Global Nerve Repair and Regeneration Market Is Thriving Amid the Pandemic: Projected to Reach USD 10.7 Billion By 2027
Published | 21 August 2021
Several factors contribute to the growth of the global nerve repair and regeneration market, including the high incidence of nerve injuries, the increase in neurological disorders, and the rise in government funding for research into neurologic disorders...
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global nerve repair and regeneration market was worth USD 6.2 billion in the year 2020. And it is estimated to grow at a CAGR of 7.6%, earning revenue of around USD 10.7 billion by the end of 2027. The prevalence of neurological disorders is increasing at a very rapid rate especially due to the rising geriatric population which has fueled the demand for neurological surgeries, further propelling the demand for nerve repair and regeneration products and devices. Furthermore, other factors contributing to the growth of the global nerve repair and regeneration market include the availability of various types of neurological procedures in medical science, such as brain surgery, spine surgery, and endovascular surgery.
Advancement in The Stem Cell Therapy Will Boost the Global Nerve Repair and Regeneration Market in The Forecast Period
Stem cell therapy is the use of stem cells for the treatment and prevention of various medical conditions. It is widely popular as ‘regenerative medicine’ because it helps in repairing damaged cells within the body by reducing inflammation. That is why they are widely used in nerve repair and regeneration surgical procedures. Stem cell therapy is one of the fastest-growing applications in neurological surgical procedures. The government is also taking various initiatives and is funding research and approving clinical trials of stem cell therapy which is expected to boost the global nerve repair and regeneration market in the forecast period.
Technological Advancements in Nerve Repair and Regeneration Procedures
The development of various devices and products in the nerve repair and regeneration field is one of the major factors behind the growth of the global nerve repair and regeneration market. The availability of a wide range of products through various market players is supporting the growing demand for neurological surgical procedures. For instance, Mayo Clinic researchers are working on cell-based therapy for a neurological disorder called amyotrophic lateral sclerosis. Through this, they aim to use adipose-derived mesenchymal stem cells from a patient's body, modify it in the laboratory and deliver it back into their body. However, the research is still in its early stages.
Neurostimulation & Neuromodulation Will Lead the Market in The Forecast Period
Based on applications, the global nerve repair and regeneration market is classified into neurostimulation & neuromodulation applications and nerve repair & regeneration biomaterials. Among these, the neurostimulation & neuromodulation segment leads the market due to the availability of treatment for various neurological disorders like epilepsy, Alzheimer's disease, and other dementias. In addition, peripheral nerve injuries are increasing largely due to an increase in accidents, which has led to an increase in the demand for neurostimulators and neuromodulators.
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Global Nerve Repair and Regeneration Market - Regional Insights
Geographically, the global nerve repair and regeneration market are segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America holds the largest market share due to the high concentration of major market players in this region. However, the Asia-Pacific region is estimated to witness the highest CAGR in the forecast period due to the increasing geriatric population with more neurological disorders compared to other demographics. Furthermore, the awareness surrounding neurological disorders is going high in Asia-Pacific countries, which is anticipated to pull significant demand for nerve repair and regeneration products during the forecast period.
Impact of COVID-19 on Global Nerve Repair and Regeneration Market
The global nerve repair and regeneration market has been negatively impacted during the initial phase of the COVID-19 outbreak. Nerve repair and regeneration market demand declined as all non-emergency and elective surgeries were postponed as a result of the recession. However, neurological disorders are sensitive medical conditions that tend to worsen over time. Therefore, they need immediate treatment. Due to this reason, all neurological surgeries have resumed as soon as possible, pulling the demand for nerve repair and regeneration products.
The leading market players in the global nerve repair and regeneration market are Stryker, Neuropace Inc., Livanova, Boston Scientific Corporation, Axogen Corporation, Neuronetics, Medtronic, Integra Lifesciences Corporation, Baxter, Abbott Laboratories, Polyganics, St. Jude Medical, Cyberonics, Inc, Soterix Medical, Inc., Nevro, Kerimedical, Biowave Corporation, Neuronetics, Inc., Synapse Biomedical, Inc., and other prominent players.
The market is highly consolidated and competitive with the presence of global players like Abbott Laboratories, Boston Scientific Corporation, etc. dominating the market. The industry participants invest in extensive research and development and focus on innovating and advancing the products and technologies to grab a larger share in the market.
Don’t miss the business opportunity of the global nerve repair and regeneration market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global nerve repair and regeneration market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global nerve repair and regeneration market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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