Expanding Medical Tourism Industry Predicted To Drive Intraoperative Neuromonitoring Market

By Author: Pramod Kumar
Total Articles: 97
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The rising prevalence of chronic diseases, increasing geriatric population, applications of intraoperative neuromonitoring in different surgeries, and use of intraoperative neuromonitoring for risk management during complex surgeries are the key factors leading to the growth of the market.

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When source type is taken into consideration, the market is bifurcated into outsourced monitoring and insourced monitoring, between which, the insourced monitoring bifurcation accounted for the larger share of the market in the past. The share of this bifurcation, however, is predicted to decrease in the coming years, owing to the cost-effectiveness of the outsourced monitoring source type. The hospital needs to provide training, among other facilities, to the insourcsed monitoring staff regularly, which is tough task for hospitals and results in additional expenses.

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On ...
... the basis of product & services, the intraoperative neuromonitoring market is categorized into services, accessories, and systems, out of which, the systems category accounted for over 45% share of the market in 2016. The category is further predicted to account for over 35% share of the market during the forecast period. Other than this, the services category is predicted to grow at the fastest period and is also expected to hold the major share of the market by 2023.

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The increasing number of surgical procedures is a major factor leading to the expansion of the intraoperative neuromonitoring market. Spinal intraoperative neuromonitoring is an essential procedure that aids in risk management when complex surgeries are being carried out. By using intraoperative neuromonitoring, risk of possible impairment of nerve function due to improper positioning of the patient, or impairment to neurophysiological relevant nerve structures is reduced. Thereby, intraoperative neuromonitoring is an essential technology for surgeons, as it allows them to optimize intervention without causing harm to the neural structure.

The expansion of the global medical tourism industry is also providing opportunities to the players in the intraoperative neuromonitoring market. One of the major specialties in medical tourism is spine surgery, and the use of intraoperative neuromonitoring technology results in enhanced surgical outcomes, which is why the adoption of the technology has been growing across the globe. Medical tourism is further creating awareness regarding the intraoperative neuromonitoring technology across the globe.

Hence, the market is predicted to witness growth due to the increasing number of surgeries and growing medical tourism industry.

Pramod has around 7 years of experience in market research and consulting services for healthcare industry. He holds varied experience in market sizing and forecasting with varied models, competition landscape, consumer behavior analysis, opportunity analysis, product/company benchmarking, data mining and others. He has successfully delivered multiple projects on go-to-market strategies, pricing strategy, price point analysis, Business Expansion, market entry and exit, share analysis and others. Prior to joining P&S Intelligence, he worked with different research companies, including Transparency Market Research and MarketsandMarkets Pvt Ltd. Some of the projects delivered by him include Scar Treatment Market, Skin Replacement and Substitutes Market, and Energy-Based Aesthetic Devices Market.