Neuroregeneration or nerve regeneration refers to the process of repair and regrowth of injured nerve tissues, cells, and cell products. Large number of cases of nervous system injuries combined with ongoing develpoments in neural tissue engineering is likely to warrant the need for neuroregeneration. The global nerve regeneration market report by Market Research Future (MRFR) covers trends, drivers, and challenges and illustrated in an enumerated method. Segments of the market, as well as its impacts on major regions of the world, are written in great detail.
Nerve Regeneration Market trends was valued at USD 9.1 billion in 2022 and is projected to grow from USD 10.13 Billion in 2023 to USD 19.3 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.34% during the forecast period (2023 - 2030). Large number of nerve disorders, as well as developments in the treatments of such disorders, can drive the market growth exponentially till 2023. The large geriatric populace combined with the changing lifestyles of patients can trigger the afflictions and drive the demand for nerve regeneration procedures.
Investments in research and development are likely to boost the market demand significantly. For instance, Polyganics has established a new unit at the Zernike Campus, Netherlands for expanding their R&D unit. Surgeries to embed neurostimulation devices, as well as ongoing developments of a brain computer interface, can influence the market in the coming years. Advances in neuroimaging and neurostimulation which can provide relief to patients, can drive the market demand significantly.
But strict regulations, as well as exorbitant charges of surgeries, can hamper the market growth.
The global nerve regeneration market has been segmented on the basis of product, application, and end user.
Based on product, the market has been segregated into neurostimulation & neuromodulation devices and biomaterials. On the basis of neurostimulation and neuromodulation devices, the market has been divided into internal neurostimulation devices and external neurostimulation devices. Internal neurostimulation devices has been further segmented into vagus nerve stimulation, spinal cord stimulation, sacral nerve stimulation, deep brain stimulation, and gastric electrical stimulation. External neurostimulation devices cover transcutaneous electrical nerve stimulation and transcranial magnetic stimulation. Nerve conduits, nerve wraps, nerve protectors, and nerve connectors are segments encompassed within the biomaterials segment. Among them, the neurostimulation and neuromodulation devices segment was valued at USD 4,764.96 million in 2018. Large number of movement disorders and need for such tools for their treatment can drive the segment growth.
Major market applications include neurostimulation and neuromodulation surgeries, nerve grafting, stem cell therapy, direct nerve repair/neurorrhaphy, and others. Neurostimulation and neuromodulation surgeries have been further segmented into internal neurostimulation and neuromodulation surgeries, external neurostimulation, and neuromodulation surgeries. Nerve grafting encompasses autografts, allografts, and xenografts.
Primary end users of the global nerve regeneration market include hospitals & clinics, ambulatory surgery centers, and others.
MRFR segments the global nerve regeneration market report on the basis of regions into Europe, the Americas, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas held the maximum market share in 2017. The region receives considerable wherewithal for the continuous development of the healthcare sector. It can be lucrative for the global nerve regeneration market due to reimbursement policies which cover the costs of such treatments. Major companies based in this region who are investing considerably in the development of new products can drive the global market growth significantly.
Europe is expected to prove a windfall for the market due to substantial spending from governments for research and development in the healthcare sector. Large number of patients with nervous system disorders as well as disabled motor functions form the initial patient pool for such treatments. Launch of new machines for assisting in these surgical procedures as well as approval of CE for companies can drive the regional nerve regeneration market growth.
The APAC region can display a sharp demand for such products due to technological growth, massive populace, and increasing healthcare expenditure. India and China are displaying signs of unprecedented growth and triggering the demand for biomaterials which can drive growth during the forecast period. Collaborations with virtual reality solution providers for educating patients about the various neurological disorders and the latest treatment options available can bode well for the market. Recently, Wan Fang Hospital of Taipei decided to collaborate with the healthcare division of HTC which makes VIVE, a popular VR headset. It can be used to educate patients as well as doctors of the recent treatment options as well as the various nervous system disorders.
Boston Scientific Corporation, Medtronic, Integra LifeSciences, Abbott, Axogen Corporation, LivaNova PLC, Nuvectra Corporation, Stryker Corporation, Polyganics, and NeuroPace are key players in the global nerve regeneration market. Collaborations, product launches, and technological breakthroughs are certain strategies that can influence players in the market. For instance, NervGen Pharma recently decided to collaborate with Case Western Reserve University for rapidly bringing to market a new technology capable of treating patients with spinal cord injury. The use of proprietary agents termed as ISP can be used to impede the signals of protein tyrosine phosphatase (PTP), a key component that inhibits nerve regeneration.
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