Global Nerve Repair and Regeneration Market - Segmented by Product Type, Application, End User, and Geography - Growth, Trends, and Forecast (2022 - 2030)
The global nerve repair and regeneration market is expected to register a growth rate of approximately 11.7% during the forecast period (2018-2023). The presence of strong product pipeline of major multinational companies and improved treatment efficiency for neurological disorders are some of the primary drivers for this market. North America is anticipated to dominate the market share during the forecast period owing to well-developed healthcare infrastructure, better health insurance policies, and higher incidence rate of neural disorders.
Rising Prevalence of Neurological Diseases and Peripheral Nerve Injuries in Geriatric Population
The global rising prevalence of neurological diseases and peripheral nerve injuries in geriatric population is one of the primary factors driving this market. Some of the most common neurological disorders include stroke, migraine, brain tumors, spinal cord injuries, and multiple sclerosis, among others. The peripheral nerve injuries also occur at a rising incidence rate, with the presence of traumatic neuropathies and neuropathic pain, including crush injuries. Around 500,000 deaths by brain aneurysms have been recorded worldwide each year. Thus, in the forecast period, this number is further expected to grow each year, creating the need for more nerve repair and regeneration products.
Other factors driving this market are technological advancements in nerve repair and regeneration with rise in the healthcare expenditure by government with favorable policies in developed market.
High Cost of Neurostimulation and Neuromodulation Devices
The expensive nature of neurostimulation and neuromodulation devices is one of the key factors restricting the growth of this market. Due to this, they are not widely used, costing anywhere from several hundred dollars to tens of thousands of dollars. Moreover, the insurance companies cover costs for some therapies but not all. This affects the hospital’s overall budget; for example, in 2015, according to Modern Healthcare, hospitals faced the higher prices issues for spinal cord stimulators by companies such as Boston Scientific and Medtronic. Thus, this factor would play a significant role in hindering this market.
United States is the Largest Market
In North America, the presence of multinational companies with continuous technological developments with rising availability of medical devices, favorable insurance policies, and increasing incidence rate of neural disorders drive the market, particularly in the United States. Availability of technologically advanced devices by major companies such as Medtronic and Boston Scientific helps in the dominance of this market in the country.
Key Developments in the Market
• January 2018 - Orthocell Limited received Australian patent for its CelGro collagen medical device platform, which covers the method of suture-less repair of soft tissue defects.
• November 2017 - AxoGen, Inc. expands its platform for nerve repair to address breast reconstruction neurotization following mastectomy.
Major player: ABBOTT, AXOGEN INC., BAXTER, BOSTON SCIENTIFIC CORPORATION, CYBERONICS, INC, MEDTRONIC PLC, NUVECTRA, ORTHOMED, INC., POLYGANICS, AND STRYKER, amongst others.
Reasons to Purchase the Report
• Current and future global nerve repair and regeneration market in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3 month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Rising Prevalence of Neurological Diseases and Peripheral Nerve Injuries in Geriatric Population
The global rising prevalence of neurological diseases and peripheral nerve injuries in geriatric population is one of the primary factors driving this market. Some of the most common neurological disorders include stroke, migraine, brain tumors, spinal cord injuries, and multiple sclerosis, among others. The peripheral nerve injuries also occur at a rising incidence rate, with the presence of traumatic neuropathies and neuropathic pain, including crush injuries. Around 500,000 deaths by brain aneurysms have been recorded worldwide each year. Thus, in the forecast period, this number is further expected to grow each year, creating the need for more nerve repair and regeneration products.
Other factors driving this market are technological advancements in nerve repair and regeneration with rise in the healthcare expenditure by government with favorable policies in developed market.
High Cost of Neurostimulation and Neuromodulation Devices
The expensive nature of neurostimulation and neuromodulation devices is one of the key factors restricting the growth of this market. Due to this, they are not widely used, costing anywhere from several hundred dollars to tens of thousands of dollars. Moreover, the insurance companies cover costs for some therapies but not all. This affects the hospital’s overall budget; for example, in 2015, according to Modern Healthcare, hospitals faced the higher prices issues for spinal cord stimulators by companies such as Boston Scientific and Medtronic. Thus, this factor would play a significant role in hindering this market.
United States is the Largest Market
In North America, the presence of multinational companies with continuous technological developments with rising availability of medical devices, favorable insurance policies, and increasing incidence rate of neural disorders drive the market, particularly in the United States. Availability of technologically advanced devices by major companies such as Medtronic and Boston Scientific helps in the dominance of this market in the country.
Key Developments in the Market
• January 2018 - Orthocell Limited received Australian patent for its CelGro collagen medical device platform, which covers the method of suture-less repair of soft tissue defects.
• November 2017 - AxoGen, Inc. expands its platform for nerve repair to address breast reconstruction neurotization following mastectomy.
Major player: ABBOTT, AXOGEN INC., BAXTER, BOSTON SCIENTIFIC CORPORATION, CYBERONICS, INC, MEDTRONIC PLC, NUVECTRA, ORTHOMED, INC., POLYGANICS, AND STRYKER, amongst others.
Reasons to Purchase the Report
• Current and future global nerve repair and regeneration market in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3 month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
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