BRUSSELS, BELGIUM, April 26, 2023 (GLOBE NEWSWIRE) --
Repair and regeneration in the nervous system is a process by which damaged tissue undergoes regrowth or renewal, eventually restoring nervous system function.
Technological Advancements in Neurostimulation & Neuromodulation Devices Boosts the Growth of Nerve Repair and Regeneration Market
Neurostimulation & Neuromodulation devices find their utilization in many applications such as to treat traumatic or neurodegenerative disorders such as Alzheimer's disease, amyotrophic lateral sclerosis, multiple sclerosis, Parkinson's disease, sacral nerve stimulation for pelvic disorders and incontinence, and spinal cord stimulation for ischemic disorders. The adoption of these devices in multiple applications is contributing to the growth of the nerve repair and regeneration market.
For instance,
- In December 2022, Abbott announced that they have received the U.S. FDA approval for the company's Eterna spinal cord stimulation (SCS) system for the treatment of chronic pain.
- In March 2022, MyndTec announced that they have received FDA approval for MyndMove 2.0, its second-generation neuromodulation MyndMove system for clinical and home usage.
Growing Number of Neurological Disorders Drives the Growth of Nerve Repair and Regeneration Market
According to the WHO, more than 1 billion people throughout the world are affected by some type of neurological disease. The specific causes of neurological problems vary but can include genetic disorders, congenital abnormalities or disorders, infections, lifestyle or environmental health problems including malnutrition, brain injury, spinal cord injury, or nerve injury. With a growing population and aging society, more people are reaching ages at which neurological diseases are highly prevalent.
Stem Cell-Based Therapies Opens Up Ample Growth Opportunities in the Nerve Repair and Regeneration Market
Peripheral nerve injuries (PNIs) are some of the most common types of traumatic lesions affecting the nervous system. The research findings suggest that the pluripotential stem cell from bone marrow, adipose tissue, skin, dental pulp, umbilical cord, or from nerve trunks can differentiate into Schwann cells and nerve cells with axons which could further help in the regeneration of the missing nerves. Furthermore, the use of stem cells derived from different sources has presented promising results for nerve regeneration and effective neural and functional results which in turn has further boosted the growth of the nerve repair and regeneration market.
Upcoming Market Challenges: Nerve Repair and Regeneration Market
The high costs of the repair and regeneration devices, difficulty in treating large nerve gaps, and the major preference for using drug therapies over nerve repair & regeneration products are some of the factors restraining the growth of the nerve repair and regeneration market in the upcoming years.
North America is Set to Hold a Larger Share in the Nerve Repair and Regeneration Market
From a geographical perspective, North America holds a larger market share in the nerve repair and regeneration market. This can be mainly attributed to the growing geriatric population, adoption of technologically advanced products, and favourable reimbursement landscape in the region.
Competitive Landscape Analysis: Nerve Repair and Regeneration Market
Some of the key and well-established players operating in the nerve repair and regeneration market are AxoGen Inc., Stryker, Baxter International Inc., Polyganics B.V., and Medtronic plc., among others.
Organic Growth Strategies Adopted by Leading Market Players to Establish Their Foothold in the Nerve Repair and Regeneration Market
All players operating in the global nerve repair and regeneration market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, and new product launches to garner a larger market share.
For instance,
- In January 2023, Abbott announced that they have received the U.S. FDA approval for its Proclaim XR spinal cord stimulation (SCS) system to treat painful diabetic peripheral neuropathy (DPN), a debilitating complication of diabetes.
- In October 2022, Phageneis announced that they have received U.S. FDA de novo approval for the Phagenyx neurostimulation system, which uses pharyngeal electrical stimulation to restore swallowing control in patients with severe dysphagia post-stroke.
Explore Detailed Insights on Nerve Repair and Regeneration Market Report @ https://meditechinsights.com/nerve-repair-and-regeneration-market/
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