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Nerve Regeneration Market Trends

ID: MRFR//0696-CR | 145 Pages | Author: Kinjoll Dey| August 2019

Global Nerve Regeneration Market Overview

The Nerve Regeneration Market Size was valued at USD 9.1 billion in 2022 and is projected to grow from USD 10.13 Billion in 2023 to USD 23.92 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.3% during the forecast period (2023 - 2032). The main drivers of the market are an increase in neurological problem instances and a robust product pipeline by the major corporations. The market of nerve regeneration is also projected to rise due to increased treatment effectiveness for neurological illnesses brought on by various technological advancements. These are just a few of the market drivers that are driving the market.Nerve Regeneration MarketSource: Secondary Research, Primary Research, MRFR Database and Analyst Review

Nerve Regeneration Market Trends

  • Growing prevalence of neurological and epidemiological problems to drive the market growth

An increase in the prevalence of neurological and epidemiological problems is one of the main factors influencing the market for nerve repair and regeneration. Research in the July 2021 issue of The Lancet Global Health stated that there are approximately 50 million epileptics worldwide. In India, approximately 10–12 million people have been diagnosed with epilepsy, according to the same source. The market is expanding due to an increase in elderly people, which increases the demand for therapies that repair and regenerate damaged nerves. The World Population Ageing report estimates that 727 million individuals are 65 years or older. The market is also driven by the rise in new product launches for cutting-edge nerve repair and regeneration solutions. For instance, in March 2020, the pharmaceutical company Abbott announced the opening a neurosphere virtual clinic, the first of its type in the United States for remote neuromodulation patient care. Thus, this factor is driving the market CAGR.

Figure 1: Neurological disorders as percentage of total DALYs for 2005, 2015 and 2030 across World Bank income categoryNeurological disorders as percentage of total DALYs for 2005, 2015 and 2030 across World Bank income categorySource: Secondary Research, Primary Research, MRFR Database and Analyst Review

Additionally, the availability of numerous medicines for managing different Central Nervous System (CNS) illnesses, including Parkinson's disease and Alzheimer's, and 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. Thus, it is anticipated that this aspect will accelerate nerve regeneration market revenue globally.

Nerve Regeneration Market Segment Insights

Nerve Regeneration Product Insights

The Market segments of Nerve Regeneration, based on product, includes neurostimulation & neuromodulation devices, and biomaterials. The neurostimulation & neuromodulation devices segment held the majority share in 2022 in the Nerve Regeneration Market revenue. In the upcoming years, market growth is projected to be fueled by investments made by major corporations in creating more efficient gadgets. For instance, Boston Scientific's Precision Montage MRI Spinal Cord Stimulator System obtained FDA approval in May 2016. According to the business, this technology reduces discomfort by 70% more.

Nerve Regeneration Application Insights

The Nerve Regeneration Market segmentation, based on application, includes neurostimulation and neuromodulation surgeries, direct nerve repair/neurorrhaphy, nerve grafting, and stem cell therapy. The neurostimulation and neuromodulation surgeries segment dominated the market growth in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The market is expected to increase due to numerous government initiatives and approvals to perform clinical studies of biomaterials, the neurostimulation and neuromodulation surgeries sector is anticipated to have the highest CAGR during the expected period and drive the market of nerve regeneration.

Figure 2: Nerve Regeneration Market, by Application, 2022 & 2030 (USD Billion)Nerve Regeneration Market, by Application, 2022 & 2030Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Nerve Regeneration End-User Insights

The Nerve Regeneration Market data, based on end-user, includes hospitals & clinics, ambulatory surgery centers. The hospitals & clinics segment dominated the market revenue of nerve regeneration in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The hospital & clinics held the largest share in this segment as hospitals & clinics are much more accessible by the common public to treat neural disorders. It is even more prevalent in the US, as they lack a robust national healthcare system, and citizens are forced to visit hospitals & clinics that are covered by their health insurance provider.

Nerve Regeneration Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Nerve Regeneration market accounted for USD 4.16 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period. The presence of major market players, the availability of cutting-edge technology, and the rising expenditure in vaccine research and development are the primary factors propelling the market expansion of Nerve Regeneration in the North American area. Due to the presence of significant market players, technologically improved tools are readily available in this area, which is a direct driver of its development. For instance, in February 2016, Medtronic plc introduced Reclaim DBS therapy for managing OCD (OCD). Additionally, the FDA approved Boston Scientific's Precision Montage MRI-safe SCS in May 2016. It is used to treat chronic pain. New product development, partnerships, partnerships, expansions, mergers, and acquisitions are the main strategies used by the organizations in the market.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: NERVE REGENERATION MARKET SHARE BY REGION 2022 (%)NERVE REGENERATION MARKET SHARE BY REGION 2022Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe nerve regeneration market accounts for the second-largest market share. A few reasons for the dominance of the regional market include the greater GDP per capita with government and private sector investment in research and development to make a significant breakthrough. Moreover, UK market of nerve regeneration held the largest market share, and the Germany market of nerve regeneration was the fastest-growing market in the region.

Asia Pacific nerve regeneration market is expected to grow at the fastest CAGR from 2022 to 2030. This growth can be attributed to the expansion of the target market, greater patient awareness, encouraging government initiatives, unmet medical requirements, and the introduction of cutting-edge technologies. Further, the China market of nerve regeneration held the largest market share, and the India market of nerve regeneration was the fastest-growing market in the region.

Nerve Regeneration Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the market of Nerve Regeneration to grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, increased investments, and collaboration with other organizations. Competitors in the nerve regeneration industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global nerve regeneration industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, nerve regeneration industry has provided medicine with some of the most significant benefits. The nerve regeneration market major player such as GiMer Medical, Medtronic PLC, Abbott Laboratories, Collagen Matrix, NeuroSigma, Boston Scientific Corporation, Intergra LifeSciences

St. Jude Medical, Inc. was a multinational American medical equipment corporation with its headquarters in Little Canada, Minnesota, a Saint Paul suburb. The corporation used more than 20 primary operations and production facilities, and its goods were marketed in more than 100 nations. St. Jude Medical introduced the Infinity DBS system with Direction DBS lead in June 2016 to enhance the treatment of movement disorders. It is the only upgradeable DBS system for illnesses including tremors, dystonia, and Parkinson's disease. It is made to allow Apple mobile devices to be used as wireless controllers with a Bluetooth connection.

Based in Alachua, Florida, Axogen is a developer of surgical treatments, including human tissue grafts. Products made by Axogen are intended to treat peripheral nerve injury. When the business went public in 2013, it raised $18 million (IPO). Axogen simulates a human nerve using the cell transplant technology AVANCE. On its annual day in November 2017, AxoGen made advancements to the platform for nerve repair. The company has expanded its offering to include breast reconstruction neurotization and surgical pain management, in addition to the already existing procedures for upper extremity trauma, oral and maxillofacial procedures, and carpal and cubital tunnel repair.

Key Companies in the Nerve Regeneration market includes

Nerve Regeneration Industry Developments

April 2022: Boston Scientific got FDA approval for Vercise Neural Navigator with Stimview XT, its image-guided software, in 2022 for deep brain stimulation therapy in Parkinson's patients.

January 2022: For the treatment of chronic pain brought on by diabetic peripheral neuropathy, Medtronic acquired FDA approval for the Intellis neurostimulator and the Vanta neurostimulator in 2022. (DPN).

November 2021: A collaboration agreement was formed in 2021 by Neuronetics, Inc. and River Region Psychiatry Associates (RRPA), one of the top US mental health service providers. According to the deal, Neuronetics would supply RRPA and its clinics with transcranial magnetic stimulation (TMS) equipment exclusively.

January 2020: A privately held US business called Stimgenics, LLC was purchased by Medtronic plc in 2020. This acquisition would strengthen the portfolio of spinal cord stimulation solutions offered by Medtronic.

Nerve Regeneration Market Segmentation

Nerve Regeneration Product Outlook

  • Neurostimulation & Neuromodulation Devices

  • Biomaterials

Nerve Regeneration Application Outlook

  • Neurostimulation and Neuromodulation Surgeries

  • Direct Nerve Repair/Neurorrhaphy

  • Nerve Grafting

  • Stem Cell Therapy

Nerve Regeneration End User Outlook

  • Hospitals & Clinics

  • Ambulatory Surgery Centers

Nerve Regeneration Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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