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(Health-NewsWire.Net, April 06, 2020 ) Growing demand of nerve stimulation electrodes and probes to drive the global nerve monitoring system market to reach USD 1.45 billion by 2022
Nerve monitoring procedures utilize dedicated stimulation probes or electrodes; those are hand-held, single-use devices to locate and/or stimulate local nerve endings. These devices provide an electrical impulse to stimulate motor nerves or muscle to evaluate nerve integrity. Moreover, nerve stimulation electrodes & probes are used during various surgeries, such as parotid surgeries, orthopedic trauma surgeries, head & neck surgeries, and neurosurgery.
The nerve stimulation electrodes and probes market is projected to reach 42.4% of overall nerve monitoring systems market by 2022, largely due to the increasing awareness of healthcare professionals about clinical benefits associated with nerve monitoring (such as improved patient safety & surgical accuracy, decreased post-operative trauma, and early patient recovery), increasing number of complex & critical surgeries worldwide (coupled with growing number of target patient population base).
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Rising spinal cord injuries across the world, ongoing technological advancements in the field of nerve stimulation & monitoring, and rising adoption of intraoperative nerve monitoring during surgeries are likely to propel further growth of the nerve monitoring systems during the forecast period.
Based on application, neurosurgery is estimated to be the largest segment of the market in 2017.
The nerve monitoring system market is segmented by application into cardiovascular, neurosurgery, spine surgery, ENT surgery, and other applications. The neurosurgery segment is expected to have the largest share in the nerve monitoring system market in 2017, owing to increasing number of patients suffering from neurological disorders.
Based on end users, the hospitals and surgical centers segment is expected to register fastest growth rate in the forecast period
The nerve monitoring system market is segmented into hospitals and surgical centers and ambulatory surgical centers segment. The hospitals and surgical centers is projected to be the fastest-growing end-user segment due to increasing number of complex surgical procedures, and rising number of diagnostic and surgical procedures carried out at hospitals.
North America accounted for the largest share of the nerve monitoring system market
Geographically, the nerve monitoring system market is segmented into North America, Europe, Asia, and the Rest of the World. North America is estimated to account for the largest share of the market in 2017, which is driven by the presence of a large patient population accompanied by a well established medical reimbursement policy.
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The major players of the nerve monitoring system market are Medtronic (Ireland), NuVasive (US), Nihon Kohden (Japan), Bovie Medical (US), and Natus Medical (US), Checkpoint Surgical (US), Magstim (UK), Inomed (Germany), Erbe Elektromedizin (Germany), Dr. Langer Medical (Germany), EMS Handels (Austria), Neurovision Medical (US), and Halyard Health (Georgia).
Analysis of the market developments between 2015 and 2017 revealed that several growth strategies such as product launches, acquisitions, mergers, and expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the nerve monitoring system market. Among these business strategies, mergers and acquisitions, were the most widely adopted growth strategies by players to strengthen their product portfolios and to remain competitive in the market.
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