Market Overview
The global intraoperative neurophysiological monitoring market size is touted to expand at an 8.9% CAGR from 2016 to 2027 (forecast period), according to a report by Market Research Future (MRFR). Its valuation is projected to reach USD 3.1 Bn. by 2027. Intraoperative neurophysiological monitoring (IONM) or intraoperative neuromonitoring cover a range of electrophysiological methods to monitor the functions of nerves during surgeries. Awareness of IONM methods among patients is anticipated to drive market demand during the forecast period.
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Segmentation:
The global intraoperative neurophysiological monitoring market is segmented on the basis of type, procedure, method, source, and region.
By type, the global multimodality intraoperative neurophysiological monitoring is segmented into EEG, EMG, evoked potentials, and others. The EEG (electroencephalography) segment is likely to remain the dominant force in the global intraoperative neurophysiological monitoring market over the forecast period, having taken up a share of around 60% in the global market in 2015.
By procedure, the global intraoperative neurophysiological monitoring market is segmented into spinal, neurovascular, orthopedic, otolaryngology, urology, and others.
By method, the global intraoperative neurophysiological monitoring market is segmented into non-invasive, minimally invasive, and invasive.
By source, the global intraoperative neurophysiological monitoring market is segmented into in-house, outsourced, and telehealth.
Drivers and Restraints
Adoption of IONM methods among hospitals is anticipated to boost market revenues till 2027. Factors such as technological advances in medical equipment, cost-effectiveness, and rise in numbers of spinal and cranial procedures are expected to boost market growth over the forecast period. Investments by reputed players in developing economies can create awareness and open up expansion opportunities. Increasing focus on patient safety and demand for inexpensive healthcare packages are anticipated to evoke market demand over the forecast period.
Geographical Analysis
The North America region is estimated to lead the IONM market with a significant market share. Factors such as the growing demand for the spinal and cranial procedures led by the growing number of patients substantiate the market growth of this region.
The IONM market in the European region accounts for the world’s second-largest market. The region is expected to demonstrate healthy growth throughout the review period. Factors driving the market growth include the well-proliferated healthcare sector that is witnessing the growing number of advanced treatment facilities due to the growing demand for better healthcare infrastructure and increasing healthcare expenditures.
The Asia Pacific market for IONM is emerging as a lucrative market with the rising number of patients suffering from spinal disorders and the ever-increasing population that is inclined towards the sedentary lifestyle. Growing funding support from the government and private organizations are fostering the market growth increasing R&D activities in the region.
Industry Developments
Demand for monitoring in inpatient and outpatient surgeries is expected to create a demand for portable IONM equipment. For instance, the NS-SIOM-1E by Neurostyle Inc. is a portable device available in four to eight channels. It can be utilized in various surgeries to prevent critical nerve damage during pre- or post-surgery.
Acquisitions are a common trend witnesses in the market with various companies acquiring smaller firms to gain leverage. This is evident by the acquisition of Safeop Surgical, Inc. by Alphatec Holdings and acquisition of Safe Passage Neuromonitoring, LLC by NuVasive Inc. These acquisitions are vital in enhancing the accuracy of current technologies.
Competitive Analysis:
The global intraoperative neurophysiological monitoring market is reasonably fragmented, with no player claiming a majority share. Leading players in the intraoperative neurophysiological monitoring market include NuVasive, Medtronic, Argos Neuromonitoring LP, Computational Diagnostics Inc., Sentient Medical Systems, EMOTIV, Cadwell Laboratories Inc., Accurate Monitoring LLC, Medsurant Holdings, and others.
Industry Updates:
In December 2017, NuVasive acquired SafePassafe, a privately held services provider in the intraoperative neurophysiological monitoring market. This is expected to further strengthen the former’s intraoperative neurophysiological monitoring product line.
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Additionally, restriction on the use of antibiotics in food & feed formulations in the North American & European region is adding fuel to the market growth.
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Athletic Footwear segment contributed maximum revenue in the market and is expected to continue the leadership in the forecast period on the back of rising awareness regarding the rising awareness of health and wellness, the prevalence of Athleisure trend in developing nations coupled with increasing number gyms, jogging tracks, fitness clubs.
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Increasing prevalence of deficiency diseases among the growing population is found to be a key factor responsible for the growth of glycinates market.Furthermore, improved processing methods and demand for nutritive food products in the developing countries are positively supporting the growth of the global market.
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Powder segment is expected to account for the major market share & dominate the market growth over the forecast period.North America dominates the spirulina market in terms of market size over the forecast period, owing to rising health consciousness among people.
Hansen Holding A/S, Algenol Biofuels Inc., Dongtai City Spirulina Bio-engineering Co., Ltd., Prolgae, Parry Neutraceuticals, Sensient Technologies Corporation, DDW Inc., Algatec and Naturex S.A.Browse key industry insights from the report, “Spirulina Market Size By Type (ArthrospiraPlatensis and Arthrospira Maxima) By Application (Nutraceuticals, Food & Beverages, Cosmetics, Animal Feed, and Others), By Drug Formulation (Powder, Tablet & Capsule, Liquid, and Granule & Gelling Agent)Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020–2030” in detail along with the table of contents:Key Insights from the Spirulina Market Report:Asia Pacific is the fastest growing region in Spirulina market owing to the rising demand of spirulina from various industries such as cosmetics, food , healthcare and others and government initiatives to promote local spirulina production.The Food & Beverages segment dominates the market in terms of application and is expected to grow at a significant CAGR to maintain the lead till 2030.Some of the major players in the market are DIC Corporation, Cyanotech Corporation, Chr.
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Analysts have also studied the market to understand potential threats and challenges the market companies could face.
Although the market is poised to grow at a fast pace across product, disease indication, and manufacturing segments, factors such as restrictions in access to capacity could slow down the market's growth worldwide.Market Segmentation The Market Research Future report offers a complete segmental analysis of the biologics market based on manufacturing, disease indication, and product.
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