The Global Nerve Regeneration Market was analyzed by Market Research Future (MRFR) and it was projected a CAGR of 11.34% to reach USD 12695.25 million by 2024. The valuation of the nerve regeneration market was further stated to surpass its previous valuation.
Market Overview
The Nerve Regeneration Market also comprises biomaterials like neuromodulator and neuro-stimulation devices. These are some of the biggest driving factors that are expected to push the growth of the market in the coming years. Peripheral nerves are connected directly to the brain as well as the spinal cord and other parts of the human body. These nerves are fragile in nature and can be easily damaged. This can therefore affect the brain’s ability to communicate with muscles or organs. However, lack of awareness among patients concerning nerve regeneration techniques can restrict the growth of the market.
Competitive Landscape
The global nerve regeneration market comprises a host of key players. This includes names like Stryker Corporation (U.S.), Baxter International Inc. (U.S.), AxoGen Inc. (U.S.), Polyganics (the Netherlands), Boston Scientific Corporation (U.S.), Orthomed S.A.S. (France), Cyberonics Inc. (U.S.), Xcelthera, INC. (U.S), St. Jude Medical (U.S.), Integra Life Sciences Corporation (U.S.), Medtronic (U.S.), Neurotex Limited (U.K), and others.
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An expanding rate of geriatric population and the various benefits of regenerative surgeries compared to the painful conventional surgical methods are expected to boost the growth of the global market. The elderly population are more prone to suffer from chronic and neurological disorders like Alzheimer’s, Parkinson as compared to adults, thereby driving the growth of the market in a positive manner.
The players operating in the global nerve regeneration market are focusing on product launches, along with expanding their global footprints by entering untapped markets.
- In April 2019, Polyganics increased its production capacity with a new facility at the Zernike Campus, Groningen, to enter a new phase of commercial and research and development (R&D) growth.
- In June 2018, NeuroPace launched a Next Generation RNS System, the world’s only brain-computer interface for the treatment of refractory epilepsy.
Market Segmentation
The global nerve regeneration market has been segmented in terms of type, end-user, and components.
By product, the market is segmented into biomaterials, nerve protectors, nerve conduits, and others. Biomaterials can be further branched down into neuro-stimulation, neuromodulator devices, and others
By application, the market breaks down into surgery, autologous nerve grafting, prognosis, and others.
By method, the market narrows down into direct nerve repair, stem cell therapy, nerve grafting, and others.
Market Growth Factor Analysis
4.1 Value Chain Analysis
4.1.1 Research And Development
4.1.2 Manufacturing
4.1.3 Distribution & Sales
4.1.4 Post-Sales Monitoring
4.2 Porter’s Five Forces Model
4.2.1 Threat Of New Entrants
4.2.2 Bargaining Power Of Suppliers
4.2.3 Bargaining Power Of Buyers
4.2.4 Threat Of Substitutes
4.2.5 Intensity Of Rivalry
4.4 Pricing Analysis
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Regional Analysis
The global nerve regeneration market is geographically distributed across the following key regions: Asia Pacific, Americas, Europe, and the Middle East and Africa.
The Americas spearhead the market for nerve regeneration with the largest share percentage. This is due to the notable prevalence of nerve-based injuries and an encouraging space for research and development activities in healthcare. Americas hold the dominant hand in the global nerve regeneration market due to its established technology, high spending in the Healthcare sector, increasing population base, and booming stress level. Additionally, increased R&D activities and the presence of major companies in the region have boosted the growth of the market herein.
Europe holds the second largest position in the global bracket for acquired nerve regeneration market due to the rising government support for research & development and the availability of funds for research. This is projected to continue being the driving factor for the European market over the forecast period.
Asia Pacific is the fastest growing market for nerve regeneration when it comes to the presence of rapidly developing healthcare technology, huge population base of patients, high rate of healthcare expenditure, and increasing prevalence of nerve-based injuries or disorders. Rising demand for biomaterials for nerve regeneration has proliferated the growth of the regional market. Moreover, booming demand for various new and emerging treatment methods across countries like India and China are most likely to push the region as one of the fastest growing over the forecast period.
Lastly, in the Middle East and Africa region, the market for nerve regeneration is extremely small due to the lack of technical knowledge and improper medical facilities.
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- Company Profiles of Other Key Players
- Hoveround Corporation
- Numotion
- MEYRA GmbH
- TC Mobility
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