Nerve Repair and Regeneration Market size was valued at $ 6.01Billion by 2019, and is anticipated to grow at a CAGR of 9.65% during the forecast period 2020-2025. Nerve repair and regeneration (NRaR) is a process that involves production of new neurons, glial cells, myelin, synapses and axons. It is a neural tissue engineering division. Regrowth or replacement of nervous tissues, cellular products or cells is carried out during nerve repair and regeneration. The Nerve Repair and Regeneration Market growth rate is attributed to high incidence of nerve injuries, growing prevalence of neurological disorders, increasing geriatric population, and rising government support for neurologic disorders are to accelerate the growth of the market in the forecast period of 2020-2025.
Other factors such as rising patient awareness, imaginative approach, and technological innovation also increases the demand for nerve repair and regeneration across different regions. According to the World Health Organization (WHO), in 2018, 326 million people experienced migraine pain and 24 million were suffering from Alzheimer’s disease. Newer studies are however dampening hopes by stating that adults produce no new cells in the hippocampus. However, the lack of physicians’ awareness about the nerve regeneration and repair techniques and products, and the lack of skilled professionals are major reasons hampering the growth of the global nerve repair and regeneration market are.
Nerve Repair and Regeneration Market Segment Analysis – By Product Type
The neurostimulation and neuromodulation devices market is poised to dominate the market, this product segment is also anticipated to expand at a CAGR of 9.55% during the forecast period 2020-2025. The reasons responsible for the segment’s dominance are the vast number of commercially available spinal cord devices and the wide variety of applications. Investment in the production of more productive devices by key companies is expected to drive the demand in the coming years.
Furthermore, owing to technical developments, a wide variety of applications, government support for technologies, and biocompatibility, the biomaterials segment is anticipated to grow at the quickest CAGR from 2020 to 2025. It is expected that advanced materials, such as biodegradable polymers, can increase spinal stabilization, fracture healing and decrease hospitalization.
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Nerve Repair and Regeneration Market Segment Analysis – By Geography
North America dominated the Nerve Repair and Regeneration Market with a share of 33.59% in 2019. The application of Nerve Repair and Regeneration has grown rapidly over the last few years owing to increased incidence of neural disorders and supportive health insurance coverage scenario in the region. Apart from this, the involvement of major market players, the availability of technologically advanced devices is also a major factor in this region’s dominance. Medtronic plc, for example, implemented Reclaim DBS therapy for the treatment of Obsessive-Compulsive Disorder (OCD) in February 2016. In addition, the Precision Montage MRI-safe SCS from Boston Scientific, which is used for chronic pain, obtained FDA approval in May 2016.
Asia Pacific is poised to be the fastest-growing region owing to the increasing target population base, rising awareness among patients, supportive government initiatives, presence of unmet medical needs, and advent of innovative technologies. China, India, Japan, Australia, and Singapore are the major countries contributing to the region’s growth. In December 2015, the Australian Therapeutics Good Administration (TGA) approved clinical trials for the treatment method testing based on human parthenogenesis stem cells (ISC-hpNSC) in patients suffering from Parkinson’s disease. This approval is anticipated to drive the stem cells therapy market in the region.
Nerve Repair and Regeneration Market Drivers
Rising geriatric population and subsequent growth in the prevalence of neurological disorders
Presently, there is a greater risk of neurological conditions such as stroke, neuropathy, Alzheimer’s disease, and Parkinson’s disease in the geriatric population. Their greater susceptibility renders geriatrics a crucial segment of the pool of patients in general. As a result, the growth of this segment of the population is anticipated to ensure a continuing, increased demand for the treatment of neurological disorders for nerve repair and regeneration.
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Nerve Repair and Regeneration Market Challenges
Strict Regulatory Criteria for Approvals
Strict regulatory criteria for product approvals, however, serve as a restraining factor for growth in the industry. Apart from this, the other factors that are hampering the growth of the global nerve repair and regeneration market are the lack of physicians’ awareness about the nerve regeneration and repair techniques and products and lack of skilled professionals. However, opportunities for the market are in the rise owing to an increase in peripheral nerve injuries and neurological disorders and improvement in the healthcare facilities in Asia-Pacific region.
Nerve Repair and Regeneration Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Nerve Repair and Regeneration Market. In 2019, Nerve Repair and Regeneration Market share is fragmented by the top ten players present in the market. Nerve Repair and Regeneration Market top 10 companies are AxoGen, Inc.; Stryker Corporation; St. Jude Medical, Inc.; Baxter International, Inc.; Polyganics B.V.; Boston Scientific, Inc.; Integra Lifesciences Corporation; Cyberonics, Inc.; Medtronic plc and Others.
In January 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.
In August 2019, Boston Scientific received FDA approval for the Image Ready MRI for its Vercise Gevia Deep Brain Stimulation System.
North America dominated the Nerve Repair and Regeneration Market with a share of 33.59% in the year 2019.
The factors such as rapid increase in the incidence of neurological disorders and peripheral nerve injuries are amongst the major factor to impel growth of Nerve Repair and Regeneration Market.
Increase in geriatric population, rise in prevalence of neurological & epidemic disorders, and launch of innovative products for nerve repair & regeneration are the key factors owing to the growth in the segment during forecast period 2020-2025.
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