The global nerve monitoring system market is projected to reach USD 1.45 Billion by 2022 from USD 1.14 Billion in 2017, at a CAGR of 4.9 percent during the forecast period. Increased target patient population, clinical benefits associated with nerve monitoring procedures, and the rising use of nerve monitoring in trauma cases are factors expected to drive the demand for nerve monitoring products during the study period.
This report broadly segments the nerve monitoring system market into product, technology, application, and end user.
On the basis of product, the market is categorized into nerve stimulation electrodes and probes, nerve monitors, and accessories. In 2017, nerve stimulation electrodes and probes segment is expected to account for the largest share. The large share of this segment is attributed to the increasing awareness about the clinical benefits associated with nerve monitoring, increasing number of complex & critical surgeries worldwide, rising spinal cord injuries across the world, and ongoing technological advancements in the field of nerve stimulation & monitoring.
Based on technology, the market is segmented into electromyography, electroencephalography, electrocorticography, and evoked potential. Electromyography (EMG) segment is expected to be the fastest-growing segment of the market during the forecast period. Electromyography is used for analysis, evaluation, and recording of electrical activity of skeletal muscles and motor nerve cells associated with them. Growing availability of reimbursements for EMG-assisted surgical procedures in developed countries and the significant use of EMG nerve monitoring for intraoperative applications are expected to drive the growth of the electromyography segment during the forecast period.
Based on application, the nerve monitoring system market is segmented into cardiovascular, neurosurgery, spine surgery, ENT surgery, and other applications. The ENT surgery segment is expected to grow at the highest CAGR in the nerve monitoring system market. The rising number of target ENT surgeries across the globe (coupled with the growing awareness of healthcare professionals), increasing clinical data for nerve monitoring procedures for thyroid surgeries, and availability of reimbursement are expected to drive the growth of this segment during the forecast period.
Based on end user, the nerve monitoring systems market is segmented into hospitals and surgical centers, and ambulatory surgical centers. The hospitals and surgical centers segment is projected to be the fastest-growing end-user segment of the nerve monitoring system market. High growth rate of the hospitals and surgical centers segment can be attributed to factors such as increasing number of complex surgical procedures performed there, rising number of diagnostic and surgical procedures carried out at hospitals, and growing number of hospitals and surgical centers across developing countries (such as India, China, Poland, Mexico, and South Africa)
The report covers the nerve monitoring systems market across four major geographies, namely, North America, Europe, Asia, and the Rest of the World (RoW). North America is expected to command the largest share of the market in 2017 due to the significant adoption of nerve monitoring owing to the growing number of clinical trials that have proved its therapeutic efficacy in surgeries. – Markets and Markets