Nerve Repair & Regeneration Market Overview
The Nerve Repair & Regeneration Market size is estimated to reach $11.4 billion by 2027. Furthermore, it is poised to grow at a CAGR of 9.3% over the forecast period of 2022-2027. Nerve repair & regeneration (NRaR) is a neural tissue engineering technique that is used to heal nerve injuries. It helps restore normal nerve function following nerve damage, which is typically caused by pressure, harsh trauma, stretching, or cutting. Biomaterials and other neuro-stimulation and neuromodulation devices are used. The nervous system is made up of three delicate and complicated structures such as the spinal cord, brain and peripheral nerves. Neurogenesis occurs in the olfactory epithelium throughout adulthood, allowing for the replacement of dying olfactory sensory neurons. The availability of numerous medicines for managing different Central Nervous System (CNS) illnesses, peripheral nervous system including Parkinson's disease and Alzheimer's, multiple sclerosis as well as the expanding range of applications, are projected to support the market expansion over the coming years. The Alzheimer's Association estimates that 6.5 million Americans aged 65 or older will have Alzheimer's disease in 2022. The leading market players' strong product pipelines and the increasing prevalence of neurological illnesses are propelling the market. The market is also projected to rise as a result of improved neurological illness treatment effectiveness brought on by numerous technical developments. The rising prevalence of neurological diseases among people and the growing technological advancement in the healthcare sector are some of the factors driving the Nerve Repair & Regeneration Industry forward in the projected period of 2022-2027.
Nerve Repair & Regeneration Market Report Coverage
The report: “Nerve Repair & Regeneration Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Nerve Repair & Regeneration Market.
- Geographically, in 2021 North America held a dominant market share owing to the rising occurrence of neurological illnesses and the region's supporting health insurance coverage situation. Another important reason for this region's domination is the availability of technologically advanced equipment. Moreover, the increasing government initiatives and funding and increased cases of neurological disorders, such as dementia, Alzheimer's disease and Parkinson's disease are also some of the major reasons responsible for the region’s growth.
- Some of the reasons driving the Nerve Repair & Regeneration Market are the rising frequency of neurological illnesses among people and the expanding use of technology in the healthcare industry.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Nerve Repair & Regeneration Market Report.
Nerve Repair & Regeneration Market- Geography (%) for 2021.
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Nerve Repair & Regeneration Market Segmentation Analysis- By Type
The Nerve Repair & Regeneration market based on type can be further segmented into Neuromodulators and Biomaterials. Neuromodulators held a dominant market share in the year 2021 and is also estimated to be the fastest-growing, with a CAGR of 10.5% over the forecast period of 2022-2027 owing to government expenditure and favorable government policies. The increasing prevalence of neurological illnesses is likely to boost the growth of the worldwide neuromodulation devices over the predicted period. Additionally, a growing geriatric population is anticipated to support market expansion.
For example, according to the United States Census Bureau, 77 million elderly people will live in the United States by 2034. Additionally, it is anticipated that R&D in neuromodulation would contribute to market expansion. To replicate the mammalian cognitive system and to carry out the neuroregulatory dynamics, for instance, researchers from Shandong Jianzhu University in China proposed an enlarged digital hippocampus spurt neural network in April 2020, hence driving the segment growth.
Nerve Repair & Regeneration Market Segmentation Analysis- By End Users
The Nerve Repair & Regeneration market based on the end-users can be further segmented into Hospitals, Ambulatory Surgical Centers, and Others. Hospitals held a dominant market share in the year 2021. Patients increasingly choose hospitals for their treatment as a result of these factors, which increases the availability of cutting-edge technology and qualified experts in hospitals and fosters market expansion. Hospitals have a variety of nerve repair equipment that enables patients to receive the best care. Additionally, since the healthcare sector continues to develop, there are more hospitals on the market, which has increased the demand for hospitalized nervous system therapies. Additionally, the more up-to-date infrastructure in hospitals increases demand for the healthcare sector, which in turn fuels the market for nerve repair & regeneration.
However, Ambulatory Surgical Centers is estimated to be the fastest-growing, with a CAGR of 10.9% over the forecast period of 2022-2027. Ambulatory surgical facilities are economical, extremely successful and provide a practical setting for interventional cardiology operations. The frequency of surgical treatments is higher in ambulatory surgery centers and as a result, there is an increase in demand for technology that can repair and regenerate damaged nerves. Patients prefer to receive their care at ambulatory surgery facilities because the majority of the specialists in this area specialize in surgical procedures. This category's revenue growth is primarily driven by the increased use of nerve repair technology in ambulatory surgical centers and the rapidly developing global healthcare infrastructure.
Nerve Repair & Regeneration Market Segmentation Analysis- By Geography
The Nerve Repair & Regeneration market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America and the Rest of the World. In 2021, North America held a dominant market share of 33% as compared to its other counterparts. It is owing to the rising occurrence of neurological illnesses and the region's supporting health insurance coverage situation. Another important reason for this region's domination is the availability of technologically advanced equipment. According to the Alzheimer's Association, the number of Americans living with Alzheimer's disease is rapidly increasing. Alzheimer's disease affected more than 5 million Americans of all ages in 2019. In 2020, an estimated 5.8 million Americans aged 65 and up had Alzheimer's disease. Eighty percent of the population is 75 or older. Alzheimer's dementia affects one out of every ten adults over the age of 65 (10%). Women account for about two-thirds of Alzheimer's patients in the United States. Moreover, the increasing government initiatives and funding and increased cases of neurological disorders, such as dementia, Alzheimer's disease and Parkinson's disease are also some of the major reasons responsible for the region’s growth.
Nerve Repair & Regeneration Market Drivers
The Rising Prevalence of Neurological Disorders among People Drives The Market Growth.
The market for nerve repair & regeneration is expanding due to the rising prevalence of neurological illnesses like Alzheimer's disease and others around the world. The leading cause of impairment worldwide is neurological illnesses. According to the Centers for Disease Control and Prevention, about 5.8 million Americans are suffering from Alzheimer’s disease in 2020. Additionally, the aging population, which is more susceptible to these conditions, and the rising number of nerve injuries are boosting the market's expansion. Innovative NRaR solutions are being offered by hospitals, ambulatory surgical centers (ASCs) and other healthcare organizations all over the world for the quick diagnosis and treatment of neurological illnesses. As physiological aging starts after age sixty, the prevalence of neurological illnesses rose due to the growing elderly population. The communication between the brain and muscles and organs might also be hampered by damaged nerves. The replacement of injured neural tissue, cells, and cellular byproducts is offered through nerve repair & regeneration. New axons, myelin, neurons, glial cells, and synapses are also produced as part of the nerve repair & regeneration process.
The Growing Advancement in Technology Enhances the Demand for Nerve Repair & Regeneration Market.
The market for nerve repair & regeneration is expanding as a result of technological developments in the healthcare sector. Other growth-promoting variables include numerous technological developments in stem cell therapy and the creation of novel neuromodulation devices. Endogenous stem cells are often used in neurogenesis, neural repair and exogenous neural stem cell transplantation for the effective repair and replacement of damaged tissues in the central nervous system. The market is expected to rise as a result of a number of additional factors, including rising consumer healthcare spending and significant improvements in medical infrastructure, particularly in developing countries. Additionally, organizations with public and private funding are conducting clinical trials to create a secure and efficient treatment for various neurological conditions. Examples include the use of stem cells in umbilical blood infusion for cerebral palsy (Phase II) and the use of polyethylene glycol (PEG) drug in Phase I to support the axonal fusion technique to treat peripheral nerve injuries in people. For instance, the Australian government will spend $21.8 million in research in 2020 to find cures for a variety of neurological conditions, such as autism and early Alzheimer's disease.
Nerve Repair & Regeneration Market Challenges
Lack of Skilled Professionals in Healthcare Sectors is Impeding the Market Growth.
There is a severe lack of qualified healthcare providers on a global scale. India is struggling with severe shortages and unequal distributions of qualified healthcare professionals. The World Health Organization estimates that about 25% of currently employed health professionals lack the necessary credentials. As the need for healthcare services rises and the industry adopts new technologies, there is a shortage of workers with digital skills, which further hinders their capacity to handle nerve repair & regeneration technology. The Covid-19 pandemic has also shown that the healthcare resources allocated to the management of pandemics in urban and rural areas directly compete with the crucial medical, surgical, interventional and interventional diagnostic services for other diseases, such as neurological diseases.
Nerve Repair & Regeneration Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Nerve Repair & Regeneration Market. The top 10- Nerve Repair & Regeneration Market companies are-
- Medtronic PLC
- Boston Scientific Corporation
- Abbott Laboratories
- AxoGen Inc.
- Baxter International Inc.
- Integra Life Sciences
- NeuroPace Inc.
- Nevro Corp
- Collagen Matrix Inc.
- GiMer Medical
- In January 2022, The fourth generation Vercise GenusTM Deep Brain Stimulation (DBS) System from Boston Scientific Corporation has obtained FDA approval. The portfolio includes a range of Bluetooth-enabled, rechargeable and non-rechargeable implantable pulse generators (IPGs) that power CartesiaTM Directional Leads, which are made to offer the best symptom relief. The portfolio has been certified for conditional use in an MRI context.
- In August 2020, Medtronic received CE approval for InterStim Micro neurostimulator and InterStim SureScan MRI leads clearing the technologies for commercial sale and clinical use in Europe. Overactive bladder (OAB), fecal incontinence (FI), and non-obstructive urine retention are treated with InterStim Micro, the market's smallest rechargeable device for sacral neuromodulation (SNM) therapy. The InterStim SureScan MRI leads provide full-body 1.5 and 3 Tesla MRI-conditional scans when used with the InterStim Micro and the recharge-free InterStim II.
- In February 2020, LivaNova entered into a partnership with Verily (US) to evaluate the effectiveness of Vagus Nerve Stimulation Therapy (VNS Therapy) for difficult-to-treat Depression (DTD). With the help of technology and analytics created by Verily, LivaNova and Verily want to better understand depressive episodes and a patient's response to treatment through this inaugural research cooperation. The Verily Study Watch, a wearable gadget made to collect environmental and physiological data for clinical research, as well as a Verily mobile phone app, will be available to patients at RECOVER trial sites.
Report Code- HCR 71802
Report Code- HCR 32380
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