Global Nerve Repair and Regeneration Market
Posted by Ganesh Mane on February 26th, 2021
The Global market for Nerve Repair and Regeneration Market was valued at $xx Mn in 2020 and is expected to reach $xx Mn by 2027, at a CAGR of xx%. The prevalence of neurological disorders and chronic pain is increasing rapidly across the globe. Depression, epilepsy, Parkinson’s, and Alzheimer’s are different kinds of neurological disorders. As per the Alzheimer’s Association, about 5.35 million people aged 65 years and above were suffering from Alzheimer’s diseases in the U.S. in 2015. Apart from this, as per the Parkinson’s Diseases Foundation, nearly 60,000 new cases of Parkinson’s disease are reported each year in the U.S. Due to these reasons, the demand for efficient medical technologies, such as Neuromodulation and Neurostimulation devices are increasing rapidly.
Furthermore, the nerve repair and regeneration market are witnessing significant growth due to the increasing geriatric population. The generation of the new axon, glial cells, neurons, and myelin is referred to as nerve repair and regeneration. The process helps in the replacement of damaged nerve cells, cellular products, and tissues. Neurostimulation & Neuromodulation devices and biomaterials are the products that are utilized for reversing the damage caused to the nerve. Between these two, the largest demand is expected to be created for Neurostimulation and Neuromodulation devices in the coming years, due to increasing incidences of peripheral nerve injuries, favorable reimbursement policies, and technological advancements.
Availability of a number of therapies for treating various Central Nervous System (CNS) disorders, such as Parkinson’s disease and Alzheimer’s, and increasing scope of applications is further expected to boost the market growth over the forecast period. Increasing awareness, environmental influence, lifestyle, genetics, nutrition are some of the factors that can cause such disorders. The report contains detailed analysis of Strengths, Weakness and opportunities of the key players operating in the Nerve Repair and Regeneration Market. It also provides information on current market trends, competitive ranking analysis, regional bifurcation, turnover forecasts, industry drivers and the key challenges. The report has profiled twenty key players in the market from different regions. However, report has considered all market leaders, followers and new entrants with investors while analysing the market and estimation the size of the same.
The growing healthcare infrastructure in each region is different and focus is given on availability of advanced technology and new techniques. Segment Analysis Neurostimulation and Neuromodulation Devices held the largest share of xx% in 2020 Based on the product, the market is segmented as Neurostimulation and Neuromodulation Devices. The segment is further sub-segmented into internal Neurostimulation and external Neurostimulation devices and biomaterials. Neurostimulation and Neuromodulation Devices was the largest segment which held a significant share of xx% in 2020 and is expected to grow at a CAGR of xx%. The largely available spinal cord products and a wider range of applications for the same were responsible for the market growth. The internal Neurostimulation devices segment is again segmented into- Spinal Cord Stimulation (SCS), Deep Brain Stimulation (DBS), Vagus Nerve Stimulation (VNS), Sacral Nerve Stimulation (SNS), Gastric Electrical Stimulation (GES). The segment growth for internal Neurostimulation devices is expected to boost in the forecast period.
Investments of top players of the market in the new launching of more advanced devices is a major driver for the Neurostimulation and Neuromodulation Devices market. On 23 July 2020, the US Food and Drug Administration (FDA) approved Abbott's Patient Controller App’ on compatible personal Apple smartphone devices. According to Abbott, this approval allows patients living with neurological conditions, including chronic pain or movement disorders, the ability to manage therapy directly from their personal smartphone. Such advancements are boosting the market growth. Based on applications, the Stem cell therapy segment is expected to witness the fastest CAGR due to the various government initiatives and approvals to conduct clinical trials of biomaterials. A high number of research centers, universities, and companies, from European nations, the United States, and Canada, are also conducting several clinical trials for the application of stem cell-based therapies in nerve repair and regeneration.
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These countries are found to be backed by high government funding, well-developed healthcare infrastructure, and widespread global presence. Due to the above factors, the segment is expected to show a growth market over the forecast period. Market Segmentation The Global Nerve Repair and Regeneration Market is segmented based on- Product • Neurostimulation and Neuromodulation Devices Internal Neurostimulation Devices Spinal Cord Stimulation (SCS) Deep Brain Stimulation (DBS) Vagus Nerve Stimulation (VNS) Sacral Nerve Stimulation (SNS) Gastric Electrical Stimulation (GES) External Neurostimulation Devices TENS TMS RES Biomaterials Nerve Conduits Nerve Wraps Applications • Neurostimulation and Neuromodulation Applications Internal Neurostimulation and Neuromodulation Applications External Neurostimulation and Neuromodulation Applications • Direct Nerve Repair/Neurorrhaphy Epineural Repair Perineural Repair Group Fascicular Repair • Nerve Grafting Auto grafts Allografts Xeno grafts • Stem Cell Therapy Regional Insights
North America accounted for the largest share of Global Nerve Repair and Regeneration Market in 2020 North America accounted for the largest share of xx% in 2020, the reason being the rising prevalence of neural disorders. Growth in insurance coverage in the U.S. has increased the burden on the country’s healthcare system, which has highlighted the need for improving efficiency and management of work in North America. Investments by key players in this field have boosted the market growth. For instance, on December 24, 2020, Soterix Medical announced expanded clinical trials of its transcranial direct current stimulation system in Alzheimer’s disease. Asia Pacific is also expected to witness significant growth during the forecast period due to the increasing geriatric population and rising health care expenditures. The allocation of a large amount of healthcare expenditure for hospitals and dispensing medicines to the elderly is expected to drive the market demand.
Key Players operating in the Global Nerve Repair and Regeneration Market
• Medtronic, PLC • Boston Scientific Corporation • Abbott Laboratories • AxoGen, Inc • Baxter International • LivaNova, PLC • Integra Lifesciences • Polyganics • NeuroPace • Soterix Medical, Inc • Nvero Corp • Synapse Biomedical, Inc • Aleva Neurotherapeutics • Collagen Matrix • KeriMedical • BioWave Corporation • NeuroSigma • tVNS Technologies GmbH • GiMer Medical The report also helps in understanding Global Nerve Repair and Regeneration Market dynamics, structure by analysing the market segments and project Global Nerve Repair and Regeneration Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Nerve Repair and Regeneration Market make the report investor’s guide.
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About the AuthorGanesh Mane
Joined: January 27th, 2021
Articles Posted: 125
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