-efficiency and availability of focused service providers.
- Geographically, North America dominated the industry in 2015 and is expected to maintain its position during the forecast period. It is accepted as a standard of care by the medical community in this region due to its benefits. New neurosurgeons and orthopedic surgeons are being trained to adopt this technique during procedures.
- Asia Pacific is anticipated to observe the fastest growth over the coming years. Rising number of surgeries, developing economies, growing capacity of patients to bear expenses, and presence of a large patient pool are few factors contributing to this growth.
- Some of the key industry contributors are Biotronic NeuroNetwork, LLC; Medtronic; Accurate Monitoring; NuVasive Inc.; Natus Medical Incorporated; SpecialtyCare; Sentient Medical Systems; and NeuroMonitoring Technologies, Inc.
Intraoperative Neuromonitoring (IONM) Market Share, by Geography, 2015
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Grand View Research has segmented the intraoperative neuromonitoring (IONM) market by type and region:
IONM Market Type Outlook (Market Revenue in USD Million, 2014 – 2025)
- Insourced IONM
- Outsourced IONM
IONM Market Regional Outlook (Market Revenue in USD Million, 2014 – 2025)
- North America
- Asia Pacific
- Latin America
- South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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