INTRAOPERATIVE NEUROMONITORING MARKET ANALYSIS

Intraoperative Neuromonitoring MarketSize and Trends

The global intraoperative neuromonitoring market was valued at US$ 2,632.4 million in 2016 and is expected to witness a robust CAGR of 6.53% over the forecast period (2017 - 2025).

Increasing number of surgical failure leading to iatrogenic damage is one of the prominent factor responsible for the growth of intraoperative neuromonitoring market. For instance, according to a research survey published by Laser Spine Institute LLC 2015, an estimated 400,000 people undergo a spinal surgery in the U.S. annually and 30-40% of patients were reported to be suffering from post-operative complications. Moreover, according to The American Laryngological, Rhinological and Otological Society 2013, an estimated 6% of the cases undergoing facial nerve injury suffered from iatrogenic facial nerve injury due to lack of care during surgical procedures. The benefits offered by the Intraoperative Neuromonitoring are leading to rise in the adoption of these units by various surgical facilities. For instance, according to the International Journal of Spine Surgery 2017, the use of IONM in scoliosis surgical procedures was recorded to be 27% in 2005 that has witnessed a rise of 46.9% in 2011. However, lack of skilled professionals and low awareness of IONM in emerging economies are expected to hinder the market growth.

North America was the leading region in global intraoperative neuromonitoring market in 2016, owing to the favoring reimbursement scenario in the region and rising adoptions of IONM in surgical department. For instance, Medicare built CPT codes and reimbursement policies regarding to the use of intraoperative neuromonitoring as a part of revised CPT codes and guidelines released in 2017. Another factor boosting growth of the market is the increasing cases in the number of spinal cord surgeries in North America. For instance, according to Pennsylvania Health Care Cost Containment Council, Statewide Statistics and Key Findings 2014, around 21,293 adults underwent spinal fusion surgery in 2014 witnessing a rise of 67.2% since 2004 in the U.S. The same source states that that 3.3% people who underwent spinal fusion in Pennsylvania experienced surgical complication during the fusion process.

Asia Pacific is anticipated to witness a marginal growth in the global intraoperative neuromonitoring market, owing to rising medical tourism and increasing awareness of patient safety during the surgery. For instance, according to Indian Brand Equity Foundation (IBEF) 2015, over 2,000,000 patients visited India in 2015 for medical procedures, which majorly include spinal procedures, liver transplant, and other cosmetic procedures.