New Trends are Key to Further Growth in the Intraoperative Neuromonitoring Market
According to Technavio's recent report on the Intraoperative Neuromonitoring Market in the US, the number of patients suffering from cerebrovascular disorders has reached an all-time high in the past decade. As a result, the number of neurosurgeries performed in the US has peaked at over 800 thousand per year. These statistics have been the key drivers behind the neuromonitoring market's growth through to 2012. TechNavio's analysts predict however, that the upward trend of brain and spine surgeries in the US will eventually plateau because of the following 3 hindrances:
High-cost of technology and services
Unstable reimbursement policies
Shortage of skilled neurophysiologists and Neurologists
In spite of these challenges, the market for intraoperative neuro-monitors is expected to grow at a CAGR of 7.98 percent in 2012-2016 thanks to a few large-scale shifts in the global healthcare environment.
The first of these trends is the increase in mergers and acquisitions between market players. For instance, in October 2011, NuVasive acquired Impulse Monitoring, a provider of intraoperative monitoring services. Between 2011-2012, four of the market's key-players including SpecialtyCare, Waud Capital Partners, and Biotronic made similar acquisitions. Joint ventures such as these have many benefits, including:
Increased global presence
Expanded product portfolio
Larger manufacturing scale
Wider profit margins
More time to focus on product innovations
Two other trends, outsourcing and remote patient monitoring are equally advantageous for market players and can assist in sales growth as well as international expansion. Both of these services have a huge appeal for consumers because of their potential to reduce hospitalization costs, decrease emergency room overcrowding, and minimize the risk factor of neurosurgeries.
Ultimately, though the market for neuromonitoring is fairly saturated in the US, there are a lot of opportunities for the development of new services and increased global presence. Moreover, as is the case with any industry that offers potentially life-saving products or services, end-users and vendors alike will reap enormous benefits from growth in Intraoperative Neuromonitoring Market. This fact alone is likely to guarantee progress in the years to come.