Nerve Monitoring Systems Market (Nerve Monitors, Nerve Stimulation Electrodes and Probes), By Technology (Electromyography (EMG), Electroencephalography (EEG), Electrocorticography (ECOG), Evoked Potential (EP)), By Application (Neurosurgery, ENT Surgery, Cardiovascular, Others), By End-Users (Hospitals, Ambulatory Surgical Centers), By Geography is expected to grow at a steady CAGR Forecast till 2026 owing to Rise in Nerve-Related Disorder and strong presence of device manufacturers in the market
Global Nerve Monitoring Systems Market was valued at USD 1.23 billion in 2020, growing at a CAGR of 4.17% during the forecast period from 2021 to 2026, to reach USD 1.72 billion by 2026. The demand for Nerve Monitoring Systems is primarily motivated by the rise in nerve-related disorder patient population, easy availability of medical reimbursement for these procedures, increasing demand for advanced products, strong presence of device manufacturers in the market. However, there are certain limitations faced that will hinder the Nerve Monitoring Systems Market growth. The outbreak of the Covid-19 pandemic may hamper the growth of the market.
Nerve Monitoring Systems Market has significantly increased due to the awareness created among the patients regarding the clinical benefits of using a nerve monitoring system, technological advancements in the segment, and the rising number of complicated surgeries around the world are the driving factors. However, the lack of qualified nerve monitoring professionals, less awareness of nerve monitoring techniques in several developing countries, and the high cost of these systems will limit the Nerve Monitoring Systems Market growth in the coming years.
Approximately 6.8 million people globally die from neurological diseases every year. According to the World Health Organization (WHO) Report 2020, neurological disorders are the number one cause of disability globally. The five largest contributors are stroke, migraine, dementia, meningitis, and epilepsy. Yet, the burden of neurological disorders is widely unrecognized.
Moreover, the companies are increasing their manufacturing of essential medical devices products. The nerve monitoring system allows for the exact location and identification of a motor nerve, as well as the prevention of nerve damage. The technology is being used in several hospitals to improve patient comfort. Also, the system acts as a crucial component in trauma cases and therefore raising the Global Nerve Monitoring Systems demand in the market.
