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 The intraoperative neuromonitoring market has experienced significant growth in recent years, driven by advancements in technology, rising demand for early diagnosis, and increasing focus on patient safety. As the healthcare landscape evolves, the role of neuromonitoring becomes increasingly critical in surgical procedures.

Market Growth Trajectory

• In 2023, the intraoperative neuromonitoring market reached $3.4 billion, expected to rise to $3.66 billion in 2024, boasting a compound annual growth rate (CAGR) of 7.6%.
• Historic growth is attributed to increasing incidence of neurological disorders, expanding applications in surgeries, and favorable insurance coverage policies.
• Forecasts project robust expansion to $4.88 billion by 2028, with a CAGR of 7.5%, driven by demand for minimally invasive surgeries and technological advancements.

Rising Demand for Early Diagnosis

• The demand for early diagnosis of health problems is on the rise, driving growth in the intraoperative neuromonitoring market.
• Manufacturers focus on enhancing accuracy and precision in diagnostic devices to meet evolving healthcare needs.
• The COVID-19 pandemic has intensified the need for diagnostics, with a noticeable increase in hospital referrals and attendance.

Brain-Machine Interface (BMI) Technology

• Major companies are introducing brain-machine interface technology to expand service portfolios and drive revenues.
• BMI technology aids individuals with severe neurological impairments, enhancing their quality of life.
• Axoft’s FDA Breakthrough Device designation for BMI technology aims to improve therapeutic options for neurological disorders.

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Strategic Acquisitions Propel Growth

• In May 2021, Assure Holdings Corp. acquired Sentry Neuromonitoring, LLC, strengthening its position in the intraoperative neuromonitoring market.
• The acquisition enhances Assure Holdings Corp.’s presence in Texas, Missouri, and Kansas, opening new business prospects.

Segmentation of the Intraoperative Neuromonitoring Market

1. By Products and Services: Systems, Accessories, Services
2. By Modality: Motor Evoked Potentials, Somatosensory Evoked Potentials, Electroencephalography, Electromyography, Brainstem Auditory Evoked Potentials, Visual Evoked Potentials
3. By Application: Spinal Surgery, Neurosurgery, Vascular Surgery, ENT Surgery, Orthopedic Surgery, Other Surgeries
4. By End User: Hospitals, Ambulatory Surgical Centers

Regional Dynamics

• North America led the intraoperative neuromonitoring market in 2023, driven by technological adoption and healthcare infrastructure development.
• Asia-Pacific is expected to witness significant growth, propelled by increasing surgical procedures and demand for quality healthcare services.

Conclusion

The intraoperative neuromonitoring market plays a pivotal role in ensuring patient safety and surgical success. With advancements in technology and rising demand for early diagnosis, the market is poised for substantial growth in the coming years. Strategic collaborations, technological innovations, and regulatory support will continue to drive the market forward, creating opportunities for stakeholders across the healthcare spectrum. As the market evolves, companies must remain agile and innovative to meet the dynamic needs of patients and healthcare providers alike.

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