The rising geriatric population and the increasing prevalence of nerve injuries are driving the demand for the market.
The nerve repair and regeneration market is expected to be valued at USD 11.62 billion in 2027 from USD 6.05 billion in 2019, registering a CAGR of 9.0% through the forecast period, according to a recent report by Emergen Research. The growth of this market can be attributed to the increasing incidence among the geriatric population of spinal injuries. The growth of the nerve repair and regeneration market over the forecast period is expected to be driven by the growing need for technological advances in existing treatment methods for neurological disorders to improve the efficiency of treatment methods. A key contributing factor to the growing demand for nerve repair and regeneration products is the increasing prevalence of neurodegenerative diseases, such as Parkinson’s disease, Alzheimer’s disease, multiple sclerosis, and epilepsy. It is expected that the launch of an enhanced and technologically advanced product by the major players in the industry will fuel market growth.
Key Highlights From The Report
- The Intellis platform for managing certain types of chronic intractable pain was launched by Medtronic in 2019. With current spinal cord stimulation (SCS) systems, such as battery performance and powering the Evolve workflow, the platform was designed to overcome limitations. It can monitor patients 24/7 and assist in chronic pain monitoring.
- In 2019, the neurostimulation and neuromodulation devices sub-segment held a 59.4% market share. It is expected that the increasing incidence of spinal injuries will increase the demand for spinal cord stimulation devices and drive the growth of devices for neurostimulation and neuromodulation.
- The stem cell therapy sub-segment is projected to expand over the forecast period with the fastest CAGR of 9.7%. The adoption of stem cell treatments has increased brain and spinal cord injury, neurodegeneration, frailty syndrome, and heart diseases.
- Due to supportive government initiatives to improve the healthcare infrastructure and increase healthcare budget allocation, the Asia Pacific region is expected to be the fastest-growing region during the forecast period.
- Key participants include Abbott Laboratories, Medtronic, Plc, Boston Scientific Corporation, BAXTER INTERNATIONAL, INC., LIVANOVA, PLC., AXOGEN, INC., Stryker Corporation, Cyberonics, Inc., INTEGRA LIFESCIENCES, and SOTERIX MEDICAL, INC., among others.
Emergen Research has segmented the Global Nerve Repair and Regeneration Market on the basis of product, surgery, and region:
- Product Outlook (Revenue, USD Billion; 2017-2027)
- Neurostimulation and Neuromodulation Devices (Sacral Nerve, Spinal Cord, Vagus Nerve, Gastric Electric, and Deep Brain Stimulation Devices)
- Surgery Outlook (Revenue, USD Billion; 2017-2027)
- Stem Cell Therapy
- Direct Nerve Repair
- Nerve Grafting
- Neurostimulation and Neuromodulation Surgeries
- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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