PUBLISHER: The Business Research Company | PRODUCT CODE: 1427920
PUBLISHER: The Business Research Company | PRODUCT CODE: 1427920
Nerve repair and regeneration involve the restoration of damaged or injured nerves to their normal function, addressing trauma, diseases, or other conditions impacting nerve structures and pathways.
Key products in the field include biomaterials and neurostimulation/neuromodulation devices. Biomaterials, whether synthetic or natural, are meticulously designed substances engineered to interact with biological systems, including cells, tissues, and organs. Possessing specific physical, chemical, and biological properties, biomaterials facilitate healing, regeneration, and functional restoration in the body. Nerve repair and regenerative procedures encompass various techniques such as direct nerve repair (neurorrhaphy), nerve grafting, stem cell therapy, and neurostimulation/neuromodulation surgeries. These interventions find application in diverse healthcare settings, including hospitals, clinics, ambulatory surgical centers (ASCs), research and academic institutions, specialty clinics, among others.
The nerve repair and regenerative market research report is one of a series of new reports from The Business Research Company that provides nerve repair and regenerative market statistics, including the nerve repair and regenerative industry's global market size, regional shares, competitors with a nerve repair and regenerative market share, detailed nerve repair and regenerative market segments, market trends, and opportunities, and any further data you may need to thrive in the nerve repair and regenerative industry. This nerve repair and regenerative market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The nerve repair and regenerative market size has grown rapidly in recent years. It will grow from $8.96 billion in 2023 to $9.9 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The expansion observed in the historical period can be ascribed to a heightened prevalence of nerve injuries, an aging demographic, and the prevalence of neurodegenerative diseases. Additionally, there has been a surge in peripheral nerve surgeries, an increase in awareness and diagnosis rates, and a growing preference among patients for minimally invasive procedures.
The nerve repair and regenerative market size is expected to see rapid growth in the next few years. It will grow to $14.98 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The anticipated expansion in the forecast period is linked to a heightened emphasis on stem cell therapies, a rise in nerve injuries related to sports, the evolution of gene therapy approaches, governmental initiatives targeting rare diseases, and the adoption of patient-centric healthcare models. Noteworthy trends expected in the forecast period encompass advancements in neurostimulation technologies, the application of stem cells for nerve regeneration, the integration of nanotechnology in nerve repair, increased collaborations and partnerships, and the convergence of bioengineering and robotics.
The anticipated growth of the nerve repair and regenerative market is expected to be propelled by the increasing incidences of neurological disorders. Neurological disorders encompass conditions or diseases affecting the nervous system, including the brain, spinal cord, and peripheral nerves. Factors contributing to the rising incidences of neurological disorders include the expanding aging population, lifestyle changes, genetic factors, and sedentary behaviors. Nerve repair and regenerative techniques aim to facilitate healing and regeneration of damaged nerves, improving recovery prospects and reducing the prevalence of neurological disorders. A notable example is the global impact of epilepsy, recognized as one of the most prevalent neurological disorders, affecting over 50 million individuals worldwide, with approximately 80% of cases found in low- and middle-income countries. This underscores the widespread influence of neurological disorders and their contribution to the growth of the nerve repair and regenerative market.
The surge in chronic diseases is anticipated to drive the growth of the nerve repair and regenerative market. Chronic diseases, lasting for more than a year and requiring ongoing medical attention, include conditions such as diabetes, cancer, and arthritis. The global prevalence of chronic diseases has expanded the patient pool seeking effective nerve repair and regenerative solutions. For instance, in 2021, the World Health Organization reported that chronic diseases accounted for around 60% of total reported deaths and approximately 46% of the global burden of disease. Consequently, the increasing prevalence of chronic diseases is a significant factor fueling the growth of the nerve repair and regenerative market.
The nerve repair and regenerative market are currently witnessing a significant trend in product innovation, with major players focusing on the development of novel products to enhance their market positions. A notable example of this trend is Abbott, a US-based medical device company, which received approval from the United States FDA in August 2022 for its ProClaim plus spinal cord stimulation system featuring FlexBurst therapy. This innovative system is designed to alleviate chronic pain associated with various conditions, including specific nerve-related disorders. The ProClaim Plus system stands out by offering the capability to treat multi-site pain, allowing physicians to target multiple pain sites and address complex pain patterns associated with certain neurological disorders. This FDA approval represents a milestone in pain management, aiming to improve the quality of life by reducing pain and enhancing overall well-being.
Strategic partnerships and collaborations between companies are becoming a prevalent strategy in the nerve repair and regenerative market. Many companies are joining forces to broaden their product portfolios and expand their presence in the regenerative medicine sector. One such collaboration occurred in July 2021 when Pharming Group N.V., based in the Netherlands, and Orchard Therapeutics, a UK-based biotechnology company, partnered for the expansion and commercialization of OTL-105, an investigational ex vivo autologous Hematopoietic Stem Cell (HSC) gene therapy designed for the treatment of Hereditary Angioedema (HAE).
In December 2021, Cesca Therapeutics Inc., a US-based company specializing in automated cellular processing and autologous cell therapies for regenerative medicine, acquired the remaining 20% equity share of ThermoGenesis Corp. The strategic move, executed for an undisclosed sum, enables Cesca to focus on its CAR-TX press cellular processing platform, enhancing efficiency in cellular manufacturing. ThermoGenesis Corp, a US-based biotechnology company, is dedicated to developing automated technologies for cell-based therapeutics and bioprocessing. This acquisition underscores the industry's commitment to advancements and efficiency in regenerative medicine.
Major companies operating in the nerve repair and regenerative market report are Neuronetics Inc., Abbott Laboratories, Medtronic PLC., Stryker Corporation, Baxter International Inc., Boston Scientific Corporation, Toyoba Co. Ltd., Integra LifeSciences Holdings Corporation, LivaNova PLC, Nevro Corporation, Cyberonics Inc., Medartis Holding AG, AxoGen Inc., NeuroPace Inc., BioWave Corporation, Phageneis Ltd., Soterix Medical Inc., Checkpoint Surgical Inc., Synapse Biomedical Inc., Nuvectra Corp., Synovis Micro Companies Alliance Inc., OrthoMed Inc., NeuroSigma, Regenity Biosciences, Epineuron Technologies Inc., Neurotex Ltd.
North America was the largest region in the nerve repair and regenerative market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nerve repair and regenerative market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the nerve repair and regenerative market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The nerve repair and regenerative market consists of revenues earned by entities by providing services such as medical consultations, diagnosis, surgical procedures, follow-up care, and rehabilitation services. The market value includes the value of related goods sold by the service provider or included within the service offering. The nerve repair and regenerative market also includes sales of surgical instruments, nerve grafts, nerve conduits, biocompatible materials, bioactive scaffolds, and other regenerative medicine products.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Nerve Repair And Regenerative Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on nerve repair and regenerative market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for nerve repair and regenerative ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The nerve repair and regenerative market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.