Nerve Repair & Regeneration Market by Product (Biomaterials, Neuromodulation Surgery Devices), by Surgery (Direct Neuropathy, Nerve Grafting, Stem Cell Therapy, Neuromodulation Surgery), and by region (North America, Europe, Asia-Pacific, Middle East and Africa, and South America).
Nerve Repair & Regeneration Market Overview
The global Nerve Repair & Regeneration Market size is projected to reach a CAGR of 6.5% from 2023-2030.
Nerve repair and regeneration (NRaR) refers to a neural tissue engineering process used for the treatment of a nerve injury. It facilitates the regrowth of new neurons, glial cells, myelin, axons, and synapses. It also aids in restoring the normal functioning of the nerve after nerve damage, which is usually caused by pressure, blunt trauma, stretching, or cutting of a nerve. NRaR involves the use of biomaterials and various neuro-stimulation and neuromodulation devices. Biomaterials include nerve conduits, nerve protectors, nerve wraps, and nerve connectors. They are used for direct neuropathy, nerve grafting, stem cell therapy, and transcutaneous, transcranial magnetic, spinal cord, deep brain, sacral nerve, and vagus nerve stimulation.
The increasing prevalence of chronic neurological disorders, such as Alzheimer's, Parkinson's disease, amyotrophic lateral sclerosis, multiple sclerosis, and multiple system atrophy, is among the key factors driving the market growth. Moreover, the rising geriatric population, which is more susceptible to such ailments, and escalating instances of nerve injuries are providing a thrust to the growth of the market. Additionally, various technological advancements in stem cell therapy and the development of innovative neuromodulation devices, are acting as other growth-inducing factors. Other factors, including rising healthcare expenditures of the masses, along with the significant improvements in the medical infrastructure, especially in developing economies, are anticipated to drive the market toward growth.
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On the other hand, stringent rules and regulations for the approval of new drugs and the high cost of nerve repair and regeneration devices and surgeries are key factors restraining the growth of the nerve repair and regeneration market size.
The Covid-19 pandemic negatively affected the market. Hospitals and healthcare services were reduced owing to social distancing measures taken by the government. Moreover, the pandemic severely affected the global economy and affected the functioning of general hospital care for non-Covid-19 patients. As several hospitals were closed due to lockdown, the demand for nerve repair and regeneration procedures experienced a decline.
Delvens Industry Expert's Standpoint
The market for nerve repair is a sector that is expanding quickly due to a number of factors, including the rising incidence of nerve disorders and injuries, technological developments in biotechnology and regenerative medicine, rising healthcare costs, improvements in imaging and diagnostics, and rising public awareness and acceptance of nerve repair therapies. Additionally, there are chances for businesses to create novel goods and technology, enter new markets, work with stakeholders, and maintain the vanguard of regenerative medicine breakthroughs. Overall, the market for nerve repair is positioned to meet the unmet medical requirements of patients with nerve illnesses and injuries, enhancing their quality of life and promoting the expansion of the healthcare sector as a whole.
Key Findings
- Nerve repair and regeneration (NRaR) refers to a neural tissue engineering process used for the treatment of a nerve injury. It facilitates the regrowth of new neurons, glial cells, myelin, axons, and synapses. It also aids in restoring the normal functioning of the nerve after nerve damage, which is usually caused by pressure, blunt trauma, stretching, or cutting of a nerve.
- The surgery segment is further segmented into Stem Cell Therapy, Neuromodulation Surgery, Direct Neuropathy, and Nerve Grafting. The direct neuropathy segment is expected to dominate the market during the forecast period this is due to which is driven by the rising incidence of neurological disorders, worldwide.
- The market is also divided into various regions such as Asia Pacific, North America, Europe, South America, the Middle East & Africa. North America dominated the market with over 30.0% share owing to the increased incidence of neural disorders and supportive health insurance coverage scenario in the region. The availability of technologically advanced devices owing to the presence of major market players is also a major factor fuelling the growth of this region.
- The Covid-19 pandemic negatively affected the market. Hospitals and healthcare services were reduced owing to social distancing measures taken by the government. Moreover, the pandemic severely affected the global economy and affected the functioning of general hospital care for non-Covid-19 patients. As several hospitals were closed due to lockdown, the demand for nerve repair and regeneration procedures experienced a decline.
Nerve Repair & Regeneration Market Regional Analysis
North America to Dominate the Market
- North America dominated the market with over 30.0% share owing to the increased incidence of neural disorders and supportive health insurance coverage scenario in the region. The availability of technologically advanced devices owing to the presence of major market players is also a major factor fuelling the growth of this region.
- The Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period due to the increasing target population base, rising awareness among patients, supportive government initiatives, the presence of unmet medical needs, and the advent of innovative technologies.
Nerve Repair & Regeneration Market Competitive Landscape
· AxoGen, Inc.
· Stryker Corporation
· St. Jude Medical, Inc.
· Baxter International, Inc.
· Polyganics B.V.
· Boston Scientific, Inc.
· Integra Lifesciences Corporation
· Cyberonics, Inc.
· Medtronic plc
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Nerve Repair & Regeneration Market Recent Developments
- In 2022, Medtronic received FDA approval for its Intellis neurostimulator and the Vanta neurostimulator for the treatment of chronic pain associated with diabetic peripheral neuropathy (DPN).
- In 2022, Boston Scientific received FDA approval for its image-guided software, Vercise Neural Navigator with Stimview XT, for deep brain stimulation therapy in patients with Parkinson’s disease.
Reasons to Acquire in the Nerve Repair & Regeneration Market
- Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for Nerve Repair & Regeneration Market so as to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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Nerve Repair and Regeneration Market is anticipated to reach USD 15.7 billion by 2024.
It is anticipated to grow at a healthy rate in the years to come.
On the other hand, high cost and lack of skilled professionals and side effects related to the usage of neuro modulation and neuro stimulation devices are the major factors hampering the Nerve Repair and Regeneration Market growth in the years to come and anticipated to grow at a significant CAGR of 11.6% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
It may be explored by product as Neuro stimulation and Neuro modulation Devices (pertaining to Transcranial Magnetic Stimulation, and Transcutaneous Electrical Nerve Stimulation).
Internal Neuro stimulation Devices include Deep Brain Stimulation, Spinal Cord Stimulation, Gastric Electrical Stimulation, Sacral Nerve Stimulation, and Valgus Nerve Stimulation.
In 2016, the largest market share was held by “Hospital” end user sector in the market due to growing occurrence of neurological prevalence and growth in the number of hospitals in developing economies.
Growth in this market is driven mainly by high incidence of nerve injuries, the growing prevalence of neurological disorders, and rising government support for neurologic disorder research.The global Nerve Repair and Regeneration Market size is projected to reach USD 9.7 billion by 2025 from USD 6.3 billion in 2020, growing at a CAGR of 9.1% from 2020 to 2025.Ask for PDF Brochure: - https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=883Market Segmentation: -By product, the nerve repair market is segmented into neurostimulation and neuromodulation devices and biomaterials.
The neurostimulation and neuromodulation devices segment is segment is expected to grow at the highest growth rate during the forecast period.
The large market share of this segment is driven mainly by rising government expenditure for neurologic disorders, and favorable reimbursement.Based on the neurostimulation and neuromodulation application, the nerve regeneration market is segmented the neurostimulation and neuromodulation devices market is segmented into internal neurostimulation and neuromodulation applications and external neurostimulation and neuromodulation applications.
The internal neurostimulation and neuromodulation segment is estimated to register the highest CAGR during the forecast period.Based on application, the biomaterials market is segmented into direct nerve repair/neurorrhaphy, nerve grafting, and stem cell therapy.
In 2019, the direct nerve repair segment accounted for the largest share of the market.Recent Developments: -In 2020, Medtronic received CE approval for InterStim Micro neurostimulator and InterStim SureScan MRI leads — clearing the technologies for commercial sale and clinical use in EuropeIn 2019, Boston Scientific received FDA approval for the Image Ready MRI for its Vercise Gevia Deep Brain Stimulation SystemIn 2020, LivaNova entered into partnership with Verily (US) for evaluation of the effectiveness of Vagus Nerve Stimulation Therapy (VNS Therapy) for difficult-to-treat Depression (DTD)Regional Analysis: -The nerve repair market is segmented into five major regions, namely, Europe, North America, the Asia Pacific, Latin America, and Middle East & Africa.
In 2019, North America accounted for the largest share of the nerve repair and regeneration industry, followed by Europe.Request for Sample Pages : - https://www.marketsandmarkets.com/requestsampleNew.asp?id=883 Top Key Players: -Some of the major players operating in the global nerve repair market include Medtronic, PLC.
In-depth analysis of Nerve Repair and Regeneration Market 2020The Report Titled “Nerve Repair and Regeneration Market Report 2020, Competitive Landscape, Trends, and Opportunities” offers an in-depth assessment of the market by looking at the Market Growth, Drivers, Challenges, Opportunities, and Trends for the market to help the readers understand the overall scenario of the Nerve Repair and Regeneration industry.
The Nerve Repair and Regeneration Market report takes a holistic approach to the market and gives market insights, historical analysis, and verifiable projections pertaining to the market size in the forecast duration.
The estimations derived in this report are deduced by employing precise analytical tools, research methodologies, estimates, and reliable data sources.
The information offered in the report makes it an exhaustive database for all facets of the market categorized into product types, applications, end-user industries, prominent manufacturers, technology, and regional markets.This report covers the recent COVID-19 incidence and its impact on Nerve Repair and Regeneration.
This study assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the market.
To Get a Free PDF for Accurate Technical Insights, visit @ https://www.reportsanddata.com/sample-enquiry-form/1733The Nerve Repair and Regeneration market intelligence study includes a separate section dedicated to crucial parameters like the pricing structure of vital feedstock and value chain analysis, along with the study of major suppliers of the raw materials.
