Factors such as increased target patient population, clinical benefits associated with nerve monitoring procedures, and the rising use of nerve monitoring in trauma cases are expected to drive the demand for nerve monitoring products during the study period.
Industry Segmentation:
Based on the technology, the electromyography segment is expected to register highest growth rate during the forecast period
Based on technology, the nerve monitoring system market is divided into electroencephalography, electromyography, electrocorticography and evoked potential. Among these segments, electromyography is expected to grow at the highest CAGR during the forecast period. Growing availability of reimbursements for EMG-assisted surgical procedures in developed countries, significant use of EMG nerve monitoring for intraoperative applications, and technological advancements in the field are expected to drive the growth of the electromyography segment in the next five years.
Based on application, neurosurgery is estimated to be the largest segment of the market in 2017.
The Nerve Monitoring Devices 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.
Geographical Growth:
In 2016, North America held the largest share of the Nerve Monitoring Devices Market and registers the highest growth rate during the forecast period. The growth of this North America market is attributed to the significant adoption of nerve monitoring owing to the growing number of clinical trials that have proved its therapeutic efficacy in surgeries and the availability of medical reimbursement in the US.
Furthermore, the market growth is attributed to large patient population for target diseases, strong presence of device manufacturers in the region, and the availability of significant R&D investments to support nerve monitoring product development.
In 2016, Medtronic (Ireland) held the leading position in the Nerve Monitoring System Market. Over the past three years, the company has focused on the R&D activities for the product innovation and increased its R&D expenditure for further growth in the industry. NuVasive (US), Nihon Kohden (Japan), Bovie Medical (US), 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), were few other key players operating in the market.
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