Nerve Regeneration Market Is Projected To Reach $19.2 billion, Enlisting a CAGR Of 11.34% By 2030
The Nerve Regeneration Market size to reach USD 19.2 billion reported to forecast a CAGR of 11.34% during the forecast period (2022-2030). Nerve repair and regeneration is a biological process that occurs after a severe nerve injury. Nerve repairing take time and the type of injury that occurred. Sometimes the fatal intervention is required. Most of the time during nerve regeneration doctors recommend relief painkillers and products for recovery of outer injuries leading to relief on underlying effected nerves. The nerve regeneration market have been on rising since the last few years due to the highly unhealthy lifestyle people have adapted these days witnessing new and deadly illness all around. Hereditary transfer of nerve disorders and other neurobiological disorders are leading factors for the rise of nerve regeneration market size. The nerve regeneration market is expected to see revenue of more than 10,000 million US dollars because of high support from government sectors in providing funds and pre-approved FDA’s. Many private firms have also extended support to market the growth of nerve regeneration market size. With technological advancements in the field of healthcare, doctors have made commendable advancements in the field paving way for nerve regeneration studies.
The global prevalence of COVID-19 since the November of 2019 has held down the world economically, socially, and politically. Manpower, local business, corporates, etc. have seen greater loss than ever known to mankind. The world went into the zone of complete lockdown to contain the virus in local areas. Healthcare centers were treating COVID-19 patients on priority thus disrupting the focus of doctors on another field of search in healthcare departments. A good impact of lockdown was that it reduced road accidents by 26% but in return, it reduced the demand for biomaterials used in treating peripheral or outer nerve injuries. Many hospitals and patients pushed back their other treatments due to a lack of resources available leading to steadiness in the nerve regeneration market.
With the increasing world population there is also an increase in neuro disorders and problems. Neuro disorders like Alzheimer’s, stroke, Parkinson’s, blood clots, epilepsy, facial nerve disorders, etc. are the key drivers of the neurologic disorder therapeutics market. Healthcare centers around the world have taken these problems under serious consideration and have invested hefty money in the research and development areas of various fields.
Asia-Pacific countries like China, Japan, India, and Brazil have shown immense potential by providing market and infrastructure for nerve regeneration market. China and India account for the maximum world population with more people facing nerve disorders thus, opening a market of opportunities for healthcare departments to explore their fields. More private investors and public agencies have shown interest in healthcare centers like clinics, hospitals, and other clinical trial centers in Asia-Pacific regions. With more than 15% of the children’s population of the world suffering from genetic nervous disorders, accidents, neuro disorders, etc. the world has been towards analyzing and researching the increasing healthcare issues and moved forward with the economical growth of these centers.
Nerves are the sensory transmitters of senses of touch, temperature, and pressure to and from our brain to have bodily functions. Any damage to nerves causes a severe effect on our sensory receptors. The time is taken for the nerve injury repair generally takes a timeframe of 6-12 weeks. Factors influencing the nerve repair after treatment or surgery are the age of the patient, time and cause of injury, genetic issue, other possible diseases, and allergies of the patient. With the increasing number of patients with neurological disorders, genetic disorders, and other accident-affected people the nerve damage repair and treatment industry has seen technological enhancements to meet future needs. As per the WHO report of 2017, more than 50 million pee suffer from epilepsy increasing the growth of healthcare departments around the world to study to functions, growth, disorders, and effective ways to deal with them.
The Nerve regeneration market are segmented by type as in two major areas i.e. neuromodulation and neurostimulation. Internal neurostimulation involves majorly stimulation like gastric, vagus, spinal, deep brain, and sacral nerve. External neurostimulation is made possible with devices like RES, TMS, and TENS. Biomaterials in form of nerve connectors, nerve protectors, nerve wraps, and nerve conduits are also further extensions of the Global Nerve repair and regeneration market leading the product innovation in recent years.
The Nerve regeneration market are segmented by application as stem cell therapy, nerve repair or neurorrhaphy, and nerve grafting. Nerve repair includes group fascicular repair, epineural repair, and perineural repair. Nerve grafting is the process that is vastly classified as xenografts, autografts, and allografts. Direct nerve repair has shown massive growth in the peripheral nerve injuries market since 2019.
The Nerve regeneration market are segmented by vertical as the healthcare centers dealing with nerve repair and regeneration therapies. All the hospitals, clinical centers, private practice centers, ambulatory surgery centers, and other government-approved centers fall under vertical segmentation of the global nerve regeneration market.
The nerve regeneration market segmented by region in four major zones i.e. The US, Europe, Asia-Pacific (China, Japan, India, and Brazil), The Middle East, and Africa. In 2019 America has forecasted the highest revenue accounting for it the market leader in nerve damage repair and treatment industry. The factors are responsible for US growth in the market where the populations health-related to obesity, chronic pains, accidents on road, and many more. All this led to a substantial rise in advancing the technology and devices to deal with these diseases. Europe, on the other hand, holds the second position in the healthcare market of nerve regeneration due to a high number of investors ready to invest in future advancements and research for better technologies and medicine to deal with chronic illness. Asia-Pacific countries like China, Japan, India, and Brazil have shown immense potential by providing market and infrastructure for nerve regeneration market. Japan holds about 25.78% of the market share in the Asia-pacific region of the nerve damage repair and treatment industry. The Middle East and Africa are also slowly contributing to the industry with the help of their local government.
The nerve regeneration market have seen massive growth in recent times. The government has also shown concern with the increasing population and nerve disorders following them. Manufacturing biomaterial ls to fight peripheral nerve disorders and other technologies to be used in case of surgeries have become a priority for countries around the world. Few of the prominent player in the global nerve damage repair and treatment industry are GiMer Medical (Taiwan), Medtronic PLC (Ireland), Abbott Laboratories (US), Collagen Matrix (US), NeuroSigma (US), Boston Scientific Corporation (US), Intergra LifeSciences (US), Nerve Corp (US), NeuroPace (US), AxoGen (US), KeriMedical (Switzerland), Polyganics (Netherlands), Synapse Biomedical (US), BioWave Corporation (US), tVNS Technologies GmbH (Germany), Soterix Medical (US), etc.
In 2020, Medtronic PLC an Ireland-based company got CE approval and clearance to develop InterStim MRI scans and InterStim mica neurostimulators which were sold across entire Europe for clinical trials and hospitals use generating high revenue for the company. In the same year, LivaNova partnered with Verily (US) to study the VNS therapy (vagus nerve stimulation) to evaluate the depression levels in patients and treat them accordingly. In the year 2019 Boston Scientific made a deep brain stimulation system called Vercise Gevia that makes an Image Ready MRI for helping doctors analyze the patient’s condition. In 2018, NeuroPace launched the world’s first brain-computer interface to treat epilepsy with computer helper insertions called Next-Generation RNS System.
The Nerve regeneration market report shares the drivers leading to market growth and various industries involved in it. It also shares the different segments that divide the nerve regeneration market. As per the WHO report of 2017, more than 50 million people suffer from epilepsy increasing the growth of healthcare departments around the world to study nerve functions, growth, disorders, and effective ways to deal with them. The global nerve regeneration market are segmented by region in four major zones i.e. The US, Europe, Asia-Pacific (China, Japan, India, and Brazil), The Middle East, and Africa. With more than 15% of the children’s population of the world suffering from genetic nerves disorders, accidents, neuro disorders, etc. the world has bent towards analyzing and researching the increasing healthcare issues and moved forward with the economic growth of these centers.
|Market Size||2030: USD 19.2 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Application, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||GiMer Medical (Taiwan), Medtronic PLC (Ireland), Abbott Laboratories (US), Collagen Matrix (US), NeuroSigma (US), Boston Scientific Corporation (US), Intergra LifeSciences (US), Nerve Corp (US), NeuroPace (US), AxoGen (US), KeriMedical (Switzerland), Polyganics (Netherlands), Synapse Biomedical (US), BioWave Corporation (US), tVNS Technologies GmbH (Germany), Soterix Medical (US)|
|Key Market Opportunities||
|Key Market Drivers||
Nerve Regeneration Market is predicted to touch USD 19.2 billion during the forecast period (2022-2030).
Notable players profiled in the Nerve Regeneration Market include Medtronic, Polyganics, NeuroPace, Nuvectra Corporation, Stryker Corporation, Abbott, Integra LifeSciences, Axogen Corporation, LivaNova PLC., and Boston Scientific Corporation.
North America is the market leader of the global nerve repair and regeneration industry
The Nerve Regeneration Market is reported to forecast a CAGR of more than 11.5% during the forcast period.
Specific strategies incorporated by top industry players to create a footprint in the Nerve Regeneration Market include partnerships, product innovations and launches, collaborations, and acquisitions.