As per the report, 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. The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.
Key Takeaways:
Growing Incidence of Nerve Injuries: The nerve repair and regeneration market has been witnessing growth due to the increasing incidence of nerve injuries resulting from trauma, accidents, and degenerative diseases.
Technological Advancements: Advances in medical technologies, including nerve conduits, nerve grafts, stem cell therapies, and neurostimulation devices, have significantly contributed to the expansion of the market.
Favorable Regulatory Environment: Governments and regulatory bodies across various regions have been supportive of research and development in the nerve repair and regeneration field, encouraging companies to invest in innovative solutions.
Increased Awareness and Early Diagnosis: Awareness about nerve injuries and their consequences has improved, leading to earlier diagnosis and timely interventions, which positively impact the demand for nerve repair products.
Rising Healthcare Expenditure: The growing healthcare expenditure in both developed and developing countries has allowed patients to access advanced nerve repair and regeneration treatments, contributing to market growth.
Market Consolidation: The nerve repair and regeneration market have seen some level of consolidation with larger companies acquiring smaller ones to expand their product portfolios and reach.
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Market Drivers:
Increasing Incidence of Nerve Injuries: The rising number of nerve injuries resulting from traumatic events, accidents, sports-related injuries, and degenerative diseases like peripheral neuropathy and spinal cord injuries has been a significant driver for the market. As the prevalence of these conditions increases, the demand for nerve repair and regeneration solutions rises accordingly.
Advancements in Healthcare Technologies: Continuous advancements in medical technologies and surgical techniques have significantly improved nerve repair and regeneration outcomes. These include nerve conduits, nerve wraps, nerve grafts, and bioengineered nerve tissues that promote nerve regeneration and functional recovery.
Market Segmentation:
By Product Type:
a. Nerve Conduits: Synthetic or natural hollow tubes used to bridge nerve gaps and guide nerve regrowth.
b. Nerve Protectors: Devices designed to protect injured nerves from further damage during the healing process.
c. Nerve Wraps: Enclosure-like materials used to wrap around injured nerves, providing structural support and promoting regeneration.
d. Nerve Connectors: Devices used to reconnect severed nerve ends after injury.
e. Nerve Grafts: Autografts, allografts, or xenografts used to replace missing nerve segments.
By Application:
a. Nerve Injuries: Includes injuries resulting from trauma, accidents, and surgical procedures.
b. Neuropathic Pain: Chronic pain caused by nerve damage or dysfunction.
c. Peripheral Neuropathy: Nerve damage affecting the peripheral nervous system.
d. Epilepsy: A neurological disorder characterized by recurrent seizures.
By End-user:
a. Hospitals and Clinics: Healthcare facilities that provide nerve repair and regeneration treatments.
b. Ambulatory Surgical Centers: Outpatient facilities where certain nerve repair procedures are performed.
c. Research Institutes and Academic Centers: Institutions engaged in research and development related to nerve repair and regeneration.
By Region:
a. North America: United States, Canada, and Mexico.
b. Europe: United Kingdom, Germany, France, Italy, Spain, and other European countries.
c. Asia-Pacific: China, Japan, India, South Korea, Australia, and other Asian countries.
d. Latin America: Brazil, Argentina, and other Latin American countries.
e. Middle East and Africa: Saudi Arabia, United Arab Emirates, South Africa, and other countries in the region.
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Covid-19 scenario
The Covid-19 pandemic negatively affected the market. Hospitals and healthcare services reduced owing to social distancing measures taken by the government.
Moreover, the pandemic severely affected the global economy and affected the functioning of general hospital care for non-Covid-19 patients. As several hospitals were closed due to lockdown, the demand for nerve repair and regeneration procedures experienced a decline.
Top Key Players list in Nerve Repair and Regeneration Market:
Abbott Laboratories
Integra Lifesciences Corporation
Boston scientific Inc.
Axogenic
Medtronic plc
Checkpoint Surgical
Stryker Corporation
Synovis Micro Companies Alliance
Polyganics
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Regional Growth Dynamics:
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.
CUSTOMIZATION OPTIONS:
Distributor Landscape Assessment
Pricing Intelligence
Customer Base Assessment
Investment & Initiatives Analysis
‘Business Profile’ of Key Players
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