Nerve Repair and Regeneration Market: Market Segments: By Product (Neurostimulation and Neuromodulation Devices, Biomaterials); By Application (Neurostimulation and Neuromodulation Surgeries, Diagnostics, Neurorrhaphy, Nerve Grafting and Stem Cell Therapy); By End User (Hospitals, Ambulatory Surgical Centers and Clinics); and Region - Analysis of Market Size, Share & Trends for 2014 - 2019 and Forecasts to 2030
[ 170 + Pages Research Report ] Nerve Repair and Regeneration Market to surpass USD 20.1 Billion by 2030 from USD 5.65 Billion in 2018 at a CAGR of 11.20% throughout the forecast period, i.e. 2019-30.
The intricate and fragile spinal cord, peripheral nerves, and brain structures make the nervous system vulnerable to different forms of injuries. This results in illnesses that are neurodegenerative and cause devastating physical disabilities. The machines for nerve repair and regeneration help to facilitate the regeneration of peripheral nerves. Nervous system repair and regeneration is a process that helps damaged tissue to regrow and heal, leading to a prospective recovery of the function of the nervous system. The brain and spinal cord are connected to the other parts of the body by peripheral nerves, including muscles and hair. These nerves are weak and easily damaged and it is possible to interfere with the brain's ability to communicate with muscles and organs. Biomaterials and methods for neuro-stimulation and neuromodulation include the demand for nerve repair and regeneration medications. The abbreviation for nerve repair surgery, which is an essential aspect of understanding, is nerve repair and regeneration.
Global Nerve Repair and Regeneration Market to surpass USD 20.1 Billion by 2030 from USD 5.65 Billion in 2018 at a CAGR of 11.20% throughout the forecast period, i.e. 2019-30. The growth of the worldwide demand for nerve repair and regeneration can be due to the rising geriatric population and a growing number of neurological disorders worldwide. Besides, the growing understanding of healthcare and growing technological developments are expected to add new opportunities over the forecast period for the global nerve repair and regeneration market.
Global Nerve Repair and Regeneration Market are segmented by product into neurostimulation and neuromodulation devices, and biomaterials. The greater market share in 2018 was accounted for by Neurostimulation and neuromodulation devices segment and is expected to see the highest growth during the forecast period. To dominate the neurostimulation and neuromodulation devices segment during the forecast era. This segment's significant market share is mainly driven by increasing government spending on neurological disorders and favorable reimbursements.
Global Nerve Repair and Regeneration Market are segmented by application into neurostimulation and neuromodulation surgeries, direct nerve repair/neurorrhaphy, nerve grafting, and stem cell therapy. The greater market share in 2018 was accounted for by Neurostimulation and neuromodulation surgeries segment to the increasing incidence of neurological disorders across the globe. The market is expected to be boosted by various government initiatives and approvals to perform clinical trials of biomaterials. The planned marketing of goods in the coming years is also expected to fuel market growth as a result of investments by companies and research institutes.
High Incidence of Nerve Injuries
The primary factor driving the market for nerve repair and regeneration procedures is the high incidence of nervous system injuries. Due to factors such as high rate of nervous system injuries and nervous system reconstruction, enhanced effectiveness of biomaterials in the treatment of nervous system injuries, rise in the incidence rate of chronic CNS disorders such as Alzheimer's and Parkinson's disease, aging population, increased healthcare expenditure, new applications such as DBS and launching A significant growth driver for the industry is a rapid rise in the occurrence of neurological disorders and peripheral nerve injuries.
Rising Government Initiative for Neurologic Disorder Research
Investment in the development of more productive devices by key companies is expected to drive the demand in the coming years. The Precision Montage MRI Spinal Cord Stimulator Device, for example, has earned FDA approval. Rising cases of neurological disorders, along with the growth of major companies in the product line, are the major factors driving the global nerve repair and regeneration industry. Due to many technological advances, the increased efficiency of surgical procedures in the treatment of neurological disorders is likely to contribute to the growth strategy.
Preference for Drug Therapies Over Nerve Repair and Regeneration Products
Some of the main factors restricting market growth are the lack of knowledge among patients and doctors about nerve repair and regeneration products and techniques and the lack of trained practitioners. Due to the absence of trained specialists, the high cost of nerve repair and regeneration products, and the side effects of neurostimulation and neuromodulation devices hinder its growth during the forecast period.
Synapse Biomedical, Inc.
Global Nerve Repair and Regeneration Market are segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Global Nerve Repair and Regeneration Market in North America held the largest market share of XX.X% in the year 2018 owing to the increased occurrence of neurological disorders in the area and a favorable health insurance coverage scenario. Also, the involvement of major market players and the availability of technologically advanced devices are major factors for the dominance of the region. Due to the rising target population base, rising awareness among patients, supportive government initiatives, the presence of unmet medical needs, and the emergence of advanced technologies, Asia Pacific is the fastest-growing region.
The global Nerve Repair and Regeneration market, which is highly competitive, consists of several major players such as Axogen, Inc., Baxter International Inc., which hold a substantial market share in the Global Nerve Repair and Regeneration market. Other players analyzed in this report are yberonics, Inc., Integra Lifesciences Holdings Corporation, Orthomed S.A.S., Stryker Corporation, and Polyganics B.V. among others
Recently, various developments have been taking place in the market. For instance, 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 Europe.
Global Nerve Repair and Regeneration Market are further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
Global Nerve Repair and Regeneration Market Segments:
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