Pune India, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Nerve Repair and Regeneration Market Size by Product Type (Biomaterials and Neurostimulation & Neuromodulation Devices), By Application (Stem Cell Therapy, Neurorrhaphy, Neurostimulation, Nerve Grafting, Neuromodulation Surgeries, and Others), Regions, Segmentation, and forecast till 2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the nerve repair and regeneration market are operating and is predicted to expand soon. The manufacturers and suppliers involved in the nerve repair and regeneration market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as product type, application, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global Nerve Repair and Regeneration Market are Nevro Corp, Abbott Laboratories, IntegralLifeSciences, NeuroPace Inc., Axogen Corporation, Medtronic plc, Neuronetics Inc., LivaNova PLC, Baxter International Inc., Boston Scientific Corporation, Stryker Corporation, Polygancies B.V., Cyberonics, Inc. among others. To achieve a substantial market share in the worldwide nerve repair and regeneration market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Regeneration and repair of nerves are usually the results of a severe nerve injury. Nerve regeneration takes a long time and the time depends on the type of injury that occurred. It is common for medical professionals to recommend painkillers and products for recovering from outer injuries during nerve regeneration. It is believed that the growth of the nerve repair and regeneration market will be influenced by the growing incidence of nerve injuries and the prevalence of neurological disorders, as well as the increase in geriatric populations and age-related neurological disorders, and the increased funding of neurology research by private and government organizations. The global nerve repair & regeneration market, however, is hindered by the lack of trained professionals. Increasing geriatric populations that are susceptible to these illnesses and the increase in nerve injuries have been successful in the development of the market. For the timely diagnosis and treatment of medical disorders, hospitals, surgical centres, and healthcare institutes are offering novel nerve repair and regeneration solutions. As technology advances are integrated with current medical scenarios and services, the market for nerve regeneration and repair will grow rapidly. A growing geriatric population accelerates market growth since the elderly population is more likely to suffer neurological and epidemic disorders. Furthermore, nerve injury is a major factor contributing to the growth of the nerve regeneration and repair industry.
Scope of Nerve Repair and Regeneration Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Product Type, Application, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Nevro Corp, Abbott Laboratories, IntegralLifeSciences, NeuroPace Inc., Axogen Corporation, Medtronic plc, Neuronetics Inc., LivaNova PLC, Baxter International Inc., Boston Scientific Corporation, Stryker Corporation, Polygancies B.V., Cyberonics, Inc. among others |
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Segmentation Analysis
Neurostimulation & neuromodulation is expected to be the fastest-growing segment in 2022.
The product type segment includes biomaterials and neurostimulation & neuromodulation devices. The neurostimulation &neuromodulation segment is expected to witness the highest growth rate during the forecast period. It is estimated that in 2021, neurostimulation &neuromodulation devices will hold the largest share of nerve repair and regeneration. An increasing number of commercialized spinal cord stimulation products have resulted from the growth in spinal cord injuries, which are in turn driving the growth of this category. In addition, these devices are becoming increasingly popular due to their increasing number of applications, technological advancements, and biocompatibility.
Stem cell therapy is expected to be the fastest-growing segment in 2022.
The application segment includes stem cell therapy, neurorrhaphy, neurostimulation, nerve grafting, neuromodulation surgeries, and others. The stem cell therapy segment is expected to witness the highest growth rate during the forecast period. Various government initiatives and approvals for clinical trials of biomaterials are expected to boost the market growth for stem cell therapy during the forecast years, with the fastest CAGR. In the United States, there are approximately 570 clinics that provide stem cell therapy, and the number is expected to grow over time, thereby enhancing segment development.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the nerve repair and regeneration market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. The dominance of this region is also attributed to the availability of technologically advanced devices. For example, the Alzheimer's Association reports that the number of Americans living with Alzheimer's is increasing and increasing fast, besides increasing government initiatives and funding, the region's growth has also been largely attributed to the increase in neurological disorders, such as dementia and Alzheimer's disease.
Country Analysis
- Germany
Germany's nerve repair and regeneration market size was valued at USD 0.57 billion in 2022 and is expected to reach USD 1.44 billion by 2030, at a CAGR of 12.3% from 2023 to 2030.
A major factor that is expected to boost the growth of the nerve regeneration and repair market is the rise in the prevalence of nerve injuries. The market for nerve regeneration and repair will likely grow due to the potential of stem cell therapy in nerve repair and regeneration as well as the escalation of neurological disorders.
- China
China’s nerve repair and regeneration market size was valued at USD 0.59 billion in 2022 and is expected to reach USD 1.51 billion by 2030, at a CAGR of 12.5% from 2023 to 2030.
It is predicted that China will grow at a rapid rate during the forecast period due to a growing demand for advanced devices. As the healthcare infrastructure grows and new technologies penetrate, nerve regeneration and repair therapies are becoming more popular in China.
- India
India's nerve repair and regeneration market size was valued at USD 0.45 billion in 2022 and is expected to reach USD 1.14 billion by 2030, at a CAGR of 12.4% from 2023 to 2030.
Increasing healthcare expenditure, technological advances, a growing geriatric population and the demand for more precision therapies all play positive roles in the market for nerve regeneration and repair. In addition, the increasing research in neurology and the potential for stem cell therapy to repair and regenerate nerves in the forecast period will offer profitable opportunities to market players.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising geriatric population.
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