The global nerve monitoring system market is expected to grow at a CAGR of about 4% over the forecast period. This growth is mainly attributed to rising patient population. Along with this, growing use of nerve monitoring systems especially in trauma cases coupled with its clinical benefits is also likely to stimulate the market.
Moreover increasing government support along with growing awareness towards neurodegenerative disorders is expected to augment market growth over the coming years. However, unfavorable reimbursement policies along with lack of skilled personnel are anticipated to affect the profitability of the market.
Nerve Monitoring System Market: Product Insights
On the basis of product, the industry is segmented into nerve monitor, nerve stimulation electrode & probe, and accessories. The market for nerve stimulation electrode & probe is expected to occupy the highest share owing to growing awareness about benefits of nerve monitoring system. Along with this, rising incidence of spinal cord injuries coupled with other complex surgeries is also likely to boost the market.
Nerve Monitoring System Market: Technology Insights
By technology, the industry is segmented into electromyography, evoked potential, electroencephalography, and electrocorticography. The electromyography segment is anticipated to grow at a significant rate over the forecast period as it helps in tracking, recording and analyzing electrical activities of skeletal muscles. Moreover, benefits associated with electrocorticography such as better accuracy in magnetic imaging than MRI is likely to foster market growth.
The electroencephalography segment is also projected to grow significantly over the years owing to factors such as high accuracy and rising clinical application in neurological diseases.
Nerve Monitoring System Market: Vertical Insights
On the basis of vertical, the market is segmented into hospitals & surgical centers and ambulatory surgical centers. Out of these, hospitals & surgical centers segment is anticipated to record the highest growth over the forecast period on account of increasing number of surgeries and diagnostic procedures. Along with this, growing number of hospitals & surgical centers in Asia Pacific and Europe is projected to favor the sector.
Nerve Monitoring System Market: Application Insights
Nerve monitoring system finds its application in neurosurgery, ENT surgery, spine surgery and cardiovascular surgery among others. The ENT surgery segment is anticipated to dominate the market over the forecast period owing to increasing number of ENT surgeries globally and rising clinical data application of nerve monitoring procedure for thyroid surgeries.
Nerve Monitoring System Market: Regional Insights
North America occupied the largest share of this market in 2016. The regional growth is attributed to growing number of clinical trials which has led to the increased demand of nerve monitoring system.
Asia Pacific is also expected to emerge as a key revenue generating region. This can be associated with growing healthcare industry and increasing disposable income across the region.
Nerve Monitoring System Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Nerve Monitoring System Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase nerve monitoring system over the coming years. Some leading consumers of this market are UnitedHealth Group, Medtronic, Thermo Fisher Scientific and Cigna.
Nerve Monitoring System Market: Market Share & Competitor Analysis
The global market for this product is expected to be significantly large due to the presence of numerous manufacturers. The key players include Checkpoint Surgical, NuVasive, Nihon Kohden, Natus Medical, Magstim, Erbe Elektromedizin, Dr. Langer Medical, Halyard Health, EMS Handels, Bovie Medical, Neurovision Medical, and Inomed.
In September 2017, Natus Medical Incorporated entered into an agreement with Integra LifeSciences Holdings Corporation to expand its product line.