(MENAFN- Comserve)
Shibuya-ku, Tokyo, Japan, Japan, Jun 23, 2022, 08:33 /Comserve / -- The report predicts the global IONM Market to grow at a healthy CAGR over the forecast period from 2022-2031.
Intraoperative neuromonitoring (IONM) involves the application of a wide variety of electrophysiological methods to examine the functional aspect of the nervous system during surgical procedures. The primary purpose of these neuromonitoring devices is to limit the incidence of iatrogenic and randomly induced neurological injuries to patients during surgical procedures.
The IONM market in North America is expected to cross $2.1 billion, growing at a CAGR more than 8% during the period 2022 - 2031. The out-sourced intraoperative neuromonitoring market will dominate the IONM market in North America. The number of establishments providing outsourced intraoperative neuromonitoring has also increased considerably in recent years in the US. Thus, opportunities witnessed by the IONM market in US are highly lucrative.
The report provides a holistic view of the IONM market in North America, the companies involved in the market, and the factors driving its growth. It also provides information on some of the latest trends that have started to surface and are likely to become strong market driving forces over the next five years. This report also provides the Porter's Five Forces analysis along with a description of each force and its impact on the market. Further, the report also provides complete value chain analysis of the market.
IONM Market in North America: Key Vendor Analysis
IONM equipment manufacturers dominate the market
Although the IONM market in North America is dominated by the equipment manufacturers, the number of establishments manufacturing intraoperative neuromonitoring equipment is limited.
Major vendors in the market are Cadwell Industries, SpecialtyCare, Natus, NuVasive, Medtronic, inomed Medizintechnik GmbH.
Other emerging vendors are Accurate Monitoring, , Computational Diagnostics, Bromedicon Neuromonitoring, Clinical Neurodiagnostics, CNS Neuromonitoring, Dr. Langer Medical GmbH, IntraNerve, Medsurant Health, Neuro Alert, Neuromonitoring Technology (NMT) and Nihon Kohden Corp.
North America IONM Market Dynamics
Increase in demand for out-sourced intraoperative neuromonitoring to drive the market growth
Increase in aging population and chronic diseases, sizeable increase in surgical procedures, considerable increase in hospitals recommending intraoperative neuromonitoring for varied surgeries are the factors that are going to enhance the market growth.
Increased demand for remote neuromonitoring, advent of portable and multi-modality devices, integration of MI surgeries with intraoperative neuromonitoring devices are the latest trends that are going to shape the market during the forecast period.
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IONM Market in North America: Segmental Overview
Neurosurgery segment is going to dominate the market during the forecast period
The in-sourced market is forecasted to increase at a minimal pace in the foreseeable future as it is being replaced by out-sourced services. The out-sourced intraoperative neuromonitoring services market in North America accounted for 45.10% in 2016. It is anticipated to grow at a rapid CAGR of 14.00% during 2022 - 2031. The out-sourced services market will dominate the IONM market in this region by the end of 2022.
In terms of modality, the growth rate of these EEG and EMG modality types are anticipated to be almost equal during 2016–2022. The primary driver for all intraoperative neuromonitoring modalities is increased in their utilization rate across varied surgical interventions. In terms of the growth rate, orthopedic surgeries are likely to grow at a higher CAGR than other surgical types. However, neurosurgery will remain the major revenue contributor during the forecast period in the application segment.
IONM Market in North America: Country Analysis
The market for IONM in Canada is anticipated to experience a notable surge
The primary factor for the high share of North America in the global intraoperative neuromonitoring market is the existence of the favorable and constantly improving reimbursement scenario in the region. The penetration of intraoperative neuromonitoring devices is significantly higher in the US than other developed or developing countries. Their demand in this region is also rapidly growing increased in rate of utilization of intraoperative neuromonitoring for varied surgeries and due to increase in demand for out-sourced services. A high adoption of tele-health services, including remote neuromonitoring, is likely to be one of the key growth influencers for IONM market in Canada.
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