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The rising prevalence of chronic diseases, increasing geriatric population, applications of intraoperative neuromonitoring in different surgeries, and use of intraoperative neuromonitoring for risk management during complex surgeries are the key factors leading to the growth of the market.
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When source type is taken into consideration, the market is bifurcated into outsourced monitoring and insourced monitoring, between which, the insourced monitoring bifurcation accounted for the larger share of the market in the past. The share of this bifurcation, however, is predicted to decrease in the coming years, owing to the cost-effectiveness of the outsourced monitoring source type. The hospital needs to provide training, among other facilities, to the insourcsed monitoring staff regularly, which is tough task for hospitals and results in additional expenses.
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The intraoperative neuromonitoring market was dominated by North America in 2019, where the region held 43.9% share of the market in 2016. The region is further predicted to hold the largest share of the market during the forecast period due to the increasing prevalence of neurological diseases, presence of highly advanced healthcare infrastructure, favorable reimbursement policies, high adoption of intraoperative neuromonitoring, and growing patient awareness regarding intraoperative neuromonitoring. Moreover, the large number of hospitals and increasing volume of surgeries are also driving the regional market.
The increasing number of surgical procedures is a major factor leading to the expansion of the intraoperative neuromonitoring market. Spinal intraoperative neuromonitoring is an essential procedure that aids in risk management when complex surgeries are being carried out. By using intraoperative neuromonitoring, risk of possible impairment of nerve function due to improper positioning of the patient, or impairment to neurophysiological relevant nerve structures is reduced. Thereby, intraoperative neuromonitoring is an essential technology for surgeons, as it allows them to optimize intervention without causing harm to the neural structure.