Nerve Monitoring System Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2815
Nerve Monitoring System Market size is projected to experience significant growth from 2018 to 2024.
Increasing number of brain disorders, chronic diseases and other surgical procedures will drive demand for nerve monitoring system in upcoming years. Brain disorders, schizophrenia, Alzheimer’s disease, depression and Parkinson’s disease form most serious issues. According to National Center on Caregiving, over one million adults are annually affected by chronic disorder/disease in the U.S. This rising number of neurological diseases and disorders will considerably stimulate market growth over the forecast period.
Availability of reimbursement for nerve monitoring system will augment business growth. Favorable reimbursement policies will facilitate rapid adoption of these systems. Moreover, different reimbursements are in place for accessories along with complete nerve monitoring systems. This factor will ensure greater demand for nerve monitoring systems during the projected timeframe.
New advancements in nerve monitoring system will offer lucrative market growth in upcoming years. Minimally invasive surgeries such as robotic and laparoscopic surgeries are gaining importance due to advantages offered including enhanced visibility, control and flexibility. Moreover, emergence of micro-grip adherence technology that reduces recurrence of hernia will also considerably support increase of market share over the forecast period.
Advancements in nerve monitoring technology will upsurge applications and extensive applications should augment business growth in near future. Recent advancements include detection of depth of anesthesia, better alarm systems, transesophageal echocardiography and improved neurological monitoring. Accelerating need for enhanced and efficient monitoring systems will further foster industry growth in upcoming period.
Lack of skilled professionals for efficient nerve monitoring, less awareness about nerve monitoring techniques in several developing nations and high cost of these systems will restrain market growth in upcoming years.
Accessories segment will show lucrative growth over the forecast time owing to rising demand for nerve monitoring systems across hospitals and ambulatory surgical centers. Affordability and repeat purchase are foremost factors driving the segmental growth. In addition, growth of nerve monitoring systems market due to accelerating chronic conditions will further impel segmental growth in forthcoming period.
Electromyography segment will witness momentous growth as a result of growing applications including neuromuscular disorders and muscle rheumatism. Technological advancements such as myoelectric control and sensitivity. Better nerve monitoring efficacy along with suitable reimbursement scenario will positively impact segment growth during the forecast years.
Hospitals segment will record largest revenue owing to growing number of patient visits as a result of rising chronic ailments across the globe. Hospitals utilize high number of technologically advanced products that will boost market growth. Furthermore, escalating number of surgeries and diagnostic procedures will foster segmental growth during forecast timeline.
U.S. nerve monitoring system market larger patient pool suffering from neurological, cardiovascular disorders along with rise in number of ear, nose and throat diseases. Faster adoption of high-end technological products will result in expansion of regional share in foreseeable years.
The major players of global nerve monitoring system market include Axon Healthcare, Checkpoint Surgical, Dr. Langer Medical, Bovie Medical,EMS Handels Gesellschaft, Nihon Kohden, ERBE Elektromedizin, Halyard Health, Magstim, Medtronic, Natus Medical, Inomed,Neurovision Medical, Nuvasive and Xavant Technology. The companies are undertaking strategies such as product launch, acquisition and mergers broadening their market reach. For instance, in June 2014, NuVasive announced introduction of NVM5 V2.0, a new generation monitoring system for spinal and peripheral nerve monitoring. This product release will expand product base as well as attract new customers.
Nerve monitoring system market by product, 2013-2024 (USD Million)
Nerve monitoring system market by technology, 2013-2024 (USD Million)
- Electromyography (EMG)
- Electroencephalography (EEG)
- Electrocorticography (ECOG)
- Evoked Potential (EP)
Nerve monitoring system market by end-use, 2013-2024 (USD Million)
- Ambulatory Surgical Centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- Axon Healthcare
- Bovie Medical
- Checkpoint Surgical
- Dr. Langer Medical
- EMS Handels Gesellschaft
- ERBE Elektromedizin
- Halyard Health
- Natus Medical
- Neurovision Medical
- Nihon Kohden
- Xavant Technology
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