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).
Different Growth Strategies Followed by Them:
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.
The global nerve monitoring system market is estimated to be valued at USD 1.14 Billion in 2017 and is projected to reach USD 1.45 Billion by 2022 growing at a CAGR of 4.9%.
Factors Boosting the Growth:
The factors driving the growth of this market are the expansion in target patient base, rising demand for surgical intervention among trauma cases rising, clinical benefits associated with nerve monitoring systems, and the growing availability of medical reimbursements for nerve monitoring in developed nations.
Target Audience:
# Nerve monitoring product manufacturers
# Nerve monitoring product suppliers and distributors
# Contract manufacturers
# Healthcare service providers [including hospitals, surgical centers, and ambulatory surgical centers (ASCs)]
# Research laboratories and academic institutes
# Clinical research organizations (CROs)
# Government regulatory authorities
# Independent associations and non-government organizations
# National and international regulatory authorities
# Market research firms
Medtronic (Ireland) held the leading position in the global nerve monitoring systems market in 2016. The company offers Intraoperative NIM nerve monitoring systems that provide audio and visual warnings to surgeons for various procedures such as ENT, biopsy, neuroendoscopy, and general surgeries. This is helping the company to strengthen its position in the nerve monitoring market. The company is increasingly focusing on research and development activities to maintain its product portfolio. For instance, the company invested USD 1,640 million in research and development activities in 2015, whereas it invested USD 2,193 million in 2017.
NuVasive (US) secured the second position in the global nerve monitoring system market in 2016. The company is focused on transforming spine surgery with minimally disruptive, procedurally integrated solutions. The company’s nerve monitoring system “NVM5 platform” is capable of performing various functions during spine surgery such as nerve avoidance and navigation, nerve monitoring and instrument navigation, spinal cord monitoring, peripheral sensory nerve monitoring, computer-assisted, rod-bending technology, and intraoperative angular assessment tools. The company is continuously focusing on significant research and development efforts to expand its product platforms and develop advanced applications of unique technology into procedurally integrated surgical solutions.
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