Rise in prevalence of neurological & epidemic disorders and surge in geriatric population that need nerve repair and regeneration therapy drive the global nerve repair and regeneration market. However, high cost associated with neurostimulator devices and lack of skilled professionals hinder the market growth. On the contrary, surge in awareness among people and increase in expenditure on healthcare would open new opportunities in the future.
The global nerve repair and regeneration industry generated $6.6 billion in 2020, and is expected to reach $12.3 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.
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The factors propelling the nerve repair and regeneration market are rise in geriatric population, growing prevalence of neurological and epidemic disorders, and introduction of novel and innovative products for nerve repair and regeneration. However, stringent regulatory requirements for product approvals, lack of skilled professionals, and high cost of the devices restrict the market growth. On the other hand, increase in investment by major medical diagnostics giants and improvement in healthcare facilities in Asia-Pacific are likely to offer immense growth opportunities to the market players.
Increase in geriatric population, growing prevalence of neurological and epidemic disorders, and introduction of novel and innovative products for nerve repair and regeneration are likely to drive the market growth. The neuromodulation surgery devices segment would be lucrative through 2030. The neuromodulation surgery segment would grow at the fastest CAGR during the forecast period. North America to remain dominant and Asia-Pacific to witness the fastest growth through 2030.
North America held the largest share
By region, the global nerve repair and regeneration market across North America held the lion’s share in 2020, contributing to around two-fifths of the market, due to increase in the prevalence of neurodegenerative & neurodevelopmental diseases, stroke, and traumatic brain injuries coupled with increase in adoption of advanced healthcare infrastructure. However, the market across Asia-Pacific is projected to manifest the highest CAGR of 7.5% during the forecast period, owing to rise in awareness among patient, supportive government initiatives, and presence of unmet medical needs, and advent of innovative technologies.
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Key market players
- Abbott Laboratories
- Integra Lifesciences Corporation
- Boston scientific Inc.
- Axogenic
- Medtronic plc
- Checkpoint Surgical
- Stryker Corporation
- Synovis Micro Companies Alliance
- Polyganics
- OrthoMed, Inc.
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