The Global Nerve Monitoring Systems Market was valued at USD 1.1 Billion in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.2% between 2021 to 2028. Nerve monitoring system is set of devices which monitors the nerve functioning in order to enable higher reduction in patients. The nerve monitoring systems market is driven by the factors such rising demand for surgical methods, and due to medical reimbursements.
Since the outbreak of the COVID-19, it has widely spread all over the world and has impacted many countries economy and caused huge loses in businesses. The nerve monitoring systems market is experiencing a negative growth due to low operation or surgical rate as unavailability of healthcare facilities due to global emergency lockdown announced by various governments.
The nerve monitoring systems market is segmented on the basis of product, technology, application, and end-user. The product segment is further bifurcated into nerve monitors, nerve stimulation electrodes & probes and accessories. The nerve stimulation electrodes & probes sector is holding the largest share and shows potential growth in future forecast. The technology segment is divided as electrocorticography, electromyography electroencephalography and evoked potential. Based on these the electromyography is the fastest growing segment. The application segment is further bifurcated into cardiovascular system, neurosurgery, spine surgery, ENT and others. The ENT segment is having the largest share and potential growth for further forecasted years. The end-user based segment is divided as hospitals, ambulatory surgical centers, surgical centers. The hospitals and surgical centers are growing at an impeccable rate and will continue the growth in the future forecast.
The major players for the nerve monitoring systems market are Bovie Medical, NuVasive, Inomed, Checkpoint Surgical, Stryker, NIHON KOHDEN, Medtronic, Natus Medical, Erbe Elektromedizin, EMS Handels, Magstim, Langer Medical.
Regionally, the market is segmented as Asia-Pacific, Europe, North America, the Middle East and Africa and Latin America. North America attained the highest share due to notable adoption of nerve monitoring and improved therapeutic efficacy and emerging clinical trials.