The Global Nerve Repair and Regeneration Market size is estimated to be USD 8.78 billion in 2019 and is predicted to reach USD 24.06 billion by 2030 with a CAGR of 9.6% from 2020-2030.
Lifelong assistance and continuous care required by patients with various neurological conditions such as stroke and nervous system injuries puts a tremendous burden on patients, their families and healthcare providers as well. Therefore, management of such patients has now received importance from last few years. The healthcare provides now focus on providing quality care to patients in healthcare settings such as hospitals, diagnostic centers and ambulatory care centers. Nerve repair and regeneration involves the repair of damaged tissue helping it to undergo regrowth or renewal. This leads gradual restoration of functions of nervous system. It includes the repair of various structures of peripheral nervous system such as glia, neurons, axons, and synapses.
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Top Companies: Medtronic plc.,AxoGen, Inc., Abbott Laboratories, Polyganics B.V., Stryker Corporation, Boston Scientific, Inc., St. Jude Medical, Inc., Integra Lifesciences Corporation, Baxter International, Inc., and Cyberonics, Inc and others.
Market Dynamics and Trends:
The nerve repair and regeneration market is expected to exhibit potential growth during the forecast period and is anticipated to be driven by number of factors such as growing number of nerve injuries, rise in geriatric population and high prevalence of neurological disorder such as Alzheimer’s disease, multiple sclerosis, Parkinson’s disease, multiple system atrophy and amyotrophic lateral sclerosis. Additionally, paradigm-shift towards increase in the demand for advance treatment of neurological injury and availability innovative solutions in nerve repair & regeneration are anticipated to significantly have positive impact on the market. However, the growth of the nerve repair and regeneration market is restrained by factors such as lack of awareness among the patients and general population regardingavailability of surgical treatment in neurology and nerve repair and regeneration products and dearth of skilled professionals.
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Market Segmentations and Scope of the Study:
Global nerve repair and regeneration market share is analyzed on the basis of product, surgery, and geography. On the basis of product, the market is segmented into biomaterials and neurostimulation & neuromodulation devices. Biomaterial segment is further segmented into nerve wraps, nerve conduits, nerve connectors, nerve protectors. Neurostimulation & neuromodulation devices segment is further segmented into sacral nerve stimulation devices, spinal cord stimulation devices, gastric electric stimulation devices, deep brain stimulation devices and vagus nerve stimulation devices. Based on the application, the marketis classified into the stem cell therapy, direct nerve repair/neurorrhaphy, neurostimulation and neuromodulation surgeries, and nerve grafting.On the basis of end user, the market is segmented into hospitals, clinics, ambulatory surgery centers, and others. The regional analysis of the market comprises of North America, Europe, Asia Pacific, and Rest of the World.
Geographical Analysis:
Prominent players have launched product for nerve repair and regeneration and are involved in strategic approaches such as geographical expansion, partnerships and collaborations. For instance, Axium Neurostimulator System launched in the U.S. by St. Jude Medical effectively treated patients for the pain which cannot be eased Spinal Cord Stimulation (SCS) therapy. In March 2016, AxoGen, Inc. announced the launch of AcroVal Neurosensory & Motor Testing System. The systemis used as a nerve function assessment tool in monitoring patients suffering with peripheral nerve injuries. Furthermore, in April 2016, implant was launched by St. Jude Medical, Inc. for Dorsal Root Ganglion (DRG) therapy.
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