NERVE MONITORING SYSTEM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Size and Trends

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.

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Global nerve monitoring system market is witnessing growth due to factors such as rising incidence of neurological disorders, increasing adoption of nerve monitoring in complex surgical procedures, favorable reimbursement scenario for low-risk monitoring procedures, and availability of portable nerve monitoring devices. However, high cost of intraoperative nerve monitoring system and the dearth of skilled professionals to operate these monitoring systems can hamper the market growth.

Market Driver – Increasing Product Launches by Key Market Players

Increasing adoption of organic growth strategies such as product launches by the key market players is expected to drive the market growth over the forecast period. For instance, in May 2021, Neurosign, a medical technology company, launched V4 system for monitoring cranial nerves and spinal nerve roots during surgeries in U.S.

Market Concentration and Competitive Landscape

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Increasing adoption of inorganic growth strategies such as agreements among the key market players is expected to drive the market growth over the forecast period. For instance, in September 2023, Boston Scientific Corporation, a medical device company, announced that it  had entered into a definitive agreement with Relievant Medsystems, Inc., a privately held medical technology company, to expand neuromodulation portfolio to provide more treatment options for people living with chronic low back pain.

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Increasing product recall by regulatory authorities is expected to hamper the market growth over the forecast period. For instance, in September 2023, Abbott, a medical device company, announced that the U.S. Food and Drug Administration had recalled Proclaim neurostimulation systems and Infinity IPGs after receiving complaints that users were unable the exit the magnetic resonance imaging (MRI) mode. There have been 186 reported incidents of faulty devices and 76 cases of injuries, but no  deaths have been reported.

Market Opportunity – Growing Demand for Minimally Invasive Surgeries

Growing demand for minimally invasive surgeries can offer opportunities for the global nerve monitoring system market growth. There has been a continual shift towards minimally invasive options across different medical specialties over the past decade due to advantages like reduced post-operative pain, shorter hospital stays, and quicker recovery times for patients. Minimally invasive surgeries are common in many areas like bariatric, hernia repair, and certain orthopedic procedures. However, in complex surgeries that require meticulous handling or dissection of nerves like spine, brain, ENT, or vascular procedures, surgeons are constantly looking for newer techniques and tools to perform such interventions with smaller incisions while ensuring safety.

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Product segment is sub-segmented into nerve monitor, electrodes, probes, and accessories. Nerve monitor sub-segment is estimated to hold 48.3% of the market share in 2024 due to continual technological enhancements. Nerve monitors have evolved tremendously over the past decade due to significant R&D investments by key players. Earlier models were largely dependent on electromyography for nerve monitoring which provided limited nerve specificity. However, recent nerve monitors integrate multiple modalities like EEG, EMG and EP for comprehensive intraoperative nerve surveillance. Advanced sensors and integrated software solutions in new monitors provide surgeons with real-time feedback on nerve integrity and function. This helps to reduce preventable nerve injuries during complex surgeries and minimizes litigation risks. Leading companies like Medtronic, Natus and NuVasive have developed proprietary integrated stimulation technologies in their newest nerve monitors. For instance, the NIM Neuro 2.0 from Medtronic features SelectSite stimulation technology that allows surgeons to selectively test individual nerve sites with precise stimulation. This enhances location accuracy and leads to better clinical outcomes. 

Insights, By Technology: Growing neurosurgeries & orthopedic procedures boost demand for EEG

Technology segment is sub-segmented into electroencephalogram (EEG), electromyography (EMG), electrocorticography (ECOG), and evoked potential (EP). Electroencephalogram (EEG) sub-segment is estimated to hold 39.1% of the market share in 2024 due to rising volumes of high-risk neuro and orthopedic procedures. EEG monitors nerve responses by using scalp or subdermal electrodes and remains the gold standard for neuraxial surgeries involving the spine or brain. As geriatric population suffering from degenerative neurological diseases increases, the number of complex spinal surgeries also rises worldwide. Since accurate intraoperative nerve mapping and monitoring is critical in such surgeries to prevent nerve injuries, demand for EEG nerve monitors increases among hospitals and surgery centers. 

Insights, By End User: Expanding hospital infrastructure & reimbursements boost adoption

End User segment is sub-segmented into hospitals, ambulatory surgical centers, others. Hospitals sub-segment is estimated to hold 54.1% of the market share in 2024, due to growing infrastructure in private and public hospitals along with favorable reimbursement policies for nerve monitoring procedures. Government initiatives in developing countries are increasingly focusing on strengthening hospital infrastructure and equipping them with modern operation theaters. This boosts adoption of nerve monitoring systems. Moreover, private hospitals are making large capital investments to develop centers-of-excellence in orthopedics, neurosurgery, and bariatric surgeries.

Regional Insights

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North America remains the dominant region in the global nerve monitoring system market is estimated to hold 39.4% of the market share in 2024. This growth can be attributed to factors like strong healthcare infrastructure, rising neurological disorders, growing medical technology adoption and favorable reimbursement policies in countries like the U.S. The region is also home to some key players who are continuously investing in developing advanced nerve monitoring products. Moreover, good access to capital for research and development activities has enabled North American companies to innovate quickly and retain their technological edge. With a widespread distribution network and presence, these firms are able to effectively cater to the demand across the region.

Asia Pacific is emerging as the fastest growing regional market for nerve monitoring system. Countries like China, India and Japan are witnessing rising neurological conditions in tandem with their growing geriatric population. This has considerably boosted demand for nerve monitoring interventions in the Asia Pacific region. Furthermore, improving healthcare expenditures, increasing focus on expanding medical infrastructure and developing expertise boosts adoption. Local players are also entering the segment to address the need of vast patient pools. Governments are offering subsidies and support for importing high-end medical technologies. This is attracting global companies to strengthen their distribution and manufacturing bases in Asia Pacific markets. The region also stands to gain from strong export opportunities due to comparatively lower production costs. Suppliers find it favorable to tap into Asia Pacific's expanding market through imports.

Market Report Scope

Key Developments

• In April 2023, Neuspera Medical, a medical device company, announced that it had received U.S. Food and Drug Administration (FDA) approval for the next-generation Neuspera ultra-miniaturized system. The system comprises a micro-implant that delivers neurostimulation therapy through a wireless platform including a wearable transmitter and iPad-based clinician programmer.
• In December 2022, WISE S.r.l., a medical device company, announced that it had received an approval from U.S. Food and drug Administration for its WISE Cortical Strip, a single-use device for neuromonitoring. The new device has been designed for Intra Operative Neurophysiological Monitoring (IONM) from the surface of the brain.
• In April 2022, Assure Holdings Corp., an intraoperative neuromonitoring company, signed a group purchasing agreement ('GPO') for intraoperative neuromonitoring services with Conductiv, the only end-to-end third-party lifecycle improvement company. The agreement allows Conductiv members, which includes 500 hospitals and surgery centers and more than 50 health systems, to take advantage of special pricing and pre-negotiated terms for Assure's Joint Commission accredited intraoperative neuromonitoring services.
• In February 2022, Medtronic, a global medical technology company, received approval from the U.S. Food and Drug Administration (FDA) for InterStim X, the personalized system to deliver sacral neuromodulation (SNM) therapy
• In October 2020, Medtronic, a global medical technology company, announced that it had received an approval from U.S. Food and Drug Administration (FDA), for the NIM Vital nerve monitoring system that enables physicians to identify, confirm, and monitor nerve function to reduce the risk of nerve damage during head and neck surgery. The NIM Vital system uses proprietary technology to provide detailed intraoperative nerve condition data that informs surgical strategy, increases operative efficiency and precision, and helps protect patients' quality of life.

*Definition: Nerve Monitoring System consists of medical devices and accessories used to monitor nerves and detect functionality during surgical procedures. These systems help identify vulnerable nerves during complex procedures to prevent damage. Key products in this market include electromyography devices, which detect electrical activity in muscles for nerve response monitoring, and nerve conduits, which are used when nerve repair is necessary.

Market Segmentation

•  Product Insights (Revenue, USD Bn, 2019 - 2031)
  • Nerve Monitor
  • Electrodes
  • Probes
  • Accessories
•  Technology Insights (Revenue, USD Bn, 2019 - 2031)
  • Electroencephalogram (EEG)
  • Electromyography (EMG)
  • Electrocorticography (ECOG)
  • Evoked Potential (EP)
•  Application Insights (Revenue, USD Bn, 2019 - 2031)
  • Neurosurgery
  • ENT Surgery
  • Spine Surgery
  • Cardiovascular Surgery
•  End User Insights (Revenue, USD Bn, 2019 - 2031)
  • Hospitals
  • Ambulatory Surgical Centers
  • Others
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • 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