Nerve Repair & Regeneration Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Nerve Repair & Regeneration Market size is projected to reach a CAGR of 6.5% from 2023-2030.

Nerve repair and regeneration (NRaR) refers to a neural tissue engineering process used for the treatment of a nerve injury. It facilitates the regrowth of new neurons, glial cells, myelin, axons, and synapses. It also aids in restoring the normal functioning of the nerve after nerve damage, which is usually caused by pressure, blunt trauma, stretching, or cutting of a nerve. NRaR involves the use of biomaterials and various neuro-stimulation and neuromodulation devices. Biomaterials include nerve conduits, nerve protectors, nerve wraps, and nerve connectors. They are used for direct neuropathy, nerve grafting, stem cell therapy, and transcutaneous, transcranial magnetic, spinal cord, deep brain, sacral nerve, and vagus nerve stimulation.

The increasing prevalence of chronic neurological disorders, such as Alzheimer's, Parkinson's disease, amyotrophic lateral sclerosis, multiple sclerosis, and multiple system atrophy, is among the key factors driving the market growth. Moreover, the rising geriatric population, which is more susceptible to such ailments, and escalating instances of nerve injuries are providing a thrust to the growth of the market. Additionally, various technological advancements in stem cell therapy and the development of innovative neuromodulation devices, are acting as other growth-inducing factors. Other factors, including rising healthcare expenditures of the masses, along with the significant improvements in the medical infrastructure, especially in developing economies, are anticipated to drive the market toward growth.

On the other hand, stringent rules and regulations for the approval of new drugs and the high cost of nerve repair and regeneration devices and surgeries are key factors restraining the growth of the nerve repair and regeneration market size.

The Covid-19 pandemic negatively affected the market. Hospitals and healthcare services were reduced owing to social distancing measures taken by the government. Moreover, the pandemic severely affected the global economy and affected the functioning of general hospital care for non-Covid-19 patients. As several hospitals were closed due to lockdown, the demand for nerve repair and regeneration procedures experienced a decline.

Delvens Industry Expert's Standpoint

The market for nerve repair is a sector that is expanding quickly due to a number of factors, including the rising incidence of nerve disorders and injuries, technological developments in biotechnology and regenerative medicine, rising healthcare costs, improvements in imaging and diagnostics, and rising public awareness and acceptance of nerve repair therapies. Additionally, there are chances for businesses to create novel goods and technology, enter new markets, work with stakeholders, and maintain the vanguard of regenerative medicine breakthroughs. Overall, the market for nerve repair is positioned to meet the unmet medical requirements of patients with nerve illnesses and injuries, enhancing their quality of life and promoting the expansion of the healthcare sector as a whole.

Market Portfolio

Key Findings

• Nerve repair and regeneration (NRaR) refers to a neural tissue engineering process used for the treatment of a nerve injury. It facilitates the regrowth of new neurons, glial cells, myelin, axons, and synapses. It also aids in restoring the normal functioning of the nerve after nerve damage, which is usually caused by pressure, blunt trauma, stretching, or cutting of a nerve.
   
• The surgery segment is further segmented into Stem Cell Therapy, Neuromodulation Surgery, Direct Neuropathy, and Nerve Grafting. The direct neuropathy segment is expected to dominate the market during the forecast period this is due to which is driven by the rising incidence of neurological disorders, worldwide.
   
• The market is also divided into various regions such as Asia Pacific, North America, Europe, South America, the Middle East & Africa. North America dominated the market with over 30.0% share owing to the increased incidence of neural disorders and supportive health insurance coverage scenario in the region. The availability of technologically advanced devices owing to the presence of major market players is also a major factor fuelling the growth of this region.
   
• The Covid-19 pandemic negatively affected the market. Hospitals and healthcare services were reduced owing to social distancing measures taken by the government. Moreover, the pandemic severely affected the global economy and affected the functioning of general hospital care for non-Covid-19 patients. As several hospitals were closed due to lockdown, the demand for nerve repair and regeneration procedures experienced a decline.

Regional Analysis

North America to Dominate the Market

• North America dominated the market with over 30.0% share owing to the increased incidence of neural disorders and supportive health insurance coverage scenario in the region. The availability of technologically advanced devices owing to the presence of major market players is also a major factor fuelling the growth of this region.
   
• The Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period due to the increasing target population base, rising awareness among patients, supportive government initiatives, the presence of unmet medical needs, and the advent of innovative technologies.

Competitive Landscape

• AxoGen, Inc.
• Stryker Corporation
• St. Jude Medical, Inc.
• Baxter International, Inc.
• Polyganics B.V.
• Boston Scientific, Inc.
• Integra Lifesciences Corporation
• Cyberonics, Inc.
• Medtronic plc

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.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for Nerve Repair & Regeneration Market so as to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

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