Nerve Monitoring Devices Market Scope
The nerve monitoring devices market is expected to grow in the future due to the increased number of neural surgeries performed around the world. The nerve monitoring market is growing due to continuous advancement in medical technology both for the diagnosis and the treatment of neurological disorders have raised the demand for Nerve Monitoring devices. The rise in the aging population leading to an increase in the number of surgical procedures being performed at the global level and an increase in the incidence of neurological disorders are some major factors driving the growth of the Nerve Monitoring devices market.
Leading key players of Nerve Monitoring Devices are focusing on strategic new product launches to improve their services. They are also focusing on increasing their client base to strengthen market position and to enhance product & service offerings. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Nerve Monitoring Devices market throughout the predicted period.
Medtronic Inc. (Ireland), NuVasive (United States), Nihon Kohden (Japan), Natus Medical (United States), Dr. Langer Medical GmbH (Germany), Neurosign Surgical (United Kingdom), Neurowave Systems (United States), Cadwell Laboratories (United States), Compumedics Limited (Australia) and Electrical Geodesics (United States) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Nerve Monitoring Devices market by Type (Monitors, Electrodes and Ancillary Products), by Application (Hospitals, Clinics and Other) and Region with country level break-up.
On the basis of geography, the market of Nerve Monitoring Devices has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Oct 2020, Medtronic plc announced it has received U.S. Food and Drug Administration (FDA) 510(k) clearance of the NIM Vital™ nerve monitoring system, which enables physicians to identify, confirm, and monitor nerve function to help reduce the risk of nerve damage during head and neck surgery.
“According to food and drugs administration, its encourages the sponsors of neurological devices to use the pre-submission program to help determine whether their planned studies present significant risks to patients, whether they require an Investigational Device Exemption (IDE) prior to study, or to obtain further input on what data to collect as the basis for a marketing decision for a future submission.”
Market Trend
- The Advent of Technologically Advanced Products such as Wearable Device
Market Drivers
- Rising Prevalence of Neurological Diseases
- Growing Geriatric Population
Opportunities
- Improving Healthcare Infrastructure coupled with Supportive Government Initiatives
- High Growth in Emerging Market
Restraints
- Availability of Favorable Reimbursement
- High Cost of Devises
Challenges
- Lack of Skilled Professionals in Developing Countries
- High Making Cost of Nerve Monitoring Devices and Its Management
Key Target Audience
Nerve Monitoring Devices Manufacturers, Nerve Monitoring Devices Traders, End-Use Market Participants of Different Segments of Nerve Monitoring Devices, Government and Research Organizations, R&D Institutions and Others