Global Nerve Monitoring Devices Market: Snapshot
Nerve monitoring devices are used by surgeons in an intraoperative manner for the monitoring and identification of any changes in the body during surgery. The monitored parts commonly include the peripheral nerve functions, the spinal cord, and the brain. Nerve monitoring devices are largely used during general surgeries as well as surgeries of the ear, nose, and throat. Neural function monitoring is irreplaceably invaluable in the effort to prevent damage to nerves in the middle of a surgery. The chances of nerve damage during surgery can be extremely high for certain types of surgeries, making the use of nerve monitoring devices absolutely essential.
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The number of neural surgeries being performed around the world are increasing at a swift pace, primarily owing to the increasing geriatric population. This is broadening the scope of demand for the global nerve monitoring devices market and will continue to do so for the coming years. The developed economies has so far shown a strong suite of healthcare development in terms of technologies and infrastructure and hold prime candidates for the leading demand in the global nerve monitoring devices market. Meanwhile, emerging economies, owing to their massive population densities, are bound to show up on the map sooner rather than later in terms of massive demand scales for various nerve monitoring devices.
Global Nerve Monitoring Devices Market
Nerve monitoring devices are various implements used to supervise the function of the nervous system during surgeries. Since neural function is absolutely vital and the risk of inadvertent damage to nerves during several surgeries is moderately high, nerve monitoring devices have gained widespread acceptance in recent years. Nerve monitoring devices monitor the integrity and ensure the continued function of a few key areas, in order to avoid irreparable nerve damage.
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The global nerve monitoring devices market is propelled by the increasing number of neural surgeries and the increasing geriatric population, among other factors. The report presents the expected qualitative and quantitative impact of the driving and restraining factors influencing the global nerve monitoring devices in the 2016–2024 forecast period, in addition to data on the competitive and commercial dynamics of the nerve monitoring devices industry.
Global Nerve Monitoring Devices Market: Drivers and Restraints
The major driver of the nerve monitoring devices market is, naturally, the increased number of neural surgeries performed around the world. Due to advancements in our knowledge about the nervous system, increasingly complex neural surgeries can now be performed with near-absolute safety. This has led to a consequent rise in the demand for nerve monitoring devices.
The rising geriatric population around the world is also a significant factor propelling the global nerve monitoring devices market. The elderly are more prone to nervous diseases than their younger counterparts, and the former are also more likely to require surgical interventions than the latter. Both these factors lead increased demand for nerve monitoring devices, since they are used in both neural and other surgeries that present a risk of nerve damage.
Apart from these, the major driving factor propelling the global nerve monitoring devices market is increasing awareness among the global population. The broadening population pool of patients who can afford advanced medical treatments is also boosting the global nerve monitoring devices market.
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Global Nerve Monitoring Devices Market: Geographical Overview
The global nerve monitoring devices market is led by North America. The increasing demand for neural surgeries in the region, the high purchasing power of patients in the region, and the firm establishment of major medical research avenues have been the primary drivers for the North America nerve monitoring devices market. The high geriatric population of the region has also helped the expansion of the nerve monitoring devices market.
Europe was the second-largest market for nerve monitoring devices in 2015. Several governments in Europe have proactively encouraged medical research, which has boosted the neural surgery sector. The Europe and North America markets for nerve monitoring devices are also helped immensely by the heavy public health-care expenditure, as well as the presence of sufficient reimbursement schemes.
In the coming years, though, the increasingly urbanized Asia Pacific market for nerve monitoring devices is expected to emerge as a major regional player in the global market. As health-care infrastructure spreads across developing economies such as China, India, and Japan, advanced medical procedures and devices will become easily available, driving the market for implements such as nerve monitoring devices.
Major players operating in the global nerve monitoring devices market include Medtronic, Nihon Kohden Corporation, Inomed, Dr. Langer Medical GmbH, EMS Biomedical, and Natus Medical Incorporated.
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