According to a new market research report “Global Nerve Repair and Regeneration Market Size, Share, Development, Growth and Demand Forecast to 2023 – Industry Insight by Product (Neurostimulation and Neuromodulation Devices, Biomaterials), by Application (Neurostimulation and Neuromodulation Surgeries, Diagnostics, Direct Nerve Repair/Neurorrhaphy, Nerve Grafting and Stem Cell Therapy)” published by P&S Market Research, the global nerve repair and regeneration market is expected to grow at a CAGR of 11.9% during 2017 – 2023.
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Increasing geriatric population drives the global market
According to the study, the global nerve repair and regeneration market is likely to grow significantly during the forecast period, due to increasing geriatric population, rising prevalence of chronic pain and increasing incidence of neurological disorders. In addition, the awareness about mental diseases and their treatment and technological advancement in nerve repair and regeneration products is also increasing globally, which contributes to the growth of the market. Lack of skilled professionals, high cost and side effects associated with the usage of neurostimulation and neuromodulation devices are the key factors restraining the global market growth.
Insights on market segments
As per the findings of the research, the market for neurostimulation and neuromodulation devices was larger than the market for biomaterials. Internal devices form the larger part of the global neurostimulation and neuromodulation devices market. Within internal neurostimulation and neuromodulation devices, spinal cord stimulation devices generate the largest revenue in the global market. Based on application, neurostimulation and neuromodulation surgeries has been the largest application area of the global nerve repair and regeneration market, followed by direct nerve repair/neurorrhaphy, nerve grafting and stem cell therapy.
North America stands as the largest nerve repair and regeneration market
Geographically, North America has been the largest market for nerve repair and regeneration, with the U.S. being the largest contributor to the regional market. Increasing incidence of peripheral nerve injuries and presence of technological advanced products has been driving the growth of the North American market. In Europe, Germany has been the largest contributor to the nerve repair and regeneration market, followed by the U.K. and France. The market is expected to witness highest growth in Asia-Pacific, during 2017 – 2023, owing to increasing cases of neurological disorders and increasing geriatric population.
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Increasing aging population largely impacts the market
Globally, the aging population plays a key role in the growth of the nerve repair and regeneration market. The elderly people are more susceptible to suffering from chronic pain and neurological disorders, such as Alzheimer’s, epilepsy and Parkinson’s as compared to adults. According to the United Nations Department of Economic and Social Affairs (UN-DESA) report, the number of people aged 60 years or over is projected to grow by 56.0%, globally, i.e. from 901 million in 2015 to 1.4 billion by 2030. Also, by 2050, the global aging population is projected to reach nearly 2.1 billion in number. Additionally, the number of people aged 60 years and above is expected to reach approximately 437 million in China, 324 million in India, 107 million in the U.S. and 58 million in Brazil by 2050.
According to American Geriatrics Society (AGS), around 20.0% of Americans are expected to be more than 65 years of age by 2030, and 21.0% of those over 60 years of age are likely to undergo surgical procedures.
Key players in the nerve repair and regeneration market
Some of the key players in the global nerve repair and regeneration market include Boston Scientific Corporation, Axogen, Inc., Cyberonics, Inc., Medtronic, PLC, Baxter International Inc., St. Jude Medical, Inc., Integra Lifesciences Holdings Corporation, Inc., Stryker Corporation, Orthomed S.A.S. and Polyganics B.V.
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