INTRAOPERATIVE MONITORING ELECTRODES MARKET ANALYSIS

The global intraoperative monitoring electrodes market is estimated to be valued at US$ 576.5 million in 2023 and is expected to exhibit a CAGR of 7.1% during the forecast period (2023-2030).

Analysts’ Views on Global Intraoperative Monitoring Electrodes Market:

The global intraoperative monitoring electrodes market's growth can be driven by an increase in the prevalence of cardiovascular diseases over the forecast period. For instance, In 2020, according to American Heart Association, approximately 19.1 million deaths were attributed to CVD globally. The age-adjusted death rate per 100,000 population was 239.8. The age-adjusted prevalence rate was 7,354.1 per 100,000.

Figure 1. Global Intraoperative Monitoring Electrodes Market Share (%), by Procedure, 2023

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Global Intraoperative Monitoring Electrodes Market – Driver

Launch of new products to expand product portfolio

Key market players focusing on the launch of new products for better accessibility and affordability is expected to drive the global intraoperative monitoring electrodes market over the forecast period. For instance, in September 2020, AliveCor, a medical device and AI company producing ECG hardware and software for consumer mobile devices, announced its entry into the Indian market with the revolutionary launch of the most clinically-validated personal ECG device, KardiaMobile 6L. Owing to the accessibility challenges to quality healthcare in the country and COVID-related infection fears, the portable and technology-enabled ECG device will help deliver affordable and convenient heart care to over 260 million heart patients and those at risk, without visiting a hospital.

Figure 2. Global Intraoperative Monitoring Electrodes Market Value (US$ Million), by Region, 2023

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Global Intraoperative Monitoring Electrodes Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global intraoperative monitoring electrodes market over the forecast period. North America is estimated to hold 36.2% of the market share. Increase in prevalence of Alzheimer’s disease in this region is expected to propel the growth of global intraoperative monitoring electrodes market. For instance, according to the report published by Alzheimer’s Association named '2021 ALZHEIMER'S DISEASE FACTS AND FIGURES' published in 2021, Alzheimer's dementia affects an estimated 6.2 million Americans aged 65 and above. Unless medical breakthroughs to prevent, delay, or cure Alzheimer's disease are developed, this figure may rise to 13.8 million by 2060.

Global Intraoperative Monitoring Electrodes Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a negative impact on the global intraoperative monitoring electrodes market. For instance, in May 2020, according to the World Economic Forum, COVID-19’s long-lasting impact on health included 28 million elective surgeries across the globe has been canceled during 12 weeks of peak disruption. Study indicates that each extra week of disruption is associated with 2.4 million cancellations.

Global Intraoperative Monitoring Electrodes Market Segmentation:

The global intraoperative monitoring electrodes market report is segmented into by Procedure, by Usability, by Type of Electrode and End User, and Region.

By Procedure, the market is segmented into Electrocardiography (ECG), Electroencephalography (EEG), Electromyography (EMG), and Others. Out of which, the Electrocardiography segment is expected to hold a dominant position in the intraoperative monitoring electrodes market during the forecast period and this is attributed to the increasing usage of intraoperative monitoring electrodes against cardiovascular diseases. For instance, in October 2022, Dozee, India’s first contactless remote patient monitoring (RPM) company, announced the launch of an ambulatory electrocardiogram (ECG) patch to monitor patients with cardiovascular disease (CVD). This ECG patch augments Dozee’s current artificial intelligence (AI)-powered RPM system to play a key role in assisting healthcare professionals (HCPs) in identifying early signs of cardiac deterioration.

By Usability, the market is segmented into Disposable Electrode and Reusable Electrode. Out of which, the disposable electrode segment is expected to hold a dominant position in the intraoperative monitoring electrodes market during the forecast period and this is attributed to new product launches. For instance, in October 2022, Nihon Kohden, a market leader in precision medical products and services, announced the launch of the Smart Cable NMT Pod and disposable electrode. The new device allows clinicians to objectively monitor the patient’s depth of paralysis during surgery when a neuromuscular blockade agent (NMBA), either non-depolarizing or depolarizing, is administered to the patient.

By Type of Electrode, the market is segmented into Wet Electrode, Dry Electrode, and Needle Electrode. Out of which, the dry electrode segment is expected to dominate the market over the forecast period and this is attributed to the innovation of new methods for manufacturing dry electrodes. For instance, in March 2022, according to the article published in Electrochemistry Communications, the study presents a new dry ECG electrode printed on a textile substrate. The proposed method, based on thermo-sealing, permits the ECG electrode to be easily attached to any garment, enabling cost-effective mass production.

By End User, the market is segmented into Hospital, Ambulatory Surgical Centers, and Specialty Centers. Out of which, the hospital segment is expected to dominate the market over the forecast period and this is attributed to the increasing number of hospital admissions over the forecast period. For instance, according to the data published by Parkinson’s organization, around 145,000 people live with a Parkinson's diagnosis in the U.K. in 2020. With population growth and ageing, this is likely to increase by a fifth, to around 172,000 people in the U.K., by 2030.

Global Intraoperative Monitoring Electrodes Market Cross Sectional Analysis:

To offer both a guidance and electrode system for brain procedures, key market players are focusing on adopting growth strategies such as agreements to expand the product availability.  For instance, in April 2019, Medtronic, a medical device company, had inked an agreement with Israel-based medtech developer Alpha Omega to market its surgical navigation products designed for procedures in the brain. Owing to the increasing adoption of inorganic strategies, the intraoperative monitoring electrodes market is expected to propel the growth over the forecast period.

Global Intraoperative Monitoring Electrodes Market: Key Developments

In November 2022, Henkel, a chemical and consumer goods company, and Quad Industries, a Belgian specialist in printed electronics, developed a new concept to enable innovations for smart health patches with accelerated speed to market at a lower cost. The partners are offering a demo package of twelve electrodes that customers can order online. The demo package is designed to allow engineers to quickly test the functionalities of their concepts, significantly reducing the development time by up to three months and lowering the overall design costs.

In May 2021, WISE Srl, a medical device company developing next-generation implantable electrodes for neuromonitoring, neuromodulation, and brain-machine interfacing (BMI), announced that it has received Conformité Européenne (CE) marking for its WISE Cortical Strip (WCS), a single-use medical device intended to be used on the surface of the brain for intraoperative neurophysiological monitoring (IONM).

Global Intraoperative Monitoring Electrodes Market: Key Trends

Increasing product approvals from regulatory authorities

To expand product portfolio, key market players are focusing on product approvals from regulatory authorities which is expected to drive the intraoperative monitoring electrodes market growth over the forecast period. For instance, in November 2022, Neurosteer Inc., a developer of wearable brain activity interpretation platform, announced it had secured the U.S. Food and Drug Administration (FDA) approval for its single-channel EEG brain monitoring platform. The platform leverages an adhesive electrode strip connected to a pocket-sized sensor that wirelessly transmits EEG data to the cloud to advance the legacy EEG technology.

Global Intraoperative Monitoring Electrodes Market: Restraint

Cost-effectiveness of intraoperative neuromonitoring

Neuromonitoring use in lumbar discectomy, increasing prevalence of the neurological diseases leads to determining intraoperative utility and overall cost-effectiveness of neuromonitoring for lumbar discectomy. For instance, in January 2020, according to the article published in the National Library of Medicine, a study was done on 91 candidates out of which 47 were done with intraoperative neuromonitoring and 44 lumbar discectomies were done with Intraoperative Neurophysiological Monitoring (IONM). The cost of lumbar discectomy done with intraoperative neuromonitoring generated an overall operative cost of US$ 21,949 and US$ 18,064 without intraoperative neuromonitoring. According to this study, it was also observed that lumbar discectomies done with or without IONM gave similar outcomes. The only difference associated with and without IONM was operative cost and time, which were higher in the IONM-based surgery.

Global Intraoperative Monitoring Electrodes Market - Key Players

Major players operating in the global intraoperative monitoring electrodes market include DIXI Medical, Ambu A/S, Blackrock Microsystems LLC, Digitimer Ltd., Cognionics, Inc., Rhythmlink International, LLC, Unimed Electrode Supplies, 3M Company, NuVasive, Inc., Computational Diagnostics, Inc., and Natus Medical Incorporated, NIHON KOHDEN CORPORATION.

Intraoperative monitoring electrodes describe a group of procedures used during surgery to monitor neural pathways during high-risk neurosurgical, orthopedic, peripheral nerve, and vascular surgeries. It is an important adjunct surgical service that monitors vulnerable neural structures and gives surgeons the ability to detect and prevent possible impairment in real-time. To gather this information, electrodes are attached to the wrists, ankles, scalp, and sometimes to specific muscle groups, depending on the type of surgery.