Global Nerve Monitoring System Market Size

Nerve Monitoring System Market Analysis

The Global Nerve Monitoring System Market size is estimated at USD 1.41 billion in 2024, and is expected to reach USD 1.85 billion by 2029, growing at a CAGR of 5.52% during the forecast period (2024-2029).

The emergence of the COVID-19 pandemic harmed the world economy and the healthcare system. According to the study 'Nerve conduction study and electromyography findings in patients recovering from Covid-19 - Case report,' published in February 2021, nerve conduction studies and electromyography findings suggest a direct action of COVID-19 on nerves and muscles. SARSCOV-2 demyelinating polyneuropathy and elements of myopathy could be new pathological entities to be considered in COVID-19 management. Thus, implementing nerve monitoring techniques to manage COVID-19 has increased the demand for these devices, thus impacting the market growth. However, the market growth was hampered due to the temporary lockdown in the manufacturing plants, shortage of skilled labor, and increasing cases of COVID-19 inside the manufacturing plants, which has led to outages, thus, impacting the market. Hence, the above factors indicate that COVID-19 significantly impacted the studied market.

The factors propelling the studied market growth are clinical benefits associated with nerve monitoring procedures and the rising use of nerve monitoring in trauma cases. Additionally, product launches, approvals, growing research and development activities, and strategic initiatives by key market players are expected to contribute to significant market growth.

According to a study published by the British Heart Foundation in July 2020, there were approximately 7.5 million people with heart disease in the United Kingdom and nearly 170,000 deaths each year. An average of 460 fatalities each day or one death every three minutes happen in the United Kingdom due to cardiovascular disorders (CVDs). Furthermore, to a February 2021 update by the World Health Organization, approximately 1.71 billion people have musculoskeletal conditions worldwide. Due to the high burden of chronic diseases, the incidences of surgeries are also expected to increase, which may need the monitoring of nerve functioning. This factor boosts the demand for nerve monitoring systems globally, thus, driving the market.

Additionally, product launches in the studied market are expected to introduce technologically advanced products, leading to lucrative market growth. For instance, in June 2021, NeuraLace Medical, Inc., a medical device company focused on improving pain relief among patients suffering from debilitating chronic pain, received FDA 510(k) clearance for Axon Therapy to non-invasively stimulate peripheral nerves and provide chronic nerve pain relief. Additionally, in March 2022, Researchers from the Korea Advanced Institute of Science and Technology (KAIST) developed a mind-reading system for decoding neural signals from the brain during arm movement. This system uses electroencephalography (EEG) and electrocorticography (ECoG) techniques.

Moreover, strategic initiatives such as partnerships, expansions, and acquisitions will also lead to significant market growth. For instance, in April 2022, Assure Holdings Corp. entered into a group purchasing agreement ('GPO') for intraoperative neuromonitoring services with Conductiv. The agreement allows Conductiv members, which includes 500 hospitals and surgery centers and more than 50 health systems, to take advantage of special pricing and pre-negotiated terms for Assure's Joint Commission accredited intraoperative neuromonitoring services.

Therefore, owing to the aforementioned factors, the studied market is expected to grow significantly during the study period. However, limited awareness about nerve monitoring among healthcare professionals is expected to hinder the market growth during the forecast period.