Market Trends of Global Intraoperative Neuromonitoring (IONM) Industry
This section covers the major market trends shaping the Intraoperative Neuromonitoring (IONM) Market according to our research experts:
The Insource IONM Segment is Expected to Dominate the Application Segment Over the Forecast Period
Based on source type, the market is segmented into insource IONM and outsourced IONM. the insource IONM monitors the vital stats during every surgical procedure.
The growth of the segment can be attributed due to the increasing emphasis on patient safety during difficult surgical procedures and the growing prevalence of chronic disorders, such as stroke, epilepsy, Alzheimer's disease, and Parkinson's disease.
For instance, according to the United States National Institute of Mental Health (NIMH) updates from 2020, it has been estimated that one in four American adults have a diagnosable mental disorder in any given year, and nearly 6% suffer from severe disabilities. The same source has also stated that the total cost of severe mental illness in the United States exceeds USD 317 billion per year. Thus, with the increasing cases of brain disorders the demand os insource IONM is expected to increase over the forecast period.
Moreover, with the increasing global population and an average lifespan, the prevalence of neurological disorders is on the rise worldwide. The National Institute of Environmental Health Sciences data updated in June 2022 stated that an estimated 6.2 million people may have Alzheimer's disease in the United States and nearly a million Americans are living with Parkinson's disease. Additionally, according to Pan American Health Organization data updated in 2021, neurological conditions accounted for 533,172 deaths in 2019, of which 213,129 (40%) in men and 320,043 (60%) in women. Such a burden of neurological disorders is expected to increase the demand for effective monitoring of the patients, thereby contributing to the growth of the insource IONM market.
Thus, owing to the aforementioned factors, the insource IONM segment is expected to witness significant growth in the coming years.
The North America Dominates the Market and is Expected to Continue the Same during the Forecast Period
North America is leading owing to the presence of major market players. A favorable and constantly improving reimbursement in North America has triggered the regional market. Many neurological centers in the United States strongly recommend the use of IONM and try to fulfill the manpower gap to meet the demand. In addition, well-defined guidelines help in implementing neuromonitoring during procedures resulting in better outcomes, thereby benefitting the patients and hospitals.
As per the Alzheimer's Association 2021 Alzheimer's Disease Facts and Figures, an estimated 6.2 million Americans aged 65 and older were living with Alzheimer's dementia in 2021 the United States. By 2050, the number of people aged 65 and older with Alzheimer's dementia is projected to increase to 12.7 million. This high burden of Alzheimer's disease surges the demand for intraoperative neuromonitoring in the monitoring of the disease condition, thereby leading to the growth of the studied market in the country.
In addition, as per the Migraine Research Foundation statistics updated in 2021, in 2020, around, 35 million United States individuals suffer from migraine headaches. Moreover, nearly 43% of women and 18% of men are expected to experience migraines in the country. Thus, increasing cases of neurological disorders, such as TBI, migraine, and stroke, are likely to drive market growth in this country.
Moreover, in March 2021, Neurosign gained the United States Food and Drug Administration approval for the V4 4-channel and 8-channel nerve monitoring system and it is already being used on patients for nerve identification and preservation in the United States. Thus, the product launches in the region are further expected to boost the growth of the studied market in the years to come.
Therefore, owing to the aforesaid factors, the studied market is anticipated to grow over the forecast period in the North American region.
