The Neuroregeneration Therapy Market is Estimated To Witness High Growth Owing To Advancement In Regenerative Therapy

Posted by coherent market insights on November 23rd, 2023

The neuroregeneration therapy market is estimated to be valued at US$ 11.67 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Neuroregeneration therapy helps in restoring functions of the nervous system and renewal of damaged nervous tissues. It helps in treating neurodegenerative diseases like Parkinson’s disease, Alzheimer's disease, spinal cord injury, brain injury and stroke. The therapy involves replacing damaged nerve cells and restoring biochemical balance in the nervous system using cell-based therapies, biomaterials and drug/biologics.

Market key trends:
The neuroregeneration therapy market is witnessing high growth owing to advancement in regenerative therapy and cell therapies. Recent research and clinical trials have demonstrated efficacy of cell-based therapies in neuroregeneration and repair of damaged nervous tissues. Stem cell therapies and use of biomaterial as scaffolds for nerve regeneration have shown promising results. Further, development of biomimetic scaffolds for nerve regeneration have improved repair of long nerve gaps. Increasing research funding for neuroregeneration therapy by governments and pharmaceutical companies is also boosting market growth. The market is expected to grow exponentially during the forecast period driven by increase in neurodegenerative disorders and initiatives to develop effective therapeutic options.

Porter’s Analysis

Threat of new entrants: The neuroregeneration therapy market requires high R&D investments which makes it difficult for new companies to enter. Bargaining power of buyers: Individual customers have low bargaining power due to limited treatment options available. However, pharmaceutical companies and hospitals can negotiate on price and offerings.

Bargaining power of suppliers: Key raw material suppliers like cell culture media suppliers have significant influence due to specialized requirements of therapy development and manufacturing.

Threat of new substitutes: Though several regenerative medicine approaches are being researched, neuroregeneration still has fewer treatment alternatives. Competitive rivalry: Major companies dominate the market though competition is increasing with focus on combination therapies and novel targets.

SWOT Analysis

Strengths: Growing geriatric population and incidence of neurological disorders drive the market. Combination of cell therapies, gene therapies and neurotrophic factors aid regeneration.

Weaknesses: High costs of treatment in clinical development and regulatory approval. Limited understanding of complex disease mechanisms hinders faster innovation.

Opportunities: Personalized therapies based on disease characteristics offer potential. Stem cell therapies for spine and brain injuries present commercial opportunities.

Threats: Safety issues and ethical concerns slow approval timelines. Reimbursement policies also impact uptake of high-priced therapies.

Key Takeaways

The global Neuroregeneration Therapy Market Share is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing prevalence of neurological disorders. By 2030, the market size is projected to reach billion.

North America currently dominates the neuroregeneration therapy market owing to availability of advanced healthcare facilities and rising incidence of neurological conditions. However, Asia Pacific is likely to grow at fastest pace during the forecast period due to rapidly developing healthcare infrastructure and growing medical tourism in the region.

Key players operating in the neuroregeneration therapy market are Biogen Inc., AstraZeneca PLC, Pfizer Inc., Novartis International AG, Merck & Co., Inc., Sanofi S.A., F. Hoffmann-La Roche Ltd., Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, Ceregene Inc., BioTime Inc., Stemedica Cell Technologies, Inc., Neuralstem, Inc., and StemCells Inc. Major companies are focused on developing combinational therapies through partnerships to expand their product pipelines.

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https://www.newsstatix.com/neuroregeneration-therapy-market-trends-size-and-share-analysis/