Western Europe Intraoperative Neuromonitoring (IONM) Electromyograph (EMG) Devices Market Highlights Over 2020 - 2029
The Western Europe intraoperative neuromonitoring (IONM) electromyograph (EMG) devices market is estimated to garner a revenue of USD 140650 Thousands by the end of 2029, up from a revenue of USD 73902.2 Thousands in 2020, by growing with a CAGR of 7.4% during the forecast period, i.e., 2020-2029. The growth of the market can primarily be attributed to the increasing efficacy of IONM, and the rising use of IONM in various surgeries, including spine, vascular, and ENT surgeries. IONM is used to reduce the risk of damage to the nervous system during surgeries, especially for thyroid and parathyroid surgeries. Moreover, the increasing cases of recurrent laryngeal nerve (RLN) injury, which is also known to be one of the highly reported and life-deteriorating complications in the thyroid and parathyroid surgery, is also anticipated to drive the market growth during the forecast period.
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The Western Europe intraoperative neuromonitoring (IONM) electromyograph (EMG) devices market is also anticipated to grow on account of the growing incidences of thyroid cancer across Europe, along with the increasing number of medical procedures performed in several countries in the region. According to the statistics by the International Agency for Research on Cancer, the number of new cases of thyroid cancer amongst males between the age group of 0 to over 85 years in Europe, is estimated to grow to 20.1 Thousands by the end of 2040, up from 19.3 Thousands in 2020. Moreover, mortality due to thyroid cancer amongst males and females is anticipated to touch 3.1 Thousands and 5.2 Thousands respectively by the end of 2040, up from 2.4 Thousands and 4.0 Thousands respectively in 2020.
Western Europe Intraoperative Neuromonitoring (IONM) Electromyograph (EMG) Devices Market Regional Synopsis
The Western Europe intraoperative neuromonitoring (IONM) electromyograph (EMG) devices market is segmented by country into Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom, and the Rest of Western Europe countries. Amongst these countries, the market in Germany is anticipated to hold the highest market share throughout the forecast period. The market in the country garnered a revenue of USD 12267.7 Thousands in the year 2020, and is further projected to reach USD 26306.7 Thousands by the end of 2029. The market in the region is further projected to grow with the highest CAGR of 8.8% during the forecast period. The growth of the market in the country can be primarily attributed to the growing healthcare expenditure in Germany, along with the increasing number of electromyography surgeries in the country. According to the statistics by the World Bank, the current health expenditure (% of GDP) in Germany increased from 9.888% in the year 2000 to 11.43% in the year 2018. Moreover, according to the statistics by the Statistisches Bundesamt, electromyography (EMG) surgeries and medical procedures performed on full-time in-patients in Germany registered to 64,896 numbers by the end of 2019. On the other hand, the market in France is anticipated to grab the second-leading market share and further generate a market revenue of USD 17939.1 Thousands by the end of 2029, up from USD 8868.2 Thousands in 2020.
Growth Drivers and Challenges Impacting the Growth of the Western Europe Intraoperative Neuromonitoring (IONM) Electromyograph (EMG) Devices Market
Growth Drivers
- Increasing Efficacy of IONM
- Rising Number of Surgeries
Challenges
- High Price of IONM
- Lack of Skilled Professionals
Western Europe Intraoperative Neuromonitoring (IONM) Electromyograph (EMG) Devices Market Segmentation Synopsis
The Western Europe intraoperative neuromonitoring (IONM) electromyograph (EMG) devices market is segmented by device type into capital device and accessories. Out of these, the capital device segment is anticipated to hold the highest market share and also grow with the highest CAGR of 7.7% during the forecast period. On the basis of procedure, the market is segmented into facial nerve tumor, parotidectomy, submandibular gland dissection, thyroidectomy, parathyroidectomies, goiter, and neck dissection. Out of these segments, the thyroidectomy segment is anticipated to hold the largest market revenue of USD 54803.6 Thousand by the end of 2029, up from USD 27538.2 Thousand in 2020. The market is further segmented on the basis of type into surface EMG and intramuscular EMG, out of which, the surface EMG segment is anticipated to hold the highest market share and also grow with the highest CAGR of 7.5% during the forecast period. On the basis of end-user, the market is segmented into hospital, ambulatory surgery centers, and others. Out of these, the hospital segment is anticipated to garner the largest market revenue of USD 81428 Thousand by the end of 2029 by growing with a CAGR of 7.5% during the forecast period.
Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the Western Europe intraoperative neuromonitoring (IONM) electromyograph (EMG) market that are included in our report are inomed Medizintechnik GmbH, Dr. Langer Medical GmbH, Neurosign, Medtronic plc, and others.
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