The intraoperative neuromonitoring market size in Europe is estimated to be worth USD 1.45 billion by 2028 from USD 1.1 billion in 2023, growing at a CAGR of 5.68% from 2023 to 2028.
The growing emphasis on patient safety during complex surgical procedures majorly drives the growth of the European intraoperative neuromonitoring market. Patient safety has emerged as a crucial element in surgical interventions. The European region alone accounts for approximately 20 million surgeries annually. Intraoperative neuromonitoring is considered an effective approach that provides comprehensive insights into a patient's nervous system, thereby preventing any potential complications during surgical procedures.
The growing prevalence of chronic diseases, including cardiovascular diseases and Parkinson's disease further contributes to the growth of the European intraoperative neuromonitoring market. These neurological disorders rank third in Europe, following stroke and cancer. Healthcare providers face immense challenges when performing cardiovascular surgeries, as even minor errors could result in fatalities. In order to minimize such risks during heart surgeries, intraoperative neuromonitoring is a critical process that can provide valuable information to healthcare providers. This process plays a crucial role in identifying the potential risks of stroke during surgeries, and its increasing importance is a key driver behind the growth of the European intraoperative neuromonitoring market.
The rising number of spine surgeries in the European region is another key factor propelling the European market growth. Intraoperative neuromonitoring enables surgeons to obtain real-time feedback from nerve roots and sensory tracts, enabling them to assess the spinal cord's function during surgery and prevent critical situations. The market's growth is further propelled by the development of advanced neuromonitoring devices. Researchers are focusing on reducing the use of long wires in intraoperative neuromonitoring and addressing its drawbacks and challenges. Key players and manufacturers are investing in developing various devices and monitoring systems to improve the intraoperative neuromonitoring process. Factors such as increasing research and development, rising product approvals, expanding reimbursement policies, surging adoption of surgical robots, and advancing surgical technologies are also contributing to the market's growth.
The shortage of skilled professionals in some countries of Europe primarily hampers regional market growth. In addition, lack of awareness about intraoperative neuromonitoring, insufficient infrastructure, high equipment costs and inadequate product approvals in some countries of Europe further hinder the growth rate of the European market.
This research report on the Europe intraoperative neuromonitoring market has been segmented and sub-segmented into the following categories.
By Product:
By Source:
By Modality:
By Application:
By End User:
By Country:
The European region accounted for a substantial share of the global market in 2022 and is anticipated to witness a promising CAGR during the forecast period primarily due to the growing adoption of advanced monitoring devices within the medical sector and an increase in healthcare expenditure by the population. Moreover, the region's growth is further propelled by the presence of several training centers that specialize in intraoperative neuromonitoring.
Germany had a notable share of the European market in 2022 and is estimated to grow at a healthy CAGR during the forecast period owing to the growing number of hospitals in Germany using this technology. In addition, the rising incidence of thyroid cases and thyroid cancer among the German population has prompted healthcare providers to leverage intraoperative neuromonitoring to minimize risks and protect the recurrent laryngeal nerve and resulting in the increased adoption of intraoperative neuromonitoring in Germany and contributing to the regional market growth.
The UK is predicted to hold a notable share of the European market during the forecast period. The government of the UK has undertaken several initiatives to expand the use of this technology in surgeries, which has resulted in improved patient health outcomes. Furthermore, an increasing number of specialized healthcare providers, educational programs on intraoperative neuromonitoring, and rising government investments are other factors fueling the development of the market in the United Kingdom.
KEY MARKET PLAYERS:
Medtronic PLC, Nihon Kohden Corporation, NuVasive, Inc., Inomed Medizintechnik GmbH and Computational Diagnostics, Inc. are some of the notable companies in the European intraoperative neuromonitoring market.
Frequently Asked Questions
The Europe intraoperative neuromonitoring market is expected to grow at a CAGR of 5.68% from 2023 to 2028.
The growth of the Europe intraoperative neuromonitoring market is being driven by factors such as an increase in the number of surgical procedures, a growing elderly population, advancements in technology, and a rising incidence of neurological disorders.
Some of the major players in the Europe intraoperative neuromonitoring market include Medtronic, NuVasive, Natus Medical, Cadwell Industries, Inomed Medizintechnik, and NeuroWave Systems.
The Europe intraoperative neuromonitoring market is expected to experience steady growth in the coming years, driven by the increasing demand for neurological surgeries, advancements in technology, and the rising incidence of neurological disorders.
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