Intraoperative Neuromonitoring Market: Rapidly Evolving Industry…… COVID-19….



The global Intraoperative Neuromonitoring market size is expected to reach USD 3.6 billion by 2025, based on a new report by Grand View Research, Inc. The 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.
With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.
Major surgeries pose a risk to the nervous system that necessitates neuromonitoring. This has resulted in growing popularity of intraoperative neuromonitoring (IONM) 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.
Some key industry contributors are Natus Medical Incorporated, Accurate Monitoring, NeuroMonitoring Technologies, Biotronic NeuroNetwork, LLC, Medtronic, NuVasive Inc, SpecialtyCare and Sentient Medical Systems.
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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.
·         Prominent players operating in the intraoperative neuromonitoring market include are Biotronic NeuroNetwork, LLC; Medtronic; Accurate Monitoring; NuVasive Inc.; Natus Medical Incorporated; SpecialtyCare; Sentient Medical Systems; and NeuroMonitoring Technologies, Inc.
The global intraoperative neuromonitoring market size was valued at USD 2.2 billion in 2015 and is projected to grow at a CAGR of 4.79% over the forecast period. The increasing emphasis on patient safety during complicated surgeries is driving the market for neuromonitoring during procedures. The huge burden of healthcare costs and patients’ desire to avoid readmission to hospitals are also some of the factors for adoption of intraoperative neuromonitoring (IONM).
According to WHO, 80% disorders in the disabling conditions are neurological. Intraoperative monitoring is becoming a crucial factor in neurosurgery as it offers an early warning concerning motor & sensory functions during surgery thus yielding better results and avoiding post-operative neurophysiological deficits. Safer surgery translates to reduced intervention time and risk. These benefits have made it mandatory in neurosurgeries.
Favorable reimbursement scenario is also expected to augment the demand in the near future. The billing code underwent some changes recently wherein 15,000 codes were increased to 72,000 codes, offering more granularity. This is expected to ease the reimbursement procedures for IONM resulting in increased use.
The industry is witnessing dynamic merger and acquisition activities. For instance, in October 2016, SpecialityCare acquired Sentient Medical Systems. This transaction was expected to strengthen the company’s product portfolio. It had also acquired Surgical Monitoring Associates, Inc. in 2011. The terms of this transaction were undisclosed. This strategic step was undertaken to expand the company’s business.
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Grand View Research has segmented the global intraoperative neuromonitoring market by type:
IONM Market Type Outlook (Market Revenue in USD Million, 2014 - 2025)
·         Insourced IONM
·         Outsourced IONM
Based on the type, the IONM market is segmented into insource and outsource IONM. The insource IONM dominated the market in 2015 due to a rising number of surgeries and compulsory monitoring of vital stats during every procedure. Hospitals have adopted IONM and have trained technologists, who are supervised by neurologists and physiologists during the procedures. There are no defined guidelines for the use of neuromodulation devices but growing demand and usage of the same is anticipated to trigger this procedure.
Outsource IONM is also gaining popularity and is the fastest growing segment. The IONM devices are in a continuous improvement phase. This results in constant modification of these devices. Outsourcing eliminates the need for hospitals to incur capital expenditure for the purchase of these equipment and bear its maintenance cost. All these factors contribute to the shift in preference to outsource IONM.
Most of the industry players focus on expanding their distribution channel to serve the maximum number of hospitals and healthcare facilities. Inomed Medizintechnik GmbH has distribution capabilities across more than 80 countries serving more than 4,000 clinics. Furthermore, NeuroMonitoring Technologies, Inc. serves over 200 surgeons in 54 hospitals, which accounts for 6000 procedures annually. Similarly, Sentient Medical Systems serves more than 800 surgeons in 300 hospitals and SpecialtyCare boasts of serving for more than 375,000 procedures annually with the help of almost 500 IONM experts.
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.




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