According to analysts at Vantage Market Research, the Nerve Monitoring Systems Market is expected to reach USD 2.03 Billion by 2028, growing at a CAGR of 5.2% from 2021 to 2028. The increasing availability of medical reimbursement facilities, increase in target patient population, and rising demand for surgical activities across the globe are some of the key factors to fuel the growth of the nerve monitoring systems market.
- The ENT surgery segment of the Nerve Monitoring Systems Market is accounted to grow at the highest CAGR of 6% in the forecasted period. The increasing number of ENT surgeries, increases awareness about diseases and increasing clinical trials across the globe are the factors to drive the market growth of the Nerve Monitoring Systems Market. In addition, the availability of reimbursement facilities, monitoring procedures, and some other technological advancement are expected to drive the growth of the ENT surgery segment during the forecast period.
- The hospitals and surgical centers segment are accounted for the highest market growth at a CAGR of 3.5% during the forecast period. The demand for this segment is higher due to the high growth of medical facilities, and the provision of surgical centers.
- North America dominated the Neurosurgical Drills Market growth at a CAGR of 5.5% in the projected period followed by Europe and APAC. The rising geriatric population, increasing use of invasive surgeries and increased neurological disorders are the major factor fueling the Nerve Monitoring Systems Market growth in this region.
Nerve monitoring devices are used to provide an electrical impulse to identify muscles or nerves for nerve integrity. In addition, various strategies are used by nerve stimulation which includes orthopedic trauma surgeries, neurosurgery, parotid surgeries, and head & neck surgeries. This in turn boosts the market growth of the Nerve Monitoring Systems Market. Factors such as increasing number of complex & critical surgeries, increasing awareness about the clinical benefits of parotid surgeries, orthopedic trauma surgeries, head & neck surgeries, and neurosurgery. The nerve monitoring system market is driven by the factors, such as increasing awareness about the clinical benefits, ongoing technological advancements, and increasing spinal cord injuries across the globe are driving the market growth of the Nerve Monitoring Systems Market.
Asia-Pacific is expected to expand the market at a moderate growth over the forecast period than others. This is due to the good establishment of nursing centers in various countries. The availability of advanced technology instruments and the availability of a large number of medical companies are predicted the growth of the Nerve Monitoring Systems Market. In addition, increasing population, availability of various options about the treatment, increasing demand for a better healthcare structure, increased awareness about brain tumors, and high funding and investments by government in this region witness the high demand of Nerve Monitoring Systems Market.
Some of the key players to drive the market are Cadwell Industries Inc., Dr. Langer Medical Gmbh, Inomed Medizintechnik Gmbh, Medtronic Plc, Natus Medical Inc., Neurosign, Neurovision Medical Products, Nihon Kohden, Nuvasive, and among others.