Nerve Repair and Regeneration - Market Insights, Competitive Landscape, and Market Forecast - 2030

Nerve Repair And Regeneration Market By Product Type (Biomaterials [Nerve Connectors/Conduits, Nerve Protectors, Nerve Wraps, And Nerve Graft {Autografts, Allografts, And Xenografts}] And Neuromodulation Devices [External Neuromodulation Devices {Transcutaneous Electrical Nerve Stimulation Devices And Transcranial Magnetic Stimulation Devices} And Internal Neuromodulation Devices {Spinal Cord Stimulation Devices, Deep Brain Stimulation Devices, Sacral Nerve Stimulation Devices, Vagus Nerve Stimulation Devices, And Others Devices}]), By End-User (Hospitals & Clinics, Ambulatory Surgical Centers, And Others), and by geography is expected to expand at a constant CAGR forecast till 2030 owing to the growing incidence of nerve injuries and increasing prevalence of lifestyle and chronic disorders

The global nerve repair and regeneration market was valued at USD 6,497.47 million in 2023, growing at a CAGR of 9.31% during the forecast period from 2024 to 2030. The increase in demand for nerve repair and regeneration products is predominantly attributed to the increasing incidence of nerve injuries, rising prevalence of lifestyle disorders such as diabetes and hypertension, and others. Moreover, technological advancements in the nerve repair product portfolio and high product approvals in recent times, among others are also some of the factors contributing to the global market growth for nerve repair and regeneration. Therefore, the above mentioned factors are expected to propel the overall market growth of the nerve repair and regeneration market in the forthcoming years.

Nerve Repair And Regeneration Market Dynamics:

The market for nerve repair and regeneration is gaining momentum at present due to the growing prevalence of lifestyle-associated disorders such as diabetes and hypertension. For instance, diabetes is considered as one of the major risk factors that may lead to the development of peripheral nerve neuropathy and can lead to mild to severe forms of damage to the sensory, motor, and autonomic nerves further causing symptoms such as numb, tingling, or burning feet, one-sided bands or pain, and numbness and weakness on the trunk or pelvis. According to the statistics published by the International Diabetes Federation (IDF) Diabetes Atlas 2019 Ninth Edition, there were approximately 463 million adults in the age group 20-79 years were living with diabetes in 2019. Moreover, as per the tenth edition of the source, nearly 537 million adults were living with diabetes in the year 2023. The source further mentioned the numbers are expected to rise to 700 million by 2045. Disturbed nerve regeneration is seen in mostly diabetic patient due to decreased levels of neurotrophic factors, or due to decreased expression of their receptors, or due to altered cellular signal pathways and/or abnormal expression of cell adhesion molecules in a diabetic patient. Thus, increasing diabetes may increase the prevalence of nerve repair and regeneration. The devices such as neuromodulation devices are used for management or treatment of nerve repair and regeneration in a diabetic patient, thereby increasing its demand in the market. Thus, diabetes may act as potential factor for the market growth of nerve repair and regeneration products.

Furthermore, rising nerve injury cases across the globe is also a key factor responsible for the increased demand for nerve repair and regeneration products, thereby fuelling the global nerve repair and regeneration market. According to the National Institute of Neurological Disorders and Stroke (NINDS, 2022), in the United States, diseases of the peripheral nerve tend to affect approximately 20 million people, yearly.

Additionally, rising cases of traumatic injuries due to road accidents, occupational accidents, falls, among others could lead to peripheral nerve injuries, thereby raising the demand for the nerve repair and regeneration products. For instance, according to the International Labour Organization (ILO) 2022 data, worldwide, there are approximately 340 million occupational accidents annually. The accidents may damage the nerves of a patient, thereby increasing the need of nerve repair and regenerative products in the market.

Hence, all the above-mentioned factors are expected to bolster the global market for nerve repair and regeneration products.

However, the high cost associated with nerve repair and regeneration products and the availability of alternative treatment methods are likely to hinder the nerve repair and regeneration market growth in the forthcoming years.

The ongoing COVID-19 pandemic has negatively impacted the market for nerve repair and regeneration. The demand for nerve repair and regeneration products in the market had decreased due to the temporary suspension of numerous elective procedures and outpatient visits as the healthcare system guidelines worldwide temporarily focused all their efforts on the management of COVID-19 patient load during the lockdown period. Furthermore, with the disruption of raw materials, supply chain, cross border trades, man power and resources, the key players halted their manufacturing units, thereby decreasing the number of devices in the market. However, owing to the approval & administration of numerous COVID-19 vaccines across the globe and with the upturn of all the resources, there is a significant improvement in the resumption of activities across various domains, including healthcare services, thereby paving the way for a sound period of recovery for the nerve and regeneration market. Thus, the overall market of nerve repair and regeneration products is anticipated to grow at a steady rate in the forecast period.

Nerve Repair And Regeneration Market Segment Analysis:

Nerve Repair And Regeneration Market by Product Type (Biomaterials [Nerve Connectors/Conduits, Nerve Protectors, Nerve Wraps, and Nerve Graft {Autografts, Allografts, and Xenografts}] and Neuromodulation Devices [External Neuromodulation Devices {Transcutaneous Electrical Nerve Stimulation Devices and Transcranial Magnetic Stimulation Devices} and Internal Neuromodulation Devices {Spinal Cord Stimulation Devices, Deep Brain Stimulation Devices, Sacral Nerve Stimulation Devices, Vagus Nerve Stimulation Devices, and Others Devices}]), End-User (Hospitals & Clinics, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the nerve repair and regeneration product segment, the nerve protector's sub-segment in the biomaterials category is estimated to grow at a healthy CAGR of 10.57% during the forecast period from 2024-2030.

This is owing to the advantages associated with nerve protectors. For instance, nerve protectors provide a non-constricting encasement for injured peripheral nerves for protection of the neural environment. They are designed to be an interface between the nerve and the surrounding tissue. Moreover, nerve protectors are an essential component in nerve repair and regeneration as they provide protection to the nerve from the surrounding soft tissue attachments and help in nerve reconstruction.

Furthermore, nerve protectors preserve the native architecture of the extracellular matrix around the targeted nerve, protect from the formation of scar tissue, and prevent nerve compression.

Moreover, with the increase in product launch, approvals, and other regulatory steps, in the local market, which in-turn are also anticipated to increase the overall market growth of the nerve protectors. For instance, Axogen Inc., a developer of surgical solutions, including human tissue grafts, received the product approval for their nerve protector in October 2022 by the European Union and was awarded the CE mark. These approvals by regulatory bodies further act as growth opportunities for the market as they help establish product credibility among end-users.

Therefore, owing to the advantages associated with nerve protectors in nerve repair and regeneration and with the increase in number of regulatory approvals, there will be an increase in the demand for nerve protectors, which in turn is estimated to drive the nerve repair and regeneration market growth.

North America is expected to dominate the overall Nerve Repair And Regeneration Market:

Among all the regions, North America is expected to hold a major share of 31.55% in the overall nerve repair and regeneration market in the year 2023 and is expected to hold its position during the forecasted period from 2024-2030. This domination is due to the rise in the number of neurological conditions, the presence of leading nerve repair and regeneration companies, strong R&D, and regulatory guidelines, among others.

For instance, according to the American Association of Electro-diagnostic Medicine, of all patients admitted to Level I trauma centers yearly, roughly 2-3% have peripheral nerve injuries. The increasing number of peripheral nerve injuries in the region will increase the demand of nerve repair and regeneration products as these products are used for the treatment and management of the disorder. Moreover, rising trauma injury cases in the region are likely to boost the demand for nerve repair and regeneration products. According to the U.S. Bureau of Labor Statistics 2022, there were 2.7 million nonfatal workplace injuries in the region in the year 2020. The surging number of injuries may injure the nervous system thereby increasing the risk of nerve damage and degeneration. The nerve repair and regenerative products may aid in the treatment of nerve damage. Thus, the increasing number of injuries may increase the demand of nerve repair and regenerative devices, thereby propelling the overall market.

In addition, the rise in the number of chronic pain associated with nerve and neurology-associated disorders is also expected to raise the demand for nerve repair and regeneration products. According to the Centres for Disease and Prevention 2020 data, the overall prevalence of chronic pain in the US was 20.4%, in the year 2020.

Henceforth, the rise in neurological disorders and nerve injury cases in the country will boost the market for nerve repair and regeneration products in the forecast period, 2022 - 2028.

Moreover, the presence of well-established nerve repair and regeneration players such as Boston Scientific Incorporation, Medtronic plc., Stryker Corporation, and Nevro Corporation, among others in the region, is the predominant factor contributing to the nerve repair and regeneration market.

Additionally, the recent approval of nerve repair devices in the region will further augment the market. For instance, in September 2020, Axonics, had received Health Canada approval for the next generation implantable neurostimulator, Axonics r-SNM® System. It is currently the only rechargeable sacral neuromodulation (SNM) system available in Canada.

Thus, all the above-stated factors are expected to further bolster the market for nerve repair and regeneration market in the North American region.

Furthermore, Europe holds the second-largest market for nerve repair and regeneration products. This owing to recent launches and approvals pertaining to nerve repair and regeneration, rise in nerve injuries, rising acquisitions and mergers, and increasing lifestyle-related disorders, among others. For instance, Cook Biotech had received the CE Mark approval for Axoguard Nerve Connector and Axoguard Nerve Protector in March 2020. Additionally, the surge in the number of various diseases such as rheumatoid arteritis, osteoporosis, diabetes, lymphoma, among others in the region will spur the demand for nerve repair products.

Hence all the factors mentioned above will lead to the nerve repair and regeneration market in the region.

Nerve Repair And Regeneration Market Key Players:

Some of the key market players operating in the nerve repair and regeneration market include Medtronic, Boston Scientific Corporation, AxoGen Inc., Baxter International, Checkpoint Surgical, Inc., Integra Lifesciences Corporation, Polyganics B.V., Orthomed S.A.S, Salumedica, LLC, Alafair Biosciences, Inc., Neurometrix, Inc., TOYOBO CO., LTD, LivaNova PLC, Synapse Biomedical, Inc., Abbott, Keri Medical, Nevro Corp., Collagen matrix, Inc., Aleva Neurotherapeutics SA, Orthocell, Ltd., among others.

Recent Developmental Activities in the Nerve Repair And Regeneration Market:

In July 2022, Pulsetto, Healthtech startup, has launched a neuromodulation device that stimulates the vagus nerve. Stimulating this nerve with electric impulses activates the parasympathetic nervous system, allowing the body to rest and relax. This device can be used for nerve regeneration.

In January 2022, Checkpoint Surgical, Inc., the leader in intraoperative nerve repair stimulation technology, announced it has enrolled the first patient in its multi-center clinical study of the company's breakthrough nerve regeneration technology, Checkpoint BEST (Brief Electrical Stimulation Therapy) system.

In March 2022, Integra LifeSciences, introduced NeuraGen 3D Nerve Guide Matrix, a resorbable implant for the repair of peripheral nerve discontinuities. This product is developed to make an optimized environment, which would enable a more complete functional recovery following mid-gap nerve repair when compared to hollow nerve conduits alone.

In August 2022, Checkpoint Surgical Inc., a privately held medical device company committed to providing surgeons with user-friendly, cost-effective devices to protect and repair nerves intraoperatively, acquired Monarch Bio implants, the developer and manufacturer of Neuroshield Chitosan Nerve Wrap.

Key Takeaways from the Nerve Repair And Regeneration Market Report Study

• Market size analysis for current nerve repair and regeneration market size (2023), and market forecast for 5 years (2024-2030)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the nerve repair and regeneration market.
• Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
• Key companies dominating the global nerve repair and regeneration market.
• Various opportunities available for the other competitor in the nerve repair and regeneration market space.
• What are the top performing segments in 2023? How these segments will perform in 2030.
• Which is the top-performing regions and countries in the current nerve repair and regeneration market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for nerve repair and regeneration market growth in the coming future?

Target Audience who can be benefited from the Nerve Repair And Regeneration Market Report Study

• Nerve Repair and Regeneration providers
• Research organizations and consulting companies
• Nerve Repair and Regeneration-related organization, association, forum, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders in Nerve Repair and Regeneration
• Various End-users want to know more about the nerve repair and regeneration market and the latest technological developments in the nerve repair and regeneration market.

Frequently Asked Questions for the Nerve Repair And Regeneration Market:

1. What are Nerve Repair and Regeneration?

Nerve repair is a complex biological process that starts immediately after a nerve injury occurs. Nerve repair comprises of approximation of the ends of an injured nerve via the direct form of nerve repair, nerve grafts, or nerve tubes. Nerve regeneration is the regrowth of the nervous tissues via the generation of new neurons, axons, synapses, and glial cells. The products mainly for nerve repair and regeneration include nerve conduits, nerve protectors, nerve caps in biomaterial, and neuromodulation devices.

2. What is the market for Global Nerve Repair and Regeneration?

The global Nerve Repair and Regeneration Market was valued at USD 6,497.47 million in 2023, growing at a CAGR of 9.31% during the forecast period from 2024 to 2030.

3. What are the drivers for the Global Nerve Repair and Regeneration?

The major factors driving the demand for nerve repair and regeneration are the rising cases of nerve injuries, increase in the prevalence of lifestyle disorders such as diabetes, hypertension, and others, increase in technological advancement in the product arena along with increased R&D and product approvals.

4. What are the key players operating in Global Nerve Repair and Regeneration?

Some of the key market players operating in the Nerve Repair and Regeneration market include Medtronic, Boston Scientific Corporation, AxoGen Inc., Baxter International, Checkpoint Surgical, Inc., Integra Lifesciences Corporation, Polyganics B.V., Orthomed S.A.S, Salumedica, LLC, Alafair Biosciences, Inc., Neurometrix, Inc., TOYOBO CO., LTD, LivaNova PLC, Synapse Biomedical, Inc., Abbott, Keri Medical, Nevro Corp., Collagen matrix, Inc., Aleva Neurotherapeutics SA, Orthocell, Ltd., among others.

5. Which region has the highest share in the Nerve Repair and Regeneration market?

Among all the regions, North America is expected to occupy a major share in the overall nerve repair and regeneration market in the year 2023 and is expected to hold its position during the forecasted period. This domination is due to the rise in the number of neurological conditions, the presence of leading nerve repair and regeneration companies, strong R&D, and regulatory guidelines, among others.