Nerve Repair and Regeneration Market
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.
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.
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Key Takeaways:
Nerve Repair and Regeneration Market is projected to reach $12.3 billion by 2030, growing at a CAGR of 6.5%.
The biomaterials segment is expected to showcase the highest CAGR of 7.0% during the forecast period.
The direct neuropathy segment would portray the highest CAGR of 7.6% during the forecast period.
Asia-Pacific is projected to manifest the highest CAGR of 7.5% during the forecast period.
Economic Downturn Analysis:
Healthcare Expenditure: Rising healthcare spending, particularly in developed countries.
Cost of Treatment: High cost of advanced treatments might limit accessibility in some regions.
Insurance Coverage: Extent of insurance coverage for nerve repair procedures.
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The neuromodulation surgery segment held the lion’s share
By surgery, the neuromodulation surgery segment dominated the market in terms of revenue, accounting for nearly half of the global nerve repair and regeneration market in 2020, due to rise in number of product approvals. However, the direct neuropathy segment would portray the highest CAGR of 7.6% during the forecast period, due to surge in awareness of benefits of using external neuromodulators.
Market Segments:
By Product:
Biomaterials
Neuromodulation Surgery Devices
By Surgery:
Stem Cell Therapy
Neuromodulation Surgery
Direct Neuropathy
Nerve Grafting
By Region:
North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
Asia-Pacific (Japan, China, Australia, India, South Korea, Rest Of Asia Pacific)
LAMEA (Brazil, Saudi Arabia, South Africa, Rest Fo Lamea)
Regional Analysis:
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.
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.
𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐇𝐞𝐚𝐥𝐭𝐡𝐜𝐚𝐫𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:
Microsurgery Market is growing at a CAGR of 6% from 2024 to 2033
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