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.
Browse in-depth TOC on "Nerve
Repair Market and Nerve Regeneration Market"
313 – Tables
42 – Figures
236 – Pages
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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
Parkinson’s 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).
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