Intraoperative Neuromonitoring Market: By Product and Service (Systems, and Accessories), By Source Type (Insourced Monitoring, and Outsourced Monitoring), By Modality (Motor Evoked Potentials (MEPs), Somatosensory Evoked Potentials (SSEPs), Electroencephalography (EEG), Electromyography (EMG), Brainstem Auditory Evoked Potentials (BAEPs), and Visual Evoked Potentials (VEPs)), By Application Type (Spinal Surgery, Neurosurgery, Vascular Surgery, ENT Surgery, Orthopedic Surgery, and Other Surgeries), By End User (Hospitals, and Ambulatory Surgical Centers) and Geography  

Intraoperative Neuromonitoring Market size is expected to be valued at USD 5,218.1 million in 2022, growing at a significant CAGR of 7.3% from 2023-2029. Intraoperative neuromonitoring is a technique that reduces the risk of neurological effects during and after surgeries involving the nervous system. An intraoperative neuromonitoring system uses soundtracks of potentials (such as EEG, EMG, and evoked potentials) from the nervous system during a surgical practice. The use of neuromonitoring is significant during surgeries as it assists in the detection of injuries before they become so severe, resulting in postoperative complications in the patients. Therefore, the intraoperative neuromonitoring system reduces the risk of debilitating deficits such as paralysis, muscle weakness, hearing loss, and other ordinary body functions.  The increasing geriatric population worldwide, rise in prevalence of chronic disorders, a wide range of applications of intraoperative neuromonitoring techniques in several surgeries, and controlling the risk through intraoperative neuromonitoring during complex surgeries.

These are some major factors that drive the market. However, the market growth is hindered due to the dearth of skilled professionals and lack of awareness of intraoperative neuromonitoring techniques in developing countries. On the other hand, an upsurge in medical tourism and growth opportunities in the emerging economies of the Asia-Pacific regions are anticipated to create numerous opportunities for market growth during the forecast period. Furthermore, technological development of devices, such as neurosurgery devices, surgical microscopes, ophthalmic surgical devices, and surgical robots, has led to a drop in direct human interference in surgical procedures, which is further expected to support the market growth in the coming next few years. For instance, in October 2020, Medtronic plc received 510(k) approval from the United States Food and Drug Administration for the NIM Vital nerve monitoring system, which permits physicians to detect, monitor, and confirm nerve function, to support reducing the risk of nerve damage during head & neck surgeries.