(EMAILWIRE.COM, July 14, 2023 )
The Growth in this Nerve Repair Market can be attributed to the massive geriatric population, increasing research investments on the neurological disorders, high volume of nerve injury cases, and the high prevalence of neurological diseases.
The Nerve Repair and Regeneration Market is projected to reach USD 11.6 billion by 2027 from USD 6.5 billion in 2022, growing at a CAGR of 12.1% from 2022 to 2027.
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NERVE REPAIR MARKET DYNAMICS
DRIVERS
o High incidence of nerve injuries
o Rising focus on neuromodulation & neurostimulation technologies
o Rising geriatric population and the subsequent increase in the prevalence of neurological disorders
o Rising government support for research on neurological disorders
OPPORTUNITIES
o Emerging markets
o Advances in stem cell therapy in nerve repair & regeneration
o Growing research projects in neurology
CHALLENGES
o Donor-site morbidity
o Difficulties in treating large nerve gaps
o Stringent regulatory frameworks and time-consuming approval processes
Market Segmentation:-
By product, the nerve repair & regeneration market is segmented into neurostimulation and neuromodulation devices and biomaterials. The neurostimulation and neuromodulation devices segment is estimated to grow at the highest growth rate.
Based on the neurostimulation and neuromodulation application, the nerve repair and regeneration market is segmented the neurostimulation and neuromodulation devices market is segmented into internal neurostimulation and neuromodulation applications and external neurostimulation and neuromodulation applications.
Based on application, the nerve repair & regeneration market is segmented into direct nerve repair/neurorrhaphy, nerve grafting, and stem cell therapy. In 2021.
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Regional Analysis:
The nerve repair market is segmented into five major regions, namely, Europe, North America, the Asia Pacific, Rest of the World (Latin America, and Middle East & Africa).
North America held the largest share of the nerve regeneration market in 2021, followed by Europe. The largest market share of North America is driven by the high incidence of strong presence of industry players, neurological disorders, and favourable reimbursement policies in the region.
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 Parkinsons disease.
In 2021, Abbott launched its NeuroSphere Virtual Clinic for the remote therapy and management of neuromodulation patients.
In 2021, Neuronetics, Inc. has signed a partnership agreement with River Region Psychiatry Associates (RRPA), a leading provider of mental health services in the US. Under the agreement, Neuronetics would be the exclusive transcranial magnetic stimulation (TMS) equipment supplier to RRPA and its clinics.
In 2021, Baxter acquired certain assets related to the PerClot Polysaccharide Hemostatic System (PerClot), including distribution rights for the US and specified territories outside of the US, from CryoLife.
Top Key Players :-
Some of the major players operating in the global nerve repair market include Medtronic, plc. (Ireland), Boston Scientific Corporation (US), and Abbott Laboratories (US). The other players operating in the market are Axogen Corporation (US), Baxter (US), LivaNova PLC (UK), Integra LifeSciences (US), Neuronetics Inc. (US), Nevro Corp (US), NeuroPace Inc. (US), Polyganics (Netherlands), Soterix Medical Inc (US), Synapse Biomedical Inc. (US), Aleva Neurotherapeutics SA (Switzerland), Collagen Matrix Inc. (US), KeriMedical (Switzerland), BioWaveGO USA (US), NeuroSigma Inc. (US), tVNS Technologies GmbH (Germany), GiMer Medical (Taiwan), Checkpoint Surgical Inc. (US), Renishaw PLC (UK), Alafair Biosciences, Inc. (US), electroCore, Inc. (US), BlueWind Medical (Israel), Helius Medical Technologies (US), and BioControl Medical (Israel).