May 29, 2024
Nerve Monitoring System Market

Nerve Monitoring System Market Trends by Increase in Neurosurgeries

The nerve monitoring system market encompasses different types of devices that are used to monitor the sensory and motor functions of nerves during surgical procedures. Nerve monitoring systems help surgeons detect any injury to nerves by continuously monitoring the electrical signals in nerve tissues during surgery. These systems aid in reducing the risks associated with nerve damage during complex procedures involving the spine, head, neck or cranial nerves. Some key advantages of nerve monitoring include ability to identify nerves accurately, prevent unintended damage to neural structures and reduce litigation risk. The growing prevalence of neurological diseases and increasing number of surgical procedures such as head and neck surgeries, spine surgeries and cardiovascular surgeries are driving the demand for nerve monitoring systems.

The Global Nerve Monitoring System Market is estimated to be valued at US$ 2.38 Bn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Nerve Monitoring System Market Demand are Medtronic, Natus Medical, Inomed, NIHON KOHDEN CORPORATION, Checkpoint Surgical Inc., Magstim, Bovie Medical, Halyard Health, Neurovision Medical, NuVasive, Inc., Stimwave Technologies, Neuspera Medical, Langer Medical GmbH, Neurosign, Cadwell Laboratories, Compumedics Limited, Electrical Geodesics Inc.

The growing number of neurological disorders and rising surgical volume for procedures such as spinal surgeries and ENT surgeries are driving the demand for nerve monitoring systems. Advancements in technology have enabled real-time monitoring of neurological functions to reduce the risk of nerve injury during complex surgeries.

Geographical expansion into emerging markets and increasing adoption in ambulatory surgical centers and hospitals is expected to provide a boost to the overall nerve monitoring system market during the forecast period. Ongoing research and development for new products with enhanced features is also supporting the global expansion of this market.

Market key trends

One of the key trends gaining traction in the nerve monitoring system market is the incorporation of neuromonitoring with robot-assisted surgeries. Integration of nerve monitoring capabilities with surgical robotic platforms allows for continuous monitoring of complex spinal and ENT procedures performed with robotic assistance. This promotes high accuracy, reduces risks and improves outcomes. Growing adoption of robotics in minimally invasive surgeries will further propel the demand for nerve monitoring solutions compatible with robotic technologies. With ongoing innovations, nerve monitoring is anticipated to become an integral part of most surgical specialties in the coming years to maximize patient safety and surgical outcomes.

Porter’s Analysis

Threat of new entrants: New companies will face considerable challenges entering the nerve monitoring systems market due to the presence of large established players.

Bargaining power of buyers: The bargaining power of buyers is low due to limited alternatives available for nerve monitoring systems and buyer dependence on incumbent providers.

Bargaining power of suppliers: As most key components for nerve monitoring systems can be easily sourced from alternative suppliers, the bargaining power of suppliers is low.

Threat of new substitutes: No substitute currently exists for intraoperative nerve monitoring, limiting the threat of substitutes.

Competitive rivalry: The competitive rivalry in the nerve monitoring systems market is high due to the presence of a large number of international players.

North America dominated the nerve monitoring system market in terms of value in 2024 due to large number of surgical procedures and an advanced healthcare infrastructure. Asia Pacific is expected to be the fastest growing region for the nerve monitoring system market between 2024 to 2031 owing to increasing healthcare expenditures, rising incidences of neurological disorders, improving access to healthcare facilities and growing medical tourism.

Geographical regions

North America and Europe are expected to account for over 60% share of the global nerve monitoring system market value in 2024 owing to high patient awareness, rising aging population and advanced healthcare infrastructure in countries like US and Germany. The nerve monitoring system market in Asia Pacific is anticipated to expand at the fastest CAGR during the forecast period, due to rapidly developing healthcare sector in countries like India and China coupled with growing demand for neuromonitoring in complex surgical procedures. Favourable government initiatives to boost healthcare access and rising medical tourism are some other factors expected to drive the regional market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it