Neuroregeneration therapy aims to reinstate nerve function lost through injury or disease. Some of the key advantages of these therapies include facilitating nerve regeneration to restore lost neural connections and reducing demyelination leading to improved nerve conduction. The therapies are finding increasing use in treating chronic conditions like Alzheimer's disease, Parkinson's disease and spinal cord injuries.
The global Neuroregeneration Therapy Market is estimated to be valued at US$ 13.45 Billion in 2024 and is expected to exhibit a CAGR Of 16% over the forecast period 2024 To 2030.
Key players operating in the neuroregeneration therapy are Boeing, General Atomics, Israel Aerospace Industries Ltd, Northrop Grumman and Lockheed Martin Corporation.
Key Takeaways
Key players operating in the neuroregeneration therapy are focusing on developing new therapies through collaborations and acquisitions. For instance, in 2023 Boeing acquired Aurora Flight Sciences, a leader in flight technology innovation to advance new regenerative therapies.
The growing prevalence of neurological disorders is driving the demand for neuroregeneration therapies globally. According to WHO, over 50 million people suffer from Alzheimer's disease worldwide. This growing patient pool is encouraging investments into novel treatment approaches.
Technological advancements like stem cell therapy and gene therapy have enabled targeted regeneration of damaged neurons and support cells in the nervous system. Companies are obtaining regulatory approvals for cell-based therapies for conditions like amyotrophic lateral sclerosis and Parkinson's disease.
Market Trends
Personalized medicine approach - Therapies are moving towards customized solutions for individual patients based on genetic and molecular profiles. This requires combinations of regenerative interventions.
Combination therapies - Most neurodegenerative conditions affect multiple cell types and signalling pathways. Next generation therapies are exploring combinations of cell therapies, gene therapies and pharmacological interventions for synergistic regeneration.
Market Opportunities
Targeting chronic conditions - Major pharmaceutical players are investing in clinical trials for neuroregeneration therapies for chronic and debilitating diseases like Alzheimer's and spinal cord injuries.
Nerve injury repair - Significant research is ongoing into therapies for repair of peripheral nerve injuries from trauma or surgical procedures. Successful products can address a large patient pool.
The Neuroregeneration Therapy Market has witnessed significant changes in its growth pattern due to the COVID-19 pandemic. Prior to the outbreak of COVID-19, the market was growing at a healthy rate due to rising prevalence of neurological disorders like Alzheimer's, Parkinson's, multiple sclerosis etc and increasing research in the neuroregeneration domain. However, due to restrictions imposed during the pandemic such as nationwide lockdowns, social distancing norms and shift of healthcare resources towards treating COVID-19 patients, the market experienced considerable slowdown in 2020. Manufacturing and supply chain activities were disrupted during initial months of pandemic which hampered the production of neuroregeneration therapies. Clinical trials underway for various neuroregeneration therapies had to be postponed or delayed.
With recovery underway in 2021 and relaxation in lockdown measures, the neuroregeneration therapy market is projecting optimistic growth. Companies are scaling up their production capacities and supply chain networks to meet pent up demand. Various ongoing clinical trials that were paused during peak pandemic months have resumed. The need for effective neuroregeneration therapies is more significant now as neurological conditions aggravated for some patients during COVID-19. The awareness regarding such conditions also increased among people as well as healthcare professionals during the pandemic. Going forward, manufacturers need to strengthen their distribution networks globally and focus on expediting the drug development process through collaborative research to offset delays caused by COVID-19.
North America holds the largest share of the neuroregeneration therapy market globally mainly attributed to rising prevalence of neurological disorders, availability of advanced healthcare facilities and growing investment in neuroscience research. The United States accounts for the major revenue share under the North American region. On the other hand, Asia Pacific region is witnessing fastest market growth and is expected to remain the most lucrative regional market over the forecast period. Factors such as growing geriatric population, increasing healthcare spending, rising awareness about neurodegenerative conditions and improving access to healthcare drive the neuroregeneration therapy demand in Asia Pacific region. China and India are emerging as highly lucrative markets within Asia Pacific due to rising GDP levels supporting healthcare infrastructure development.
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