New York, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The global perineural therapy market size is slated to expand at ~15% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 1 billion by the end of 2035, up from a revenue of ~USD 300 million in the year 2022.The factors supporting market growth include the rising burden of various diseases as well as the increased spending on research & development of innovative medical technologies & therapies to curb the spread of chronic neural diseases & chronic pain.
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As neural prolotherapy, or PIT, is considered an effective and safe treatment for some types of chronic pain, rising investment in this therapy is expected to propel market growth. The total revenue of global medical technology was estimated to be around USD 450 billion in 2019 and is expected to exceed USD 590 billion by 2024. Moreover, overall R&D spending on global medical technology stood at about USD 30 billion in 2019.
Growth in Cases Related to Neurological Disorders to Boost Market Growth
The increasing prevalence of different neurological disorders such as epilepsy, stiff person syndrome, Alzheimer's, and stroke is anticipated to propel the growth of the market over the forecast period. Data from the Pan American Health Organization (PAHO) revealed that some 533,172 individuals lost their lives in the United States owing to neurological conditions in 2019. Moreover, it was determined that out of these 533172 people, 213,129 were men and 320,043 were women. Additionally, the rising cases of migraines as well as escalating investigations into perineural injection therapy for migraines, which are a safe and effective way to treat persistent pain, are further expected to boost market growth in the given period. The perineural injections help to reduce neural inflammation such as neuralgia, lower back pain, shingles, fibromyalgia, headaches and migraines, nerve impingement, and neuropathy. This therapy supports the body's ability to heal itself.
Perineural Therapy Market: Regional Overview
The market is segmented into these major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increment in Cases of Alzheimer's to Drive Growth in the North American Region
The perineural therapy market in the North American region is estimated to garner the largest revenue by the end of 2035. The market in the region is anticipated to leverage substantial growth on the back of a growing geriatric population as well as a rising prevalence of chronic neurological illnesses such as multiple sclerosis, amyotrophic lateral sclerosis, Alzheimer’s disease, dementia, Parkinson's, and system atrophy in the region. It was found that some 5.8 million Americans were living with Alzheimer's disease in 2020, whereas this number is anticipated to almost triple to 14 million people by 2060. Additionally, as Alzheimer's disease became less common in middle-aged people, the number of people living with the disease doubled every 5 years above the age of 65. Moreover, the rising research & development spending in the pharmaceutical industry as well as the development of stronger public-private sector integrity for approval and launch of enhanced drugs and other products to repair and regenerate nerves are also expected to fuel market growth in the North American region.
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Growing Ubiquity of Osteoarthritis (OA) to Drive Growth in the Asia-Pacific Region
The perineural therapy market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2035. The growth of the market in the region can be attributed to the growing concern about musculoskeletal conditions, including low back pain, neck pain, fractures, other injuries, osteoarthritis, amputation, and rheumatoid arthritis, which is driving the development of osteoarthritis treatment. As per a comprehensive search conducted from 2008 to 2018, the overall prevalence of OA in various Asian countries was in the range of ~20% to ~68% with most of the populations reported to have knee OA in a range of ~13% to ~71%. Additionally, the rising government initiatives to either reimburse or else minimize perineural injection therapy costs, as the use of the perineural injection technique can treat the entire muscular-neuro-vascular bundle, are further expected to boost the growth of the market over the forecast period.
Perineural Therapy, Segmentation by Biomaterials
- Nerve Conduits
- Nerve Wraps
The nerve conduits segment in perineural therapy market is anticipated to hold the largest revenue by the end of 2035. The growth of the segment can be attributed to rising cases of peripheral neuropathy, with these conduits gaining tremendous popularity for the repair of peripheral nerve injuries. It was found that around 2.4% of the global population is affected by peripheral neuropathy, and the prevalence increases to 8% in older people. Furthermore, the rapidly changing lifestyle as well as the rising ubiquity of neural disorders caused by various reasons, such as sports injuries, are expected to further boost segment growth. It is anticipated that more than 100 types of nerve damage exist that require significant medical attention; even sports such as bicycling can cause sports injuries. The prevalence of bicycling, which is one of the major causes of sports injuries, has risen by 44% in the last decade, whereas bicycle incidents were responsible for ~1,260 deaths in 2020.
Perineural Therapy, Segmentation by End-User
- Clinics
- Hospitals
- Ambulatory Surgical Centers
The hospital segment in perineural therapy market is anticipated to hold the largest revenue by the end of 2035. The rising prevalence of rare diseases globally, as well as the increasing number of patients admitted to hospitals for treatment, are factors influencing the segment growth. Data from a recent study states that nearly 300 million people worldwide live with a rare disease. Additionally, the increasing development, approval, and launches of medical technologies and drugs, such as neurostimulator devices to regenerate and repair damaged nerves, are anticipated to spur segment growth in the upcoming years. Some modern perineural injections that
have recently been introduced to the market are said to be 85% effective.
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A few of the well-known industry leaders in the perineural therapy market that are profiled by Research Nester are Boston Scientific Corporation, tVNS Technologies GmbH, Abbott Laboratories, NeuroSigma, Inc., Axogen Corporation, BioWave Limited, Baxter Healthcare Corporation, LivaNova, PLC, Integra LifeSciences Corporation, Soterix Medical, Inc., and other key market players.
Recent Development in the Perineural Therapy Market
- Abbott Laboratories, an American multinational medical devices and healthcare company is ready to enter into an agreement with the FDA regarding the reopening of the company’s infant formula plant in Mich., Sturgis.
- NeuroSigma, Inc. which is a California-based bioelectronic medical device company agreed to step into a strategic digital health partnership with KT. The deal will facilitate the development and promotion of the sales of neuroelectronic ADHD within and outside of Korean borders.
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