Nerve Monitoring System Market Is Estimated to Witness High Growth Owing to increasing accuracy
Global nerve monitoring system market is estimated to be valued at USD 1.62 Bn in 2024 and is expected to reach USD 2.38 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031.
Key TakeawaysKey players operating in the nerve monitoring system 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.
Some of the key opportunities in the nerve monitoring system market include increased demand from ambulatory surgical centers due to rise in number of outpatient surgeries. Also growing prevalence of neurological disorders will propel demand for nerve monitoring systems for treatment procedures.
Advancements in neuromonitoring techniques like advancements in EMG techniques to achieve high accuracy, development of integrated nerve monitors with imaging and navigation support, use of advanced materials for electrodes have supported increased adoption of nerve monitors.
Market driversThe key driver for the Nerve Monitoring System Market Size is the rising number of surgeries requiring nerve monitoring like spinal surgeries, ENT surgeries, neurosurgeries. As nerve injuries can lead to lifelong disabilities, precision offered by nerve monitors in preventing nerve damage during procedures drives their increased adoption. Growing elderly population who are prone to neurologic disorders further boosts the market growth.
Current Challenges in Nerve Monitoring System MarketThe nerve monitoring system market is witnessing various technological advancements and adoption of minimally invasive surgeries. However, lack of trained professionals for nerve monitoring continues to be a challenge. Limited reimbursement policies for nerve monitoring procedures in many countries also restrict the market growth. Accuracy of nerve monitoring recordings during complex surgeries is another area of concern. High price of intraoperative nerve monitoring devices makes it inaccessible for users in cost-sensitive regions.
SWOT AnalysisStrength: Advanced technologies help achieve high accuracy in detecting nerve injuries.
Weakness: Requirement of trained staff increases operational costs.
Opportunity: Rising geriatric population prone to neurological disorders boosts demand.
Threats: Stiff competition among existing players limits pricing flexibility.
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