PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1400971
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1400971
Peripheral Nerve Injury Market size was valued at USD 1,212 Million in 2022, expanding at a CAGR of 7.5% from 2023 to 2030.
Peripheral nerve injuries (PNIs) refer to damage or dysfunction of the peripheral nerves, which are the nerves located outside the brain and spinal cord. These nerves are responsible for regulating sensation, movement, and motor coordination. They are delicate and susceptible to injury. Peripheral nerve injuries can occur due to various factors, including trauma, compression, inflammation, or diseases. A healthcare professional, such as a neurologist or orthopedic surgeon, can conduct a thorough assessment and propose an appropriate treatment plan based on the specific circumstances of the injury. In some cases, severely damaged or severed nerves can be repaired through surgical intervention. Nerve repair surgery establishes a new pathway for signals to travel between the brain and the muscles.
Peripheral Nerve Injury Market- Market Dynamics
Rising prevalence of peripheral nerve injuries (PNI) globally is probable to drive the Peripheral Nerve Injury market growth
Urbanization and industrial expansion often lead to an increase in accidents and injuries, such as workplace incidents and road crashes. These incidents, in turn, contribute to a higher occurrence of Peripheral Nerve Injury (PNI). PNI, which is predominantly caused by surgical procedures and trauma, is a prevalent issue in clinical settings. According to the National Health Service, it affects approximately 13 to 23 individuals per 100,000. This major national healthcare issue primarily affects the distal upper limb nerves of working-age men. To address this burden, effective injury prevention strategies, targeted funding, and rehabilitation pathways are necessary. Furthermore, the national center of biotechnological information reports a mean national incidence of 11.2 events per 100,000 populations per year, with males being at least twice as likely to sustain a PNI. The most commonly injured nerves are those at or distal to the wrist. While The market could experience growth opportunities through increased investments in research and development from pharmaceutical companies and startups. Nevertheless, the market's progress may be hindered by the substantial expenses associated with developing and manufacturing advanced treatments
Peripheral Nerve Injury Market- Key Insights
As per the analysis shared by our research analyst, the global Peripheral Nerve Injury market is estimated to grow annually at a CAGR of around 7.5% over the forecast period (2023-2030)
Based on product type segmentation, Nerve Conduit was predicted to show maximum market share in the year 2022
Based on Surgery segmentation, Direct Nerve Repair segment was the leading type in 2022
Based on Application segmentation, Upper Extremities was the leading type in 2022
On the basis of region, North America was the leading revenue generator in 2022
The Global Peripheral Nerve Injury Market is segmented on the basis of Product Type, Surgery, Application, and Region.
The market is divided into Four categories based on product type: Nerve Conduit, Nerve Protector, Nerve Connector and Nerve Wraps. The market is currently dominated by Nerve Conduit. These are specifically created to bridge the gap caused by nerve injuries. Their purpose is to facilitate the regeneration of damaged nerves.
The market is divided into three categories based on Surgery: Direct Nerve Repair, Nerve Grafting and Stem Cell Therapy. The market is primarily dominated by the Direct Nerve Repair segment. Ongoing research and development in the healthcare industry focuses on the treatment of peripheral nerve injuries, with a particular emphasis on direct nerve repair. This surgical approach involves rejoining or suturing the damaged ends of a severed or injured peripheral nerve.
The market is divided into two categories based on application: Upper Extremities and Lower Extremities. The Upper Extremities segment holds a significant share in the market. Traumatic incidents like accidents, falls, or sports injuries can lead to peripheral nerve injuries in the upper extremities. The increasing number of elderly individuals in the population may contribute to a rise in nerve injuries and a greater need for efficient treatment options.
Peripheral Nerve Injury Market- Geographical Insights
Geographically, the Peripheral Nerve Injury market extends across various regions including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented based on the countries involved in business activities. The growth of the market is expected to be dominated by North America, primarily due to the increasing government initiatives, favorable reimbursement policies, and a rising geriatric population that is highly susceptible to these disorders. The presence of supportive reimbursement policies plays a crucial role in the adoption of advanced medical treatments. If healthcare providers are encouraged to offer peripheral nerve injury treatments through favorable reimbursement mechanisms, it can drive the growth of the market. Additionally, the growing elderly population leads to a higher demand for healthcare services and treatments, further contributing to market growth. According to the 2020 Census, the population aged 65 and over in the United States grew nearly five times faster than the total population from 1920 to 2020, reaching 55.8 million or 16.8% of the country's population. Europe is expected to be the second-largest market in the upcoming years, driven by increasing awareness about health and fitness, the adoption of pain management therapies, and the widespread usage of smart devices for maintaining health.
The competitive landscape of the peripheral nerve injury market involves a comprehensive assessment of the products offered by each competitor, including surgical procedures, neurostimulation devices, regenerative medicine, and other solutions. Although this market is still in its early stages of adoption for many products and technologies, nerve repair surgeons are highly receptive to emerging and alternative technologies like processed nerve allografts. This indicates a significant potential for new market growth and favorable adoption rates for peripheral nerve repair products. As newer technologies continue to mature and gain acceptance, the peripheral nerve market is expected to surpass current projections. To navigate this evolving market, companies can employ conservative and statistically based analytical techniques to develop reasonable and logical estimates. Manufacturers should also evaluate their rivals' product offerings, scrutinize promotional activities, digital presence, and engagement with healthcare professionals. This evaluation will enable them to develop strategic recommendations for their business, identifying areas for improvement and potential avenues for growth.
On September 5, 2023, Axogen, Inc., a renowned global company specializing in the development and promotion of innovative surgical solutions for peripheral nerve injuries, made an official announcement regarding the complete launch of their latest product, the Axoguard HA+ Nerve Protector. This cutting-edge device is specifically designed to offer comprehensive protection for both short- and long-term peripheral nerve injuries. It consists of a processed porcine submucosa extracellular matrix base layer, complemented by a hyaluronate-alginate gel coating.
The scope of this report covers the market by its major segments, which include as follows: