Pune, 18, Oct, 2022: According to the report published by Maximize Market Research on Nerve Repair and Regeneration Market the market was valued at USD 6.2 billion in 2021. The report provides a detailed analysis on the current and future trends in the market and is expected to reach USD 16.5 billion by 2029 for the forecast period of 2022-2029 at 13 percent.
Nerve Repair and Regeneration Market Overview
Products for nerve healing and regeneration include neurostimulation, neuromodulators, and biomaterial devices. These devices are used to treat neurodegenerative diseases including Alzheimer’s, Parkinson’s, amyotrophic lateral sclerosis, and multiple system atrophy that are caused by trauma or traumatic events.
The ability of the brain to interact with muscles and organs is hampered by the spinal cord, peripheral nerves due to their fragility and susceptibility to injury. Nerve repair and regeneration products fix these problems. Due to the rising prevalence of neurological disorders and nerve injuries, technological advancements in nerve repair and regeneration, and an increase in healthcare spending by governments in developed markets with supportive policies, the market for nerve repair and regeneration is expected to grow.
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Nerve Repair and Regeneration Market Dynamics
The frequency of neurological illnesses and nerve injuries is on the rise. The geriatric population globally is increasing. These two factors primarily make it a necessity for the growth and advancement of the Nerve Repair and Regeneration Market. High incidence of nerve injuries leads to advancement in the industry. Researchers and industry experts have been focusing on developing solutions for advancing neuromodulation and neuromodulation technologies such as advanced neurostimulation devices, collaborations among companies and improved technologies, driving market growth. Government funding towards research in neurological illnesses drives the Nerve Repair and Regeneration Market.
During the forecast period, the availability of different medicines treating various Central Nervous System (CNS) such as Parkinson’s disease and Alzheimer’s disease is expected to boost the Nerve Repair and Regeneration Market. According to the Alzheimer’s Association, 6.6 million Americans aged 65 and more will have Alzheimer’s disease by 2022 reinforcing the aforementioned point. Similarly, dementia will account for 4.13 percent of the population by 2050 from 2.12 percent in 2018. The use of stem cell based therapeutics and advancement in the market is expected to increase Nerve Repair and Regeneration Market.
There exists a paucity of skilled labour in the healthcare industry. According to a report by the World Health Organization, around 27% of currently employed health professionals do not have the required credentials. The growing demand for healthcare professionals is disproportionate to the supply of skilled healthcare professional. The industry continues to grow with new technologies and advancements at a fast pace but the weight of it is borne by few professionals. This factor can harm the Nerve Repair and Regeneration Market in the future if supply continues to remain low.
Nerve Repair and Regeneration Regional Market Insights
Region-wise North America held 30 percent of the Nerve Repair and Regeneration Market in 2021. This is because of neurological illnesses and health insurance coverage scenario in the region. Technological advancement also leads to the growth in the regional market. For instance, Medtronic plc introduced Reclaim DBS therapy for the treatment of Obsessive-Compulsive Disorder (OCD).
Asia-Pacific region is also expected to grow at a fast pace given reasons such as increasing target population base, increased patient awareness, government efforts and unmet medical requirements of the population. China, India, Japan, Australia and Singapore are also contributing towards regional growth of the Nerve Repair and Regeneration Market.
Nerve Repair and Regeneration Market Segmentation
By product, the Nerve Repair and Regeneration Market is segmented into Biomaterials, Neurostimulation and Neuromodulation Devices, Spinal Cord Stimulation Devices, Deep Brain Stimulation Devices, Sacral Nerve Stimulation Devices, Vagus Nerve Stimulation Devices, Gastric Electric Stimulation Devices
By surgery, the Nerve Repair and Regeneration Market is segmented into Neurostimulation and Neuromodulation Surgeries, Direct Nerve Repair/Neurorrhaphy, Nerve Grafting, Stem Cell Therapy
By end-user, the Nerve Repair and Regeneration Market is segmented into Hospitals, Ambulatory Surgical Centres, Others
Nerve Repair and Regeneration Market Key Players
- Medtronic, plc.
- Boston Scientific Corporation
- Abbott Laboratories
- Axogen Corporation
- Baxter
- LivaNova PLC
- Integra LifeSciences
- Neuronetics Inc.
- Nevro Corp
- NeuroPace Inc
- Polyganics
- Soterix Medical Inc
- Synapse Biomedical Inc
- Aleva Neurotherapeutics SA
- Collagen Matrix Inc.
- KeriMedical
- BioWaveGO USA
- NeuroSigma Inc.
- tVNS Technologies GmbH
- GiMer Medical
- Checkpoint Surgical Inc.
- Renishaw PLC
- Alafair Biosciences, Inc.
- ElectroCore
Key questions answered in the Nerve Repair and Regeneration Market
- What is the market segmentation of Nerve Repair and Regeneration Market?
- What is the CAGR for the forecast period of Nerve Repair and Regeneration Market?
- Who are the key players in the Nerve Repair and Regeneration Market?
- Who owns the largest market share in the Nerve Repair and Regeneration Market globally?
- What are the factors leading to growth in the Nerve Repair and Regeneration Market?
- Which is the growing region in the Nerve Repair and Regeneration Market?
Related Report Published by Maximize Market Research:
Global Continuous Peripheral Nerve Block Catheter Market
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