December 10, 2020
According to the report titled ‘Global Nerve Repair and Regeneration Market Size study, by Products (Nerve Conduits, Nerve Wraps, Vagus Nerve Stimulation, Sacral Nerve Stimulation, Spinal Cord Stimulation, TENS, TMS), Application (Neurorrhaphy, Nerve Grafting, Stem Cell Therapy) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global nerve repair and regeneration market was worth USD 5.72 billion in 2019 and is anticipated to record a 9.15% CAGR during 2020-2027.
Increasing pervasiveness of neurodegenerative ailments such as amyotrophic lateral sclerosis, Alzheimer’s disease, and Parkinson’s disease is primarily driving the growth of global nerve repair and regeneration market. Citing an instance, Alzheimer’s Association stated that worldwide population above 65 years of age suffering from Alzheimer is estimated at 5.8 million cases in 2020, which is predicted to reach 13.8 million by the year 2050. While as per Parkinson’s UK, in 2018, 145,519 people were affected by Parkinson’s disorder in UK and the number is likely to surpass 168,000 by 2025.
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Notably, nerve repair and regeneration deals with regrowth of cell, cell products, and nervous tissues, wherein generation of new myelin, glia, axons, synapses, and neurons take place.
Rising government support for neurological disease patients, growing elderly population, and escalating research for development of new techniques are stimulating global nerve repair and regeneration industry expansion. Despite the favorable factors, strict approval norms are likely to hamper the industry remuneration over the forecast timespan.
Based on product landscape, global nerve repair and regeneration market is split into TMS, TENS, spinal cord stimulation, sacral nerve stimulation, vagus nerve stimulation, nerve wraps, and nerve conduits. Speaking of application spectrum, the industry is bifurcated into stem cell therapy, nerve grafting, and neurorrhaphy.
Considering the geographical terrain, worldwide nerve repair and regeneration market sphere is categorized into North America, Europe, Asia Pacific, Latin America, and Rest of the World. As per the report, North America currently holds a significant market share and is expected to accrue notable gains over the forecast timespan, creditable to rising cognizance regarding various treatments, and established healthcare infrastructure.
Meanwhile, Asia Pacific nerve repair and regeneration industry is poised to gain traction through 2027, owing to increasing pervasiveness of neurological diseases, and growing elderly population in the region.
Renowned players in global nerve repair and regeneration market are Soterix Medical, Inc., NeuroPace, Inc., Polyganics B.V., Integra LifeSciences, LivaNova PLC, Baxter International, Inc., AxoGen, Inc., Abbott Laboratories, Boston Scientific Corporation, and Medtronic PLC.