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.
Browse full research report on Global Intraoperative Neuromonitoring (IONM) Market: http://www.grandviewresearch.com/industry-analysis/intraoperative-neuromonitoring-market
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.
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
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com