The global nerve repair and regeneration market is expected to be valued at USD 11.62billion by 2027 from USD6.05 billion in 2019, registering a CAGR of 9.0% through the forecast period, according to the latest report by Emergen Research. The growth of this market can be due to the growing incidence of spinal injuriesamong the geriatric population. The growth of the nerve repair and regeneration market over the forecast period is expected to be driven by the need for technical developments in existing treatment methods for neurological disorders to increase the efficiency of such methods. A major contributing factor to the rising demand for nerve repair and regeneration products is the increasing prevalence of neurodegenerative disorders, such as Parkinson’s disease, Alzheimer’s disease, multiple sclerosis, and epilepsy. It is expected that the launch of an improved and technologically advanced product by the major players in the industry would accelerate market growth.
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Key Highlights From The Report
- Medtronic introduced the Intellis platform for treating certain forms of chronic intractable pain in 2019. Current spinal cord stimulation (SCS) systems have certain limitations,such as battery performance and powering the Evolve workflow.The Intellisplatform is designed to address limitations. It can monitor patients 24/7 and aid with chronic pain monitoring.
- In 2019, the neurostimulation and neuromodulation products group had the highest market share of 59.4%. It is expected that the growing occurrence of spinal injuries will increase the demand for spinal cord stimulation devices and drive the growth of devices for neurostimulation and neuromodulation.
- Stem cell therapy is expected to grow over the forecast period, with the highest CAGR of 9.7%. The adoption of stem cell treatments has increased brain and spinal cord damage, neurodegeneration, frailty syndrome, and heart diseases.
- Due to supporting government measures to develop the healthcare infrastructure and increased healthcare budget allocation, the Asia Pacific region is projected 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.
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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
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