New York, Aug. 26, 2019 (GLOBE NEWSWIRE) -- A rising number of peripheral and neurological failures, increasing investments into R&D for the nerve repair and regeneration procedures, a well-established healthcare industry in developed nations, rising number of government healthcare initiatives across the world in emerging economies are key factors contributing to high CAGR of Nerve Repair and Regeneration during the forecast period.
According to the current analysis of Reports and Data, the global Nerve Repair and Regeneration market was valued at USD 7.78 Billion in 2018 and is expected to reach USD 17.90 Billion by year 2026, at a CAGR of 10.9%. The complex and delicate structures of the nervous system are susceptible to many diseases. Alzheimer’s, Parkinson’s, amyotrophic lateral sclerosis, multiple sclerosis, and multiple system atrophy are some diseases for which several cases are being reported all over the world every year. Thus, there is a rising demand for efficient nerve repair and regeneration systems across the globe. Growing patient awareness about such procedures and a healthy healthcare investment by governments are driving factors for this market. However, stringent regulatory requirements along with the high cost of related equipment pose a challenge for the growth of this market.
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Further key findings from the report suggest
- Both government and private funded organizations are conducting clinical trials to develop safe and effective therapy for different neurological disorders, such as Stem Cells in Umbilical Blood Infusion for Cerebral Palsy (Phase II) and usage of Polyethylene glycol (PEG) drug (Phase I) to promote axonal fusion technique to repair peripheral nerve injuries in humans. These initiatives are driving the market and helping it to grow every day.
- The growing incidence of brain disorders has boosted the market growth. As per CDC, in the year 2017, it was reported that 5.5 million Americans had Alzheimer’s dementia and the number of new cases of Alzheimer’s and other dementias is estimated to grow to its double count by 2050 annually. This is a result of the rapid rise in geriatric population. Efficient neurological healthcare delivery is the need of the hour.
- Increased cases of Central Nervous System (CNS) disorders and awareness about mental disorders and available treatments has helped the neuromodulation and neurostimulation devices segment to hold the largest market share in the base year 2018.
- Other categories of the surgical segment such as direct neuropathy and nerve grafting are also becoming increasingly popular and are expected to have an increased market share, especially in the North American and European markets.
- The advent of new devices, increased cases of injured CNS and effective government funding are chief factors that have driven the impressive advancement of the North American market in the field of nerve repair and regeneration.
- Asia Pacific is expected to become the fastest growing regional segment of this market and is likely to register a CAGR of 12.9% over the forecast period. This is due to increasing cases of neurological diseases and many unmet medical needs of the population.
- The growth of biodegradable polymers has contributed significantly to improved back stability and fracture healing. This in turn has boosted the market for biomaterials that is already witnessing focused government funding and quicker regulatory permissions.
- Product quality is of crucial importance for performing neuro surgeries. Polyganics has developed bioresorbable and biocompatible synthetic polymers for use in a range of applications driving tissue regeneration and functional patient recovery. Such qualitative efforts enable firms to establish their footprints in the global market.
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Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the Nerve Repair and Regeneration market on the basis of surgery type, product type, and region:
Surgery Type (Revenue, USD Million; 2016–2026)
- Direct Neuropathy
- epineural repair
- perineural repair
- group fascicular repair
- Nerve Grafting
- Autografts
- Allografts
- Xenografts
- Neuromodulation Surgery
- External
- Internal
- Stem Cell Therapy
Product Type (Revenue, USD Million; 2016–2026)
- Biomaterial
- Nerve conduits
- Nerve protectors
- Nerve wraps
- Nerve connectors
- Neuromodulation Surgery Devices
- External
-
- Transcutaneous Electrical Nerve Stimulation
- Transcranial Magnetic Stimulation
- Internal
-
- Spinal Cord Stimulation
- Deep Brain Stimulation
- Sacral Nerve Stimulation
- Vagus Nerve Stimulation
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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