The global nerve monitoring system market size was estimated to be USD 1.54 billion in 2023 and is expected to reach at USD 2.89 billion by 2034 with a CAGR of 5.93% during the forecast period 2024-2034. Increasing usage of nerve monitoring in trauma cases, surge in research & development activities, rising number of surgeries due to high prevalence of chronic diseases, growing introduction of technologically advanced products, increasing strategic initiatives such as partnership, collaboration, mergers, & acquisitions by key market players, surge in research & development activities, rising number of clinical trial procedures, growing technological advancements, and surge in approval of innovative systems by regulatory authorities are some of the key factors boosting the market growth.
Surge in approval of innovative systems by regulatory authorities is predicted to boost the market growth during the forecast period. Market competitors are concentrating on the development of cutting-edge systems due to the surge in applications of nerve monitoring systems in trauma cases. For instance, in February 2022, Medtronic plc has obtained the green light from the United States Food and Drug Administration (FDA) for InterStim X, a customized system designed for administering sacral neuromodulation (SNM) therapy.
By product, nerve monitors was the highest revenue-grossing segment in the global nerve monitoring system market in 2023 owing to the growing awareness regarding the clinical advantages of nerve monitoring, surge in number of complex & critical surgeries, and rising launch of innovative systems. Additionally, nerve stimulation electrodes & probes segment is expected to be the fastest-growing market. The large share of this segment is attributed to the rising technological advancements in the field of nerve monitoring, increasing introduction of advanced equipment, and growing approvals by regulatory bodies. For instance, in April 2023, Neuspera® Medical has disclosed that it has obtained clearance from the U.S. Food and Drug Administration (FDA) for their advanced Neuspera ultra-miniaturized system. This system consists of a tiny implant that administers neurostimulation therapy via a wireless setup, including a wearable transmitter and a clinician programmer that operates on an iPad.
By technology, electroencephalography (EEG) was the highest revenue-grossing segment in the global nerve monitoring system market in 2023 owing to the growing prevalence of Alzheimer’s, epilepsy, dementia, & Parkinson’s disease and growing introduction of advanced systems by major market players. Additionally, electrocorticography (ECOG) is predicted to grow at fastest CAGR during the forecast period owing to the increasing technological advancements, rising prevalence of neurological & cardiovascular disorders, and surge in research & development activities. For instance, in February 2022, In a research paper titled 'An Inkjet-Printed Flexible Electrocorticography (ECoG) Microelectrode Array on a Thin Parylene-C Film,' a group of scientists created a 22-channel ECoG microelectrode array using a thin film made of Parylene-C. They tested the array's performance both in laboratory settings and within living organisms, finding promising outcomes. Their findings suggest that the innovative fabrication methods and Parylene-based flexible microelectrode designs have practical uses in the fields of neuroscience and brain-machine interfaces.
By application, neurosurgery was the highest revenue-grossing segment in the global nerve monitoring system market in 2023 owing to rising prevalence of neurological disorders such as Alzheimer's, Huntington's disease, Parkinson's diseases, & motor neuron diseases, growing number of surgical procedures, increasing geriatric population, surge in demand for effective nerve modulation device, and rising focus on development of advanced systems. For instance, in March 2022, Scientists at the Korea Advanced Institute of Science and Technology (KAIST) have created a technology capable of deciphering neural signals from the brain while a person is moving their arm. This system employs both electroencephalography (EEG) and electrocorticography (ECoG) methods. Additionally, spine surgery is predicted to grow at fastest CAGR during the forecast period owing to the growing prevalence of spinal disorders, increasing number of road accidents & spinal injuries, rising demand for minimally invasive surgeries, surge in technological advancements in the spinal surgery sector.
By end-user, hospitals & surgical centers was the highest revenue-grossing segment in the global nerve monitoring system market in 2023 owing to increasing number of surgical procedures carried out in hospitals, rising focus on development of advanced systems, surge in collaborations within market players, and growing number of clinical trial procedures. For instance, in April 2022, Stimwave Technologies has initiated the level-1 FREEDOM clinical trial series, which comprises a set of prospective, randomized trials conducted across multiple centers. These trials aim to track the long-term reactions of patients with chronic pain to peripheral nerve stimulation (PNS). Additionally, ambulatory surgical centers is predicted to grow at fastest CAGR during the forecast period owing to the surge in adoption of technologically advanced devices, growing technological advancements, increasing patients preference for ambulatory care services, and rising approvals by regulatory bodies.
North America region is anticipated for the highest revenue share during the forecast period owing to the growing use of nerve monitoring in trauma cases, surge in product launches, increasing surgical procedures, rising research & development activities, growing prevalence of cardiac & neurological diseases, surge in collaborations within market players. For instance, in May 2022, athenahealth, Inc., a prominent provider of network-enabled software and services for medical groups and health systems nationwide, has stated that Raleigh Neurology Associates, P.A. (RNA) will utilize athenaOne to enhance both provider and patient experiences. This will be achieved while optimizing practice efficiency, as well as clinical and financial performance. Additionally, Middle East & Africa region is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of neurological disorders, growing technological advancements, increasing awareness regarding nerve monitoring devices, and surge in launch of technologically advanced products. For instance, in November 2022, Xavant Technology has received FDA approval to extend the sensor technology in its STIMPOD Quantitative NMT Monitors. This expansion now includes electromyography (EMG), whereas previously, Xavant's Quantitative Neuromuscular Monitoring (NMT) monitors were equipped solely with acceleromyography (AMG) sensors.
Surge in approval of innovative systems by regulatory authorities is predicted to boost the market growth during the forecast period. Market competitors are concentrating on the development of cutting-edge systems due to the surge in applications of nerve monitoring systems in trauma cases. For instance, in February 2022, Medtronic plc has obtained the green light from the United States Food and Drug Administration (FDA) for InterStim X, a customized system designed for administering sacral neuromodulation (SNM) therapy.
By product, nerve monitors was the highest revenue-grossing segment in the global nerve monitoring system market in 2023 owing to the growing awareness regarding the clinical advantages of nerve monitoring, surge in number of complex & critical surgeries, and rising launch of innovative systems. Additionally, nerve stimulation electrodes & probes segment is expected to be the fastest-growing market. The large share of this segment is attributed to the rising technological advancements in the field of nerve monitoring, increasing introduction of advanced equipment, and growing approvals by regulatory bodies. For instance, in April 2023, Neuspera® Medical has disclosed that it has obtained clearance from the U.S. Food and Drug Administration (FDA) for their advanced Neuspera ultra-miniaturized system. This system consists of a tiny implant that administers neurostimulation therapy via a wireless setup, including a wearable transmitter and a clinician programmer that operates on an iPad.
By technology, electroencephalography (EEG) was the highest revenue-grossing segment in the global nerve monitoring system market in 2023 owing to the growing prevalence of Alzheimer’s, epilepsy, dementia, & Parkinson’s disease and growing introduction of advanced systems by major market players. Additionally, electrocorticography (ECOG) is predicted to grow at fastest CAGR during the forecast period owing to the increasing technological advancements, rising prevalence of neurological & cardiovascular disorders, and surge in research & development activities. For instance, in February 2022, In a research paper titled 'An Inkjet-Printed Flexible Electrocorticography (ECoG) Microelectrode Array on a Thin Parylene-C Film,' a group of scientists created a 22-channel ECoG microelectrode array using a thin film made of Parylene-C. They tested the array's performance both in laboratory settings and within living organisms, finding promising outcomes. Their findings suggest that the innovative fabrication methods and Parylene-based flexible microelectrode designs have practical uses in the fields of neuroscience and brain-machine interfaces.
By application, neurosurgery was the highest revenue-grossing segment in the global nerve monitoring system market in 2023 owing to rising prevalence of neurological disorders such as Alzheimer's, Huntington's disease, Parkinson's diseases, & motor neuron diseases, growing number of surgical procedures, increasing geriatric population, surge in demand for effective nerve modulation device, and rising focus on development of advanced systems. For instance, in March 2022, Scientists at the Korea Advanced Institute of Science and Technology (KAIST) have created a technology capable of deciphering neural signals from the brain while a person is moving their arm. This system employs both electroencephalography (EEG) and electrocorticography (ECoG) methods. Additionally, spine surgery is predicted to grow at fastest CAGR during the forecast period owing to the growing prevalence of spinal disorders, increasing number of road accidents & spinal injuries, rising demand for minimally invasive surgeries, surge in technological advancements in the spinal surgery sector.
By end-user, hospitals & surgical centers was the highest revenue-grossing segment in the global nerve monitoring system market in 2023 owing to increasing number of surgical procedures carried out in hospitals, rising focus on development of advanced systems, surge in collaborations within market players, and growing number of clinical trial procedures. For instance, in April 2022, Stimwave Technologies has initiated the level-1 FREEDOM clinical trial series, which comprises a set of prospective, randomized trials conducted across multiple centers. These trials aim to track the long-term reactions of patients with chronic pain to peripheral nerve stimulation (PNS). Additionally, ambulatory surgical centers is predicted to grow at fastest CAGR during the forecast period owing to the surge in adoption of technologically advanced devices, growing technological advancements, increasing patients preference for ambulatory care services, and rising approvals by regulatory bodies.
North America region is anticipated for the highest revenue share during the forecast period owing to the growing use of nerve monitoring in trauma cases, surge in product launches, increasing surgical procedures, rising research & development activities, growing prevalence of cardiac & neurological diseases, surge in collaborations within market players. For instance, in May 2022, athenahealth, Inc., a prominent provider of network-enabled software and services for medical groups and health systems nationwide, has stated that Raleigh Neurology Associates, P.A. (RNA) will utilize athenaOne to enhance both provider and patient experiences. This will be achieved while optimizing practice efficiency, as well as clinical and financial performance. Additionally, Middle East & Africa region is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of neurological disorders, growing technological advancements, increasing awareness regarding nerve monitoring devices, and surge in launch of technologically advanced products. For instance, in November 2022, Xavant Technology has received FDA approval to extend the sensor technology in its STIMPOD Quantitative NMT Monitors. This expansion now includes electromyography (EMG), whereas previously, Xavant's Quantitative Neuromuscular Monitoring (NMT) monitors were equipped solely with acceleromyography (AMG) sensors.
Segmentation: Nerve Monitoring System Market Report 2022 - 2033
Nerve Monitoring System Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- Accessories
- Nerve Monitors
- Nerve Stimulation Electrodes & Probes
Nerve Monitoring System Market Analysis & Forecast by Technology 2023 - 2034 (Revenue USD Bn)
- Electroencephalography (EEG)
- Evoked Potential (EP)
- Electromyography (EMG)
- Electrocorticography (ECOG)
Nerve Monitoring System Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Spine Surgery
- Neurosurgery
- Cardiovascular Applications
- ENT Surgery
- Others
Nerve Monitoring System Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Ambulatory Surgical Centers
- Hospitals & Surgical Centers
Nerve Monitoring System Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Nerve Monitoring System Market: Technology Estimates & Trend Analysis
8. Nerve Monitoring System Market: Application Estimates & Trend Analysis
9. Nerve Monitoring System Market: End-user Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Nerve Monitoring System Market
12. Europe Global Nerve Monitoring System Market
13. Asia Pacific Global Nerve Monitoring System Market
14. Latin America Global Nerve Monitoring System Market
15. MEA Global Nerve Monitoring System Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- Checkpoint Surgical Inc.
- Inomed Medizintechnik GmbH
- NuVasive Inc.
- Neurovision Medical Products
- Nihon Koden
- Medtronic
- Magstim
- EMS Handels Gesellschaft mbH
- Natus Medical
- Xavant Technology
- Dr. Langer Medical GmbH
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | October 2023 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 1.54 Billion |
| Forecasted Market Value ( USD | $ 2.89 Billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
