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. The factors that propel the growth of the Market include the increasing prevalence of chronic pain, growing incidence of neurological disorders, rising aged population. In addition, the awareness regarding mental diseases and technological advancement and their treatment in nerve regeneration and repair products is growing worldwide, which contributes to the development of the market.
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.
Nerve Repair and Regeneration industry may be analyzed based on product, applications, end user, and geography. 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. Biomaterials may be analyzed into Nerve Protectors, Nerve Conduit, Nerve Connectors, and Nerve Wraps.
Nerve Repair and Regeneration Market may be explored by application as Nerve grafting, Direct nerve repair/neurorrhaphy, Neuro stimulation and neuro modulation surgeries, Stem cell therapy. In 2016, the largest market share was held by “stem cell therapy” application in the market due to growing neuro stimulation & neuro modulation surgery, and the same trend is expected to continue for the upcoming period.
Nerve Repair and Regeneration industry may be explored by end user as Ambulatory Surgery Center, and Hospitals and clinics. 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.
North America accounted for the major share of the Nerve Repair and Regeneration Market Size Analysis in 2015 and will continue to lead in the forecast period due to factors such as accessibility of technically advanced devices. However, Asia-Pacific to be the highest growing region in the forthcoming period.
Some of the key players that fuel the growth of the Nerve Repair and Regeneration industry include Baxter International Inc., Alafair Biosciences Inc., Boston Scientific Corporation, AxoGen Inc., Cyberonics Inc., Medtronic Inc., St. Jude Medical Inc, Stryker Corporation and Integra Lifesciences Holdings Corporation.The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
Nerve Repair and Regeneration Product Mode Outlook (Market revenue in USD Million, 2013 - 2024)
• Neurostimulation and neuromodulation devices
• Spinal cord stimulation devices
• Deep brain stimulation devices
• Sacral nerve stimulation devices
• Vagus nerve stimulation devices
• Gastric electric stimulation devices
Nerve Repair and Regeneration Surgery Outlook (Revenue, USD Million, 2013 - 2024)
• Direct nerve repair/neurorrhaphy
• Nerve grafting
• Stem cell therapy
• Neurostimulation and neuromodulation surgeries
Nerve Repair and Regeneration Regional Outlook (Market Revenue in USD Million, 2013 - 2024)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
• South Africa
Research Support Specialist, USA