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

Nerve Monitoring System Market, By Product (Nerve Monitor, Electrodes, Probes, Accessories), By Technology (Electroencephalogram (EEG), Electromyography (EMG), Electrocorticography (ECOG), Evoked Potential (EP)), By Application (Neurosurgery, ENT Surgery, Spine Surgery, Cardiovascular Surgery), By End User (Hospitals, Ambulatory Surgical Centers, Others), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Published In : May 2024
Code : CMI6951
Pages :167
Formats :
Excel and PDF
Industry : Medical Devices

Nerve Monitoring System 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.

Nerve Monitoring System Market Key Factors

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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.

Increasing Inorganic Growth Strategies by Key Market Players

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.