The Rising Rate of Neurological Disorders is Driving the Growing Market for Nerve Monitoring Systems

The nerve monitoring system market offers a comprehensive range of products that help monitor and detect nerve injury or damage during surgical procedures. These systems play an important role in reducing surgical risks by ensuring nerve integrity. They help reduce the risk of nerve injury during complex surgical procedures involving the nervous system such as spinal, ENT and neurosurgery. The increase in aging population suffering from neurological disorders/conditions like Parkinson's disease, Multiple sclerosis, epilepsy etc. has boosted the demand for advanced nerve monitoring systems.

The global nerve monitoring system market is estimated to be valued at US$ 2.38 Bn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Nerve Monitoring System Market Size are Medtronic, Natus Medical, Inomed, NIHON KOHDEN CORPORATION, Checkpoint Surgical Inc., Magstim, Bovie Medical, Halyard Health, Neurovision Medical, NuVasive, Inc., Stimwave Technologies, Neuspera Medical, Langer Medical GmbH, Neurosign, Cadwell Laboratories, Compumedics Limited, Electrical Geodesics Inc.

The growing prevalence of neurological disorders coupled with increasing number of surgical procedures has augmented the demand for nerve monitoring systems across the globe. Continuous product innovation and increasing investments by manufacturers to develop advanced systems have further boosted market growth.

Geographic expansion into emerging markets through acquisitions, collaborations, partnerships will help key players consolidate their market presence. Countries with large patient pools and developing healthcare infrastructure like China, India offer immense opportunities for market players.

Market Drivers

Rising number of surgical procedures involving the nervous system due to growing prevalence of neurological disorders is a key factor driving the demand for nerve monitoring systems. According to WHO, over 1 billion people suffer from neurological disorders globally. Continuous product innovation leading to development of more accurate neuromonitoring techniques has further increased adoption of these systems. Increasing investments by both public and private players to develop advanced healthcare infrastructure will also augment the need for such technologies. Growing healthcare expenditure coupled with increasing disposable incomes in developing countries provides a conducive environment for overall market growth during the forecast period.

Current geopolitical situation and its impact on Nerve Monitoring System Market growth:

The ongoing geopolitical tensions and conflicts across various regions are negatively impacting the growth of the nerve monitoring system market. The rising military expenditure of major countries on medical equipment for soldiers is proving beneficial for market players. However, sanctions and trade barriers imposed by some nations on others due to political differences are hindering the easy cross-border supply of nerve monitors and associated accessories. Manufacturers are facing challenges in supplying devices to markets where they face stringent import and export restrictions. This is temporarily slowing down the market expansion. Going forward, more coordinated international cooperation and easing of trade policies will help stimulate faster market penetration in geographically restricted areas. Overall political and economic stability worldwide is critical for the long-term sustainable growth of this industry.

Major geographical regions where Nerve Monitoring System Market is concentrated:

North America currently dominates the global nerve monitoring system market in terms of value, accounting for over 35% revenue share. This can be attributed to the rising prevalence of neurological disorders, growing number of surgeries, advanced healthcare infrastructure, and high adoption of new medical technologies in the region. Asia Pacific is poised to be the fastest growing regional market during the forecast period, driven by factors such as the large patient pool, increasing healthcare spending, growing medical tourism, rising awareness about nerve damage, and improving access to advanced treatment options. China, Japan and India will be the key country-level markets driving the Asia Pacific nerve monitoring system industry.

Fastest growing region in the Nerve Monitoring System Market:

Asia Pacific region is projected to be the fastest growing market for nerve monitoring systems over the next 8 years. This is because Asia Pacific countries are developing rapidly economically and experiences rising burden of chronic neurological illnesses as their populations grow and age. There is increased awareness about nerve damage complications and importance of early detection. Healthcare infrastructure and quality is also expanding across Asia Pacific with more hospitals being equipped with cutting-edge nerve monitoring devices. Support from government initiatives and private insurance coverage are also helping enhance the affordability of nerve monitors. Greater partnership between Asian and multinational medical firms will facilitate technology transfer and expand the availability of innovative nerve monitoring solutions. These factors combined are fueling higher demand and faster uptake of nerve monitors in Asia Pacific versus other global regions.