New York, United States , May 29, 2023 (GLOBE NEWSWIRE) -- The Global Nerve Repair and Regeneration Market Size to grow from USD 9.6 billion in 2021 to USD 24.7 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 11.56% during the forecast period, according to a research report published by Spherical Insights & Consulting.
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Devices for neurostimulation, neuromodulation, and biomaterials are some of what nerve repair and regeneration has to offer. These devices are used to treat traumatic or neurodegenerative diseases such Parkinson's disease, Alzheimer's disease, multiple system atrophy, multiple sclerosis, and amyotrophic lateral sclerosis. The fragility and simplicity with which the brain, spinal cord, and peripheral nerves can all be injured can interfere with the ability of the brain to communicate with muscles and organs. Products for nerve repair and regeneration repair these damages.
The rising costs of healthcare, particularly in emerging countries, which have prompted the expansion of nerve and regeneration, are the primary factors driving the global market for nerve repair and regeneration. The growing understanding of the utilisation of nerve repair and regeneration technology to treat neurological disorders is mostly to blame for this market rise. Due to their growing populations, expanding healthcare infrastructure, rising rates of neurological illnesses, and rising levels of disposable wealth, many developing nations like India, China, and Brazil also attract new enterprises to set up operations. Additionally, as the number of cases of neurological disorders and nerve injuries rises daily, medicines that promote nerve regeneration and repair are in high demand today. In addition to this, the market is growing due to the rising older population and occurrences of nerve disorders.
Specialists are in short supply due to the enormous disparity between the demand and supply of neurologists and other healthcare workers. It is concerning that tissue morbidity primarily affects the donors' nerves.
Browse key industry insights spread across 210 pages with 123 market data tables and figures & charts from the report on the "Global Nerve Repair and Regeneration Market Size, Share, and COVID-19 Impact Analysis, By Product (Biomaterials, Neurostimulation and Neuromodulation Devices); By Application (Direct Nerve Repair/Neurorrhaphy, Stem Cell Therapy, Nerve Grafting, Neurostimulation and Neuromodulation Surgeries), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030 " Get Detailed Report Description Here:
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Product Insights
Neurostimulation and neuromodulation devices is dominating the market with the largest market share.
On the basis of product, the global nerve repair and regeneration market is segmented into biomaterials, neurostimulation and neuromodulation devices. Among these, neurostimulation and neuromodulation devices segment is dominating the market with the largest market share over the forecast period. The increase is related to the rising investments made by major market players to create more sophisticated devices. For instance, the FDA approved Boston Scientific's Pecision Montage MRI Spinal Cord Stimulator System in May 2016. According to the manufacturer, this product reduced discomfort by about 70% more.
On the other hand, the biomaterials category is expected to increase at the fastest pace over the next years due to its wide range of applications, advancements in technology, and biocompatibility. In addition, by lowering hospitalisation rates, contemporary materials such biodegradable polymers will increase spinal stability and fractures.
Application Insights
Neurostimulation and neuromodulation surgeries segment holds the largest market share over the forecast period
On the basis of application, the global nerve repair and regeneration market is segmented into direct nerve repair or neurorrhaphy, stem cell therapy, nerve grafting, neurostimulation and neuromodulation surgeries. Among these, the neurostimulation and neuromodulation surgeries segment holds the largest market share over the forecast period. The government's numerous programmes to perform clinical research on biomaterials are credited with the growth. In addition, the category is fueled by the anticipated commercialization of the product due to significant investments made by market participants and research institutions. For instance, Axonics Modulation Technologies' sacral nerve modulation device has received approval in the European Union.
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Regional Insights
North America is dominating the market with the largest market share over the forecast period
North America is dominating the market with the largest market share over the forecast period. The surge is attributable to both the people's beneficial health insurance coverage and the rise in neurological illness cases. In addition to this, the region has a strong presence of the major market players, and technologically advanced devices are easily accessible here, both of which are promoting regional segment growth. For instance, Medtronic plc introduced Reclaim DBS therapy in February 2016 to treat obsessive and compulsive behaviour.
However, due to the expansion of the target market, numerous government efforts, rising patient awareness, the introduction of cutting-edge technologies, and the existence of unmet medical need, Asia Pacific will have the fastest market growth throughout the forecast period. China, India, Japan, Australia, and Singapore are the primary countries that assist regional development. ISC-hpNSC, a Parkinson's disease treatment technique based on human parthenogenetic stem cells, received authorisation for clinical investigations from the Australian Therapeutics Good Administration (TGA) in December 2015. The local market for stem cell therapy was stimulated by this authorisation.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global nerve repair and regeneration Market include Abbott Laboratories, Boston scientific inc, Integra Lifesciences Corporation, Medtronic plc, Axogenic, Stryker Corporation, Checkpoint Surgical, Polyganics, Synovis Micro Companies Alliance, OrthoMed, Inc.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Nerve Repair and Regeneration Market based on the below-mentioned segments:
Nerve Repair and Regeneration Market, Product Analysis
- Biomaterials
- Neurostimulation and Neuromodulation Devices
Nerve Repair and Regeneration Market, Application Analysis
- Direct Nerve Repair/ Neurorrhaphy
- Stem Cell Therapy
- Nerve Grafting
- Neurostimulation and Neuromodulation Surgeries
Nerve Repair and Regeneration Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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