Nerve Repair & Regeneration Market s anticipated to grow at a CAGR of 8.8% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Nerve Repair & Regeneration Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global nerve repair & regeneration market accounted for over US$ 6.0 billion in 2019. It is anticipated to grow at a CAGR of 8.8% from 2020 to 2030.
The continual growth of the nerve repair & regeneration market can be attributed to several factors such as the increasing prevalence of neurological disorders and the rising number of surgeries. Moreover, rising geriatric populations, rising incidences of nerve injuries, and rising awareness regarding neurological disorders will further contribute to the substantial growth of the global nerve repair & regeneration market between 2019 and 2030. To obtain better insights regarding the market scenario, prominent players are increasingly focusing on entering into partnerships and collaborations with other players in the market. For instance, in Oct 2018, NeuroSigma, Inc. entered into a partnership with Quick Care Pharmacy, a California-based specialty pharmacy for the sale and distribution of Monarch eTNS System (Monarch) utilized for the treatment of pediatric ADHD in the U.S.
Technological advancements as well as new product launches will fuel the growth of the nerve repair & regeneration market. For instance, in Nov 2019, NEVRO CORP. launched the Senza Omnia Spinal Cord Stimulation System in the U.S. This SCS system is designed in a way that will enable it to deliver Nevro's proprietary HF10 therapy in addition to all other available SCS frequencies. The system comprises of three new components - The first element is a new programmer that creates facilitates physicians to offer a wider array of waveforms across the full SCS frequency spectrum; the second element of the system is a redesigned patient remote that is smaller and more intuitive for patients to utilize and helps to enhance their experiences and the third element is an updated and upgradeable implantable pulse generator. Similarly, in the same year, Boston Scientific Corporation launched Vercise Primary Cell and Vercise Gevia Deep Brain Stimulation Systems. These systems are designed in a way that will allow physicians to control the range, shape, position, and direction of electrical stimulation utilized to treat the symptoms of Parkinson's disease (PD) through a highly-personalized therapy. Such, new advanced products are driving the market growth.
Governments are undertaking initiatives to spread awareness regarding neurological disorders among populations. For instance, the World Health Organization (WHO) has launched a number of global public health projects such as the Global Initiative on Neurology and Public Health. Its purpose is to increase professional and public awareness among populations related to the frequency, severity, & costs of neurological disorders and to emphasize the need for neurological care at all levels including primary health care. As health promotions help people realize the risk of such disorders and gain better control over their health and improve it. Such initiatives play an important role in boosting the market growth.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Nerve Repair & Regeneration Market By Product (Neurostimulation & Neuromodulation Devices and Biomaterials), Surgery Type (Nerve Grafting, Direct Neuropathy, Neurostimulation & Neuromodulation Surgeries, and Stem Cell Therapy) - Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/nerve-repair-market/407
However, the lack of donors, the need for multiple surgeries as well as stringent regulatory frameworks are hindering the market growth to a certain extent. As nerves are extremely delicate, repairing them is challenging for practicing surgeons. Moreover, the dearth of skilled professionals carrying out such procedures is also likely to restrain the nerve repair & regeneration market growth.
Regionally, North America held the largest market share in the nerve repair & regeneration market during 2019. The large share of this region can be attributed to rising geriatric populations as well as rising incidences of neurological disorders. For instance, according to the Alzheimer’s Association, in 2019, the prevalence of Alzheimer’s in Americans of all ages was approximately 5.8 million. Out of the total U.S. population, one in 10 people in the age group, 65 and older had Alzheimer’s dementia. Moreover, government initiatives aimed at spreading awareness as well as research activities focused on the causes of neurological conditions and remedies to improve diagnosis & treatment will aid the market growth. For instance, in 2016, the Congress authorized Centers for Disease Control and Prevention (CDC) to initiate the development of a National Neurological Conditions Surveillance System (NNCSS). However, the Asia Pacific region is estimated to grow at the highest CAGR during the forecast period owing to factors such as a larger population base suffering from neurological disorders as well as increasing government funding for the development of healthcare infrastructure.
Some of the prominent players in the global nerve repair & regeneration market are, Medtronic, Boston Scientific Corporation, Abbott, Stryker, Axogen Corporation, Integra LifeSciences Corporation, NEVRO CORP., NeuroPace, Inc., LivaNova PLC., and Synapse Biomedical Inc., among others.
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