Nerve Monitoring System Market is Estimated to Witness High Growth Owing to Rising Incidences

The nerve monitoring system market comprises neurophysiological monitoring solutions that are used to detect changes in nerve or muscle functions during surgeries involving nerves. The systems aid in reducing risks of nerve damage during surgeries by alerting changes in nerve impulses. The devices help monitor facial, recurrent laryngeal, and vagus cranial nerves during procedures such as thyroid and ENT surgeries. The systems provide valuable information to surgeons about nerve function and integrity. This facilitates in protecting nerve functions and prevents post-operative neurological deficits. The nerve monitoring systems offer advantages such as real-time assessment of nerve functions, reduced chances of nerve damage during surgeries, and minimal invasiveness. The growing prevalence of neurological disorders as well as the increasing number of high-risk surgical procedures involving nerves have significantly driven the need for nerve monitoring systems across healthcare facilities.
Global nerve monitoring system market is estimated to be valued at USD 1.62 Bn in 2024 and is expected to reach USD 2.38 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031.
Key Takeaways
Key players operating in the nerve monitoring system are Medtronic, Natus Medical, Inomed, NIHON KOHDEN CORPORATION, Checkpoint Surgical Inc., Magstim, Bovie Medical, Halyard Health, Neurovision Medical, NuVasive, Inc., Stimwave Technologies, Neuspera Medical, Langer Medical GmbH, Neurosign, Cadwell Laboratories, Compumedics Limited, Electrical Geodesics Inc.
The key opportunities in the nerve monitoring system lies in the development of innovative portable nerve monitoring devices, integrated software solutions for real-time data analysis, and adoption of nerve monitoring in ambulatory surgical centers.
The global Nerve Monitoring System Market Growth is expected to witness high growth owing to increasing focus of key players on emerging economies of Asia Pacific, Latin America, and Middle East & Africa. Increasing healthcare infrastructure development and rising medical tourism are promoting the adoption of advanced nerve monitoring systems in these regions.
Market drivers
One of the major drivers for the nerve monitoring system market is the rising incidences of neurological disorders globally. According to the WHO data, neurological disorders accounted for over 1 billion DALYs globally in 2016 and are the leading cause of disability. The increasing prevalence of neurological conditions like Parkinson’s disease, epilepsy, and stroke are leading to surge in riskier surgical procedures involving nerves/brain that require nerve monitoring. This is thereby driving the demand for nerve monitoring systems in healthcare facilities.
PEST Analysis:
Political: Governments support neurological research and adopt policies to increase awareness about nerve disorders. However, regulations for approval of new nerve monitoring devices are stringent.
Economic: Rising healthcare expenditures and growing cases of neurological surgeries are major drivers. The demand is higher in developed nations due to higher per capita incomes and better reimbursement policies.
Social: Increasing incidence of neurological diseases due to obesity, unhealthy lifestyles and aging populations fuels the demand. Patients opt for advanced treatments requiring nerve monitoring to reduce chances of side effects during surgeries.
Technological: Manufacturers focus on wireless and portable nerve monitoring devices for convenience. Recent innovations have improved accuracy, reduced pain, and expanded applications beyond surgery to diagnosis and treatment. Some devices offer real-time display of nerve signals integrated with surgical tools for precision.
North America region: North America dominates the market and accounts for over 35% value share, led by the US. This is due to presence of advanced healthcare facilities, favorable reimbursement scenario and high spending on neurological health. The regional market is expected to grow at a CAGR of around 5% during the forecast period.
Asia Pacific region: Asia Pacific is poised to be the fastest growing regional market during the forecast period driven by increasing neurological disorders, growing medical tourism and rising healthcare investments in countries such as China, India and Japan. The region is projected to expand at a CAGR of around 7% through 2031.
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