Intraoperative neuromonitoring referred as intraoperative neurophysiological monitoring (IOM), is an integral part of surgical procedures that use electrophysiological techniques such as electromyography (EMG), Electroencephalography (EEG), and evoked potentials to monitor the integrity of the neural structures. These neural structures include neurons, spinal cord and several parts of the brain. The IONM helps in the risk reduction from the iatrogenic damage to the nervous system during the surgical procedures by surgeons and anesthesiologists. The intraoperative neuromonitoring techniques have helped to reduce the mortality and morbidity levels to a significant rate without the new addition of risks. Therefore, the intraoperative neuromonitoring techniques have helped to reduce the costs of health care.
The iatrogenic damages during surgical processes responsible to fuel the demand for the intraoperative neuromonitoring systems
According to a fact sheet of 2015 by Sci-Info-Pages, 12500 new spinal cord injuries occur each year and nearly 300,000 people in the United States are currently living with the spinal cord injuries. Also, as per a scientific paper published in 2014, Deutsches Arzteblatt suggests that the iatrogenic nerve injuries accounted for 17.4% of the total traumatic nerve injuries. Moreover, according to World Health Organization (WHO) factsheet of 2015, 80% disorders in the disabling conditions are neurological. These high incidence rates of nerve and spinal cord injuries can be lowered down with the use of intraoperative neuro monitoring due to the alerts provided as early warnings regarding the sensory and motor functions. This leads to the reduction in the chances of manual errors by surgeons while performing a neural procedure.
The Outsource intraoperative neuromonitoring segment is anticipated to show dramatic growth in the forecast period
The global intraoperative neuromonitoring market can be segmented on the basis of type of monitoring and geography.
On the basis of type, the global intraoperative neuromonitoring market is segmented into
The Outsource IONM is the fastest growing segment as well as gaining popularity due to the constant modifications leading to the improved performances of these systems. The additional benefit of outsourcing the intraoperative neuromonitoring systems is that it eliminates the cost of purchase and cost of maintenance for these systems by the hospitals making them a more preferred option than the currently dominating insource intraoperative neuromonitoring systems.
North America dominating the global intraoperative neuromonitoring market owing to consistent development within the field
Based on the geography, the global intraoperative neuromonitoring system can be segmented into North America, Latin America, Europe, Asia Pacific, Middle East and Africa. The North America accounts for maximum share in the global intraoperative neuromonitoring market followed by Europe. This attributes to a constantly improving scenario in these regions in terms of reimbursement. The patients are benefitted by the insurance companies with the clear defined codes of the procedures, making it easy and convenient. Additionally, the vivid guidelines mentioned in the implementation of neuromonitoring systems makes the job easy for the hospitals and the medical personnel. However, Asia Pacific is anticipated to exhibit maximum growth in the forecast years owing to the growth of awareness among people about safety and precautions to be taken during surgery as well as rising medical tourism in these countries.
Vivid reimbursement policies making the global IONM market to accelerate the demands
The high probabilities of major surgeries to pose a risk to the nervous system that necessitates the intraoperative neuromonitoring is the prime reason to drive the global intraoperative neuromonitoring market. Moreover, the favorable reimbursement scenario is also responsible to fuel the market growth. However, the lack of skilled persons and technicians to operate these systems as well as the unawareness about the neuromonitoring facilities in the developing countries are some factors that are responsible to restrain the growth of the global intraoperative neuromonitoring market.
The dominant players involved in acquisition policies for expansion of the IONM services
The key players operating the global intraoperative neuromonitoring market includes Accurate Monitoring, Neuromonitoring Technologies, Natus Medical Incorporated, Medtronic LLC, Biotronic NeuroNetwork, NuVasive Inc., Sentient Medical Systems, and SpecialityCare. The dominant players are indulged in acquiring smaller companies so as to expand the product offering as well as to establish a strong geographical presence in the global intraoperative neuromonitoring market. For instance, the NuVasive, Inc. was acquired by Biotronic NeuroNetwork LLC for the expansion of Insource and Outsource IONM services.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.[email protected]
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.