The major driving factors for the intraoperative neuromonitoring (IONM) market are the rising chronic disease prevalence, geriatric population, and application of IONM during surgeries. In 2023, the market is projected to grow to $5.4 billion, at a 7.2% CAGR during the forecast period (2017–2023).
The number of surgical procedures across the globe is growing rapidly, since surgical procedures are necessary for managing a number of health conditions, such as obstructed labor, injuries, cardiovascular diseases, infections, and malignancy. Therefore, this component of the healthcare system is indispensable when it comes to the proper functioning of the healthcare sector. It was estimated that about 234,2 million operations were carried out across the world in 2004. The surging prevalence of chronic diseases and rising geriatric population are further leading to a significant growth in the number of surgical procedures .
Because of these important benefits of IONM, the intraoperative neuromonitoring market is projected to advance at a considerable pace in the coming years. The products and services of IONM, including services, systems, and accessories, are used for various applications, namely orthopedic surgery, ear, nose, & throat surgery, vascular surgery, neurosurgery, and spinal surgery. The two source types of IONM are outsourced and insourced monitoring. While the demand for insourced monitoring was higher in the past, the requirement for outsourced monitoring is expected to increase in the coming year. This is because the latter is more cost effective, as no additional expenses are needed to be spared for training by the hospital.
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North America emerged as the largest intraoperative neuromonitoring market in the past, which is because of the growing prevalence of neurological disorders, presence of highly sophisticated healthcare infrastructure, high adoption rate of IONM, increasing awareness of patients regarding IONM services, and favourable reimbursement framework for IONM services in the region. Apart from this, the Asia-Pacific region is also expected to create significant demand for IONM in the coming years, owing to technological advancements, and growing medical tourism in the region.
In conclusion, the demand for IONM services and products is rising due to the growing number of surgeries and increasing prevalence of chronic diseases across the globe.
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