Rockville, April 13, 2023 (GLOBE NEWSWIRE) -- From 2022 to 2026, the market for nerve repair and regeneration is expected to grow at a remarkable CAGR of 11%. The nerve repair and regeneration market is currently worth US$ 8 billion, and by the end of 2026, it is expected to be worth US$ 12 billion.
As accidents and peripheral nerve injuries rise globally, the demand for neurostimulation and neuromodulation devices is anticipated to rise at a 9.5% CAGR throughout the research period.
Nerve repair and regeneration is the process of repairing neural tissues and cells. It aids in the recovery of nerve damage, which is often caused by pressure, severe trauma, stretching, or cutting a nerve, and resumes normal operation.
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| Nerve Repair and Regeneration Market Scope | |
| Report Coverage | Details |
| Historic period | 2017-2021 |
| Forecast period | 2022-2026 |
| Growth momentum & CAGR | Accelerate at a CAGR of 11 % |
| Market growth 2022-2026 | US$ 12 Billion |
| Market structure | Fragmented |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Key countries | US, Canada, UK, France, and Germany |
| Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
| Key companies profiled | Baxter, Polyganics B.V., Nevro, Stryker, Abbott Laboratories, AxoGen, Inc., Boston Scientific Corporation, Integra LifeSciences Corporation, LivaNova, PLC, Medtronic plc, NeuroPace, Inc., Synapse Biomedical Inc., Synovis Micro Companies Alliance, Inc |
| Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Drivers
- Rise in the development of new technologies such as nerve grafting, neurostimulation, and stem cell therapy is leading to the growth of the nerve repair and regeneration market.
- The rising prevalence of neurological disorders such as Alzheimer's, Parkinson's, and multiple sclerosis is leading to a greater need for nerve repair and regeneration treatments.
- The increasing aging population is at a higher risk of nerve injuries and neurological disorders, leading to an increase in the demand for nerve repair and regeneration products.
- The availability of favorable reimbursement policies is encouraging patients to undergo nerve repair and regeneration treatments.
- The growing awareness about nerve repair and regeneration treatments is encouraging patients to seek treatment and driving the growth of the market.
- The increasing healthcare expenditure by governments and private organizations is leading to the development of new and advanced nerve repair and regeneration products.
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Key Market Trends
- Stem cell therapy is emerging as a promising technique for nerve repair and regeneration, and is increasingly being used in clinical trials and in the development of new nerve repair products.
- The development of new nerve grafting techniques, such as nerve allografts and decellularized nerve allografts, is improving the efficacy of nerve repair and regeneration procedures.
- Neurostimulation devices, such as spinal cord stimulators and deep brain stimulators, are being increasingly used in the treatment of neurological disorders, and are also being investigated for their potential in nerve repair and regeneration.
- The nerve repair and regeneration market are witnessing an increasing number of mergers and acquisitions as companies seek to expand their product portfolios and improve their market positions.
- Bioresorbable nerve repair products, which are designed to gradually degrade and be absorbed by the body, are gaining popularity due to their potential to reduce the risk of complications associated with permanent implants.
- There is a growing trend towards personalized medicine, with companies developing nerve repair and regeneration products that can be tailored to individual patients based on factors such as the location and severity of their nerve injury.
- The nerve repair and regeneration market are expanding in developing countries, driven by factors such as rising healthcare expenditure, increasing awareness about nerve repair and regeneration, and the growing prevalence of nerve injuries and neurological disorders.
Market Restraints
- The high cost of nerve repair and regeneration products is limiting the adoption of these products, particularly in developing countries.
- The stringent regulatory requirements for the approval of nerve repair and regeneration products are increasing the time and cost of product development, which can be a major challenge for companies operating in this market.
- The lack of skilled professionals trained in nerve repair and regeneration procedures limits the adoption of these products.
Competitive Landscape:
Key companies are offering a wide variety of product pipelines for neurological illnesses. Moreover, to increase treatment effectiveness, market participants are offering advanced products. Several companies launched new nerve repair and regeneration products in 2021, including Axogen's Avive Soft Tissue Membrane, Polyganics' dura sealant patch, and Integra LifeSciences' Integra Nerve Repair.
Besides this, Researchers have also made significant advancements in stem cell therapy for nerve repair and regeneration in 2021.
- For instance, scientists at the University of Virginia developed a new method for growing neural stem cells that could improve the efficacy of stem cell therapy for nerve injuries.
Besides this, companies in the nerve repair and regeneration market are increasingly forming partnerships and collaborations to develop new products and expand their market presence.
- For example, in 2021, Axogen announced a partnership with the Institute for Advanced Wound Healing to develop new wound care solutions.
Key Segments in Nerve Repair and Regeneration Industry Research
- By Product:
- Neurostimulation & Neuromodulation Devices
- Biomaterials
- By Application:
- Neurostimulation & Neuromodulation Surgeries
- Neurorrhaphy
- Nerve Grafting
- Stem Cell Therapy
- By End User:
- Hospitals
- Clinics
- Ambulatory Surgery Centers
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Nerve Repair and Regeneration Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Nerve Repair and Regeneration sales grow until 2026?
- Which are the factors hampering the Nerve Repair and Regeneration demand?
- Which region will spearhead the growth in the global industry by 2026?
- Which are the factors driving sales in the Nerve Repair and Regeneration Market during the forecast period?
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