Nerve Monitoring Devices Market Size, Share & Trends Analysis Report By Product (Monitors, Electrodes), By Technology (Evoked Potential, Electromyography (EMG)), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global nerve monitoring devices market size was valued at USD 1.3 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2023 to 2030. The market is driven by the increasing incidence of neurological disorders and the growing demand for minimally invasive surgeries. According to the statistics published by the World Health Organization (WHO) in February 2023, approximately 50 million people globally suffer from epilepsy making it the most common neurological disorder & the risk of early death in those people is up to three times higher than that of the general population.

Nerve monitoring devices provide surgeons with the ability to identify and track motor nerve function during general procedures to reduce the risk of nerve injury. This technology eliminates the risk of nerve damage during high-risk surgical procedures such as spine, nerve, or brain surgery. By combining advanced hardware electronics with straightforward software, nerve monitoring devices enable surgeons to perform necessary surgeries while maintaining nerve function and enhancing patient safety.

The market is anticipated to grow significantly due to the rapidly rising geriatric population. According to a United Nations (UN) report, the number of people aged 65 years and above globally is expected to double in the next three decades to reach 1.6 billion by 2050 which accounts for more than 16 percent of the worldwide population. According to an article published in the medical journal Cureus, a neurological or psychological disorder affects more than 20% of adults globally who are aged 60 years and above (excluding headache disorders), and 6.6% of all disabilities in people over 60 years are caused by neurological or mental disorders.

There are millions of people who suffer from neurodegenerative diseases globally. According to a report published by the Alzheimer’s Disease Association in 2023, around 6.7 million people aged 65 or above in America were living with Alzheimer’s dementia, and around 10.8% of people aged 65 or above of the total U.S. population had Alzheimer’s dementia.

Technological advancements enabled nerve monitoring device providers to transform services and propelled them to higher levels. Consistent upgradation and innovation of these devices provide a seamless user experience. The introduction of the latest products such as wearable devices that offer the benefits of round-the-clock monitoring and increased mobility is expected to fuel the market growth. Market competitors are focusing on developing new devices that integrate with software and other advanced technologies to meet the growing demand for nerve monitoring devices. For instance, in October 2022, the U.S. subsidiary of Nihon Kohden, a precision medical products and services company headquartered in Japan, launched Smart Cable NMT Pod & disposable electrode to allow clinicians to monitor neuromuscular blockade. Smart Cable NMT Pod uses electromyography (EMG) to capture the level of paralysis accurately through peripheral nerve stimulation.

Major market players are investing heavily in research and development (R&D) to maintain their position in the global market. There is also an increase in public and private funding to build well-equipped healthcare systems in developing countries, which drives the major players to expand their operations and manufacture more nerve-monitoring devices.

The COVID-19 pandemic had a mixed impact on the market. In the short term, the pandemic led to a decrease in demand for nerve monitoring devices. However, in the long term, the pandemic is expected to lead to an increase in demand for nerve monitoring devices as the focus on patient safety and the incidence of neurological disorders increase.

Product Insights

In terms of product, the monitors segment dominated the market in 2022 with the largest revenue share owing to the increasing number of surgical procedures, rising incidence of neurological disorders, and advances in technology. The electrodes segment is expected to grow at the fastest CAGR during the forecast period. Electrodes are used in minimally invasive surgeries to monitor the nerves and muscles during surgery. In addition, electrodes are also used to diagnose and treat neurological disorders such as epilepsy, spinal cord injuries, and nerve pain which is further expected to drive the market growth.

In May 2021, a medical device company WISE Srl, a developer of next-generation implantable electrodes for neuromodulation, neuromonitoring, and brain-machine interfacing (BMI), announced the CE marking of its WISE Cortical Strip (WCS), which is a single-use medical device for intraoperative neurophysiological monitoring (IONM) during epilepsy surgeries and brain tumor. It continuously records the brain’s spontaneous electrical activity electrocorticography (ECoG) & somatosensory evoked potentials (SSEP) and is also used for brain stimulation, aimed to elicit motor-evoked potentials (MEPs).

Ancillary products such as disposable sponge disks, abrasive gel, alcohol swabs, and disposable filters are expected to witness lucrative growth over the forecast period. This can be attributed to an increased usage of nerve monitoring systems and repeat purchases of these accessories.

Technology Insights

Based on technology, the market is segmented into electroencephalography (EEG), electromyography (EMG), evoked potential, and electrocorticography (ECoG). The evoked potential segment consists of somatosensory evoked potentials (SSEP), transcranial electrical motor evoked potentials (TCeMEP), brainstem auditory evoked potentials (BAEP), and visual evoked potentials (VEP). The electroencephalography (EEG) segment held the largest revenue share of 65.1% in 2022 and is anticipated to grow at the fastest CAGR of 5.5% over the forecast period. This can be attributed to its wide clinical applications in neurological diseases. Moreover, this modality can unfold brain activity in real-time in milliseconds, thus offering higher accuracy.

The electromyography (EMG) segment is also expected to witness substantial growth over the forecast period owing to the rising prevalence of neuromuscular diseases such as muscular dystrophies and muscle rheumatism. Moreover, electromyography has higher accuracy than magnetic imaging such as magnetic resonance imaging (MRI). These factors are anticipated to drive the growth of the EMG segment over the forecast period.

Regional Insights

Based on region, North America dominated the market in 2022 with the largest revenue share of approximately 46.0 % due to its sophisticated healthcare system as well as the rising use of nerve monitoring in trauma cases. Moreover, rising disposable income and favorable reimbursement policies are facilitating preventive & early diagnosis, thereby increasing the demand for nerve monitoring devices. Cardiovascular disease is the leading cause of death in the U.S., according to the Center for Disease Control (CDC) article titled ‘Heart Disease Facts’, updated in May 2023. In addition, approximately 805,000 individuals suffer a heart attack each year. As a result of the high prevalence of cardiac disease, numerous cardiological surgical procedures are conducted, which can potentially lead to nerve damage.

Asia Pacific is anticipated to grow at the fastest CAGR of 6.7% during the forecast period. The presence of large untapped opportunities in emerging populous economies such as India and China is anticipated to exhibit growth in this industry. There is a high demand for infectious disease diagnostic kits due to increased awareness among the population of the clinical advantages of nerve monitoring solutions. In addition, improving healthcare infrastructure with supportive government initiatives is anticipated to accelerate the growth of the market.

Key Companies & Market Share Insights

The market is competitive in nature and the players are undertaking strategies such as product launches, approvals, and strategic acquisitions to grow their global reach. For instance, in May 2021, Neurosign, a UK-based pioneer in the world of interoperative nerve monitoring solutions, launched the V4 system to monitor spinal nerve roots & cranial nerves during surgeries.

In addition, in April 2023, U.S.–based company Neuspera Medical, which develops implantable medical device technology, announced that it received approval from the U.S. Food and Drug Administration (FDA) for its next-generation ultra-miniaturized system for peripheral nerve stimulation (PNS). The Neuspera system delivers PNS through a less invasive wireless platform that is more versatile than the commercially available technology. Some prominent players in the global nerve monitoring devices market include:

• Medtronic Plc.

• NuVasive, Inc.

• Natus Medical Inc.

• Neuspera Medical

• Langer Medical GmbH

• Neurosign Surgical

• Cadwell Laboratories

• Compumedics Limited

• Electrical Geodesics Inc

• Nihon Kohden

Nerve Monitoring Devices Market Report Scope

Global Nerve Monitoring Devices Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global nerve monitoring devices market report based on product, technology, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Monitors

  • Electrodes

  • Ancillary Products

• Technology Outlook (Revenue, USD Million, 2018 - 2030)

  • Electroencephalogram (EEG)

  • Evoked Potential

    • Somatosensory Evoked Potentials (SSEP)

    • Transcranial Electrical Motor Evoked Potentials (TCeMEP)

    • Brainstem Auditory Evoked Potentials (BAEP)

    • Visual Evoked Potentials (VEP)

  • Electromyography (EMG)

  • Electrocorticography (ECoG)

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Sweden

    • Norway

    • Denmark

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East and Africa

    • Saudi Arabia

    • South Africa

    • UAE

    • Kuwait