Market Highlights:
Growing prevalence of neurodegenerative diseases coupled with the growing geriatric populace drives the market growth. Advantages in biotechnology and improvements of biomaterials like neuro-stimulation and neuromodulator devices foster the market growth. Increasing rate of accidents and the proliferation of healthcare centers facilitating nerve regeneration procedures provide impetus to the market growth.
The Nerve Regeneration Market Size is reported to forecast a CAGR of more than 11.34%
Improving economic conditions enabling access to the quality life and improved healthcare supports the market growth. However, lack of availability of funds for treatment coupled with the lack of knowledge among patients about nerve regeneration techniques inhibits the market growth. Nevertheless, governmental initiatives and funding programs, widening rapidly are educating people about the advantages of these procedures and are availing funds for the treatments.
Market Players
Market Research Future (MRFR) recognizes Boston Scientific Corporation, LivaNova PLC, Axogen Corporation, Integra LifeSciences, Abbott, Stryker Corporation, Nuvectra Corporation, NeuroPace, Polyganics, and Medtronic as the key players in the global nerve regeneration market.
Segment Analysis
The global nerve regeneration market report has been segmented based on product, application, and end user. Based on product, the market has been segregated into neurostimulation and neuromodulation devices, and biomaterials.
Based on neurostimulation and neuromodulation devices, the market has been divided into internal neurostimulation devices and external neurostimulation devices. Internal neurostimulation devices has been further bifurcated into spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, and gastric Electrical Stimulation. External neurostimulation devices has been further segmented into transcutaneous electrical nerve stimulation and transcranial magnetic stimulation. Biomaterials has been further divided into nerve conduits, nerve protectors, and nerve wraps, nerve connectors.
Based on application, the market has been classified as neurostimulation and neuromodulation surgeries, direct nerve repair/neurorrhaphy, nerve grafting, stem cell therapy, and others. Neurostimulation and neuromodulation surgeries has been categorized as internal neurostimulation and neuromodulation surgeries, external neurostimulation, and neuromodulation surgeries. Nerve grafting has been further classified as autografts, allografts, and xenografts. Based on end user, the market has been divided into end user, hospitals & clinics, ambulatory surgery centers, and others.
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Regional Analysis
The global nerve regeneration market report, based on the region, has been separated into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas is anticipated to hold the largest share of the global nerve regeneration market during the forecast period. This is owing to the presence of key market players; strategic acquisitions by major players for enhancing product portfolio; increasing cases of chronic pain, obesity, and addiction; and availability of technologically advanced devices for the diagnosis and treatment of nerve disorders.
Europe is expected to witness significant growth in the nerve regeneration market. Various factors such as an increase in the healthcare expenditure by these nations and wide adoption of nerve regeneration techniques due to their efficiency to reduce pain and increasing cases of cancer are propelling the market growth.
Asia-Pacific is projected to be the fastest-growing region in the global nerve regeneration market report due to increasing awareness of neurological disorders and their risk factors, rising prevalence of osteoporosis, cancer, and neurological disorders. According to an article published by the International Osteoporosis Foundation, osteoporosis affects almost 70 million Chinese citizens over the age of 50 and is responsible for nearly 687,000 hip fractures in China each year.
The nerve regeneration market in the Middle East & Africa region is likely to exhibit the lowest growth due to factors such as large patient population suffering from neurological disorders, technological advancements, growth of the healthcare sector, and increasing healthcare expenditure.
Key Findings of the Study:
- The global nerve regeneration market was valued at USD 6665.78 million in 2018, is estimated to grow at USD 25 million by 2024 at a CAGR of 11.34% during the assessment period.
- Americas accounted for the largest share of the global nerve regeneration market due to the presence of key market players in the region.
- Based on the product, the neurostimulation and neuromodulation devices segment accounted for the largest market share of USD 4,764.96 million in 2018.
- Based on end user, the hospitals & clinics segment dominated the market and projected to register the highest CAGR of 11.62% during the forecast period.
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Nerve Repair and Regeneration Market is anticipated to reach USD 15.7 billion by 2024.
It is anticipated to grow at a healthy rate in the years to come.
On the other hand, high cost and lack of skilled professionals and side effects related to the usage of neuro modulation and neuro stimulation devices are the major factors hampering the Nerve Repair and Regeneration Market growth in the years to come and anticipated to grow at a significant CAGR of 11.6% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
It may be explored by product as Neuro stimulation and Neuro modulation Devices (pertaining to Transcranial Magnetic Stimulation, and Transcutaneous Electrical Nerve Stimulation).
Internal Neuro stimulation Devices include Deep Brain Stimulation, Spinal Cord Stimulation, Gastric Electrical Stimulation, Sacral Nerve Stimulation, and Valgus Nerve Stimulation.
In 2016, the largest market share was held by “Hospital” end user sector in the market due to growing occurrence of neurological prevalence and growth in the number of hospitals in developing economies.
Growth in this market is driven mainly by high incidence of nerve injuries, the growing prevalence of neurological disorders, and rising government support for neurologic disorder research.The global Nerve Repair and Regeneration Market size is projected to reach USD 9.7 billion by 2025 from USD 6.3 billion in 2020, growing at a CAGR of 9.1% from 2020 to 2025.Ask for PDF Brochure: - https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=883Market Segmentation: -By product, the nerve repair market is segmented into neurostimulation and neuromodulation devices and biomaterials.
The neurostimulation and neuromodulation devices segment is segment is expected to grow at the highest growth rate during the forecast period.
The large market share of this segment is driven mainly by rising government expenditure for neurologic disorders, and favorable reimbursement.Based on the neurostimulation and neuromodulation application, the nerve regeneration market is segmented the neurostimulation and neuromodulation devices market is segmented into internal neurostimulation and neuromodulation applications and external neurostimulation and neuromodulation applications.
The internal neurostimulation and neuromodulation segment is estimated to register the highest CAGR during the forecast period.Based on application, the biomaterials market is segmented into direct nerve repair/neurorrhaphy, nerve grafting, and stem cell therapy.
In 2019, the direct nerve repair segment accounted for the largest share of the market.Recent Developments: -In 2020, Medtronic received CE approval for InterStim Micro neurostimulator and InterStim SureScan MRI leads — clearing the technologies for commercial sale and clinical use in EuropeIn 2019, Boston Scientific received FDA approval for the Image Ready MRI for its Vercise Gevia Deep Brain Stimulation SystemIn 2020, LivaNova entered into partnership with Verily (US) for evaluation of the effectiveness of Vagus Nerve Stimulation Therapy (VNS Therapy) for difficult-to-treat Depression (DTD)Regional Analysis: -The nerve repair market is segmented into five major regions, namely, Europe, North America, the Asia Pacific, Latin America, and Middle East & Africa.
In 2019, North America accounted for the largest share of the nerve repair and regeneration industry, followed by Europe.Request for Sample Pages : - https://www.marketsandmarkets.com/requestsampleNew.asp?id=883 Top Key Players: -Some of the major players operating in the global nerve repair market include Medtronic, PLC.
