The global intraoperative neuromonitoring market is projected to generate $4.93 billion revenue by 2030, advancing at a CAGR of 4.8% during 2021–2030. This can be ascribed to the increasing R&D expenditure, the growing medical tourism, the mounting technological advancement, the rising population with chronic and neurological diseases, and the surging preference for minimally invasive surgeries across the globe.
Based on source type, the outsourced monitoring category will register a higher CAGR, of around 5.2%, during the forecast period. This can be because hospitals and healthcare facilities choose to outsource their IONM requirements, due to factors including cost-effectiveness and the availability of specialized service providers. In addition, outsourcing relieves hospitals and healthcare settings from the cost of procuring and maintaining advanced equipment.
On the other hand, the insourced monitoring category held the major share in 2021, and it is expected to dominate the market in the coming years. This is ascribed to the rise in operating frequency and the requirement that vital signs be tracked throughout each surgery. Moreover, hospitals are implementing IONM and training technologists who supervise procedures, and the increasing preference of patients to visit hospitals fuel the market growth in this category.
On the basis of products & services, the systems category contributed the majority of revenue to the market in 2021 and is further expected to maintain its dominance in the coming years. This is attributed to the surging technological infrastructure in healthcare, the rising number of surgical procedures, and the increasing usage of such systems to monitor sensitive neurological structures and provide surgeons the ability to identify and mitigate potential damage in real-time.
Based on application, spinal surgery accounted for a significant revenue share in 2021, and the category is expected to grow at a significant CAGR in the coming years. This is because spinal surgery, which is the gold standard for treating spinal deformities, is often employed to treat these conditions. Moreover, the surging prevalence of spinal disorders, owing to sedentary lifestyles, helps boost the market in this category.
Hospitals, based on end user, accounted for the largest revenue share in 2021, and the category is expected to maintain its position during the forecast period. This is attributed to a rise in the number of hospitals, a high preference of patients to visit hospitals, and government subsidies for surgical procedures performed in such facilities. Additionally, the increasing trend in shifting the focus of hospitals from insourced monitoring to outsourced monitoring fuels the market demand.
Geographically, North America held the highest revenue in 2021 and is further expected to maintain its position during the forecast period. This is due to the high adoption rate of new advanced technologies, high healthcare expenditure, government policies that support the use of IONM devices, the presence of a large number of market players, and an increase in the number of surgeries due to a large patient base, in the region.
On the other hand, the APAC market will register the fastest growth in the coming years. This can be attributed to the burgeoning awareness and understanding of intraoperative neurophysiological monitoring programs among people, the rising healthcare sector, the growing medical tourism, the mounting population, and the increasing prevalence of neurological disorders.
Some of the major players in the intraoperative neuromonitoring market are inomed Medizintechnik GmbH, IntraNerve Neuroscience Holdings LLC, Moberg Research Inc., Accurate Neuromonitoring LLC, Nihon Kohden Corporation, SpecialtyCare, and Medtronic plc.