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(Medical-NewsWire.com, January 17, 2023 )
The report "Nerve Repair & Regeneration Market is projected to reach USD 11.6 billion by 2027 from USD 6.5 billion in 2022, growing at a CAGR of 12.1% from 2022 to 2027.
Major Growth Driving Factors:
Growth in this market can be attributed to the massive geriatric population, increasing research investments on the neurological disorders, high volume of nerve injury cases, and the high prevalence of neurological diseases.
In 2021, Neurostimulation and Neuromodulation Devices accounted for the largest share of the nerve repair & regeneration market, by product.
By product, the nerve repair & regeneration market is segmented into neurostimulation and neuromodulation devices and biomaterials. The neurostimulation and neuromodulation devices segment is estimated to grow at the highest growth rate during the forecast period with the increasing government investments for neurologic disorders studies, and the favourable reimbursement.
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By neurostimulation and neuromodulation application, internal neurostimulation and neuromodulation accounted for the largest market share in 2021.
Based on the neurostimulation and neuromodulation application, the nerve repair and regeneration market is segmented the neurostimulation and neuromodulation devices market is segmented into internal neurostimulation and neuromodulation applications and external neurostimulation and neuromodulation applications. The internal neurostimulation neuromodulation segment is expected to hold the largest share and is expected to register the highest CAGR during the forecast period. The largest share and high growth rate are driven by the increasing incidence of neurological disorders across the globe is driving the growth of this segment.
By Biomaterials application, direct nerve repair/neurorrhaphy accounted for the largest market share in 2021.
Based on application, the nerve repair & regeneration market is segmented
into direct nerve repair/neurorrhaphy, nerve grafting, and stem cell therapy. In 2021, the direct nerve repair segment accounted for the largest share of the market. This can be attributed to the increasing incidence of neurological disorders across the globe.
Geographical Growth Dynamics:
North America was the largest regional market for nerve repair & regeneration market in 2021.
The nerve repair & regeneration market is segmented into five major regions, namely, Europe, North America, the Asia Pacific, Rest of the World (Latin America, and Middle East & Africa). North America held the largest share of the nerve repair & regeneration market in 2021, followed by Europe. The largest market share of North America is driven by the high incidence of strong presence of industry players, neurological disorders, and favourable reimbursement policies in the region.
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Some of the major players operating in the global nerve repair & regeneration market include Medtronic, plc. (Ireland), Boston Scientific Corporation (US), and Abbott Laboratories (US). The other players operating in the market are Axogen Corporation (US), Baxter (US), LivaNova PLC (UK), Integra LifeSciences (US), Neuronetics Inc. (US), Nevro Corp (US), NeuroPace Inc. (US), Polyganics (Netherlands), Soterix Medical Inc (US), Synapse Biomedical Inc. (US), Aleva Neurotherapeutics SA (Switzerland), Collagen Matrix Inc. (US), KeriMedical (Switzerland), BioWaveGO USA (US), NeuroSigma Inc. (US), tVNS Technologies GmbH (Germany), GiMer Medical (Taiwan), Checkpoint Surgical Inc. (US), Renishaw PLC (UK), Alafair Biosciences, Inc. (US), electroCore, Inc. (US), BlueWind Medical (Israel), Helius Medical Technologies (US), and BioControl Medical (Israel).
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