The global Nerve Repair And Regeneration Market size is expected to reach USD 20.5 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 12.16% from 2023 to 2030. Demand for neurological disorder therapies owing to the increasing incidence and rising awareness regarding the same will drive the market. Moreover, government funding and reimbursement policies and uninterrupted technological advances are projected to boost market growth.
In January 2016, the EU Horizon 2020 program funded a research project ‘Autostem’, launched by the NUI Galway’s Regenerative Medicine Institute (REMEDI), costing about USD 6.73 million. This project was to develop a robotic stem cell production factory, having an edge over the old traditional techniques. This technique offers prospects for new therapies for a range of diseases, such as cancers, diabetes, and arthritis. Increased R&D and investments by key companies in emerging countries are also driving the market. In July 2018, Stem Cells Australia (SCA) received USD 3 million for stem cell research from the Medical Research Future Fund (MRFF).
In addition, government and private funded organizations are conducting clinical trials to develop a safe and effective therapy for different neurological disorders, such as Stem Cells in Umbilical Blood Infusion for Cerebral Palsy (Phase II) and the usage of Polyethylene glycol (PEG) drug (Phase I) to promote axonal fusion technique to repair peripheral nerve injuries in humans.
Furthermore, in October 2017, Stryker Corporation acquired VEXIM, a France-based medical device company. VEXIM's portfolio is complementary to Stryker's Interventional Spine (IVS) portfolio. With this acquisition, Stryker will strengthen its distribution channels in Eastern Europe, the Middle East, Asia, and Latin America. In January 2018, Boston Scientific Corporation received U.S. FDA approval for the first and only Spectra WaveWriter spinal cord stimulator system. This system is used for paresthesia-based therapy.
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List of Key Players of Nerve Repair And Regeneration Market
- AxoGen, Inc.
- Stryker Corporation
- St. Jude Medical, Inc.
- Baxter International, Inc.
- Polyganics B.V.
- Boston Scientific, Inc.
- Integra Lifesciences Corporation
- Cyberonics, Inc.
- Medtronic plc.
Nerve Repair And Regeneration Market Report Highlights
- In 2022, the neuromodulation and neurostimulation devices product segment led the market due to the increased cases of Central Nervous System (CNS) disorders and awareness regarding mental disorders and available treatments
- The biomaterials product segment is anticipated to expand at the fastest CAGR during the forecast period due to technological advancements and the development of biodegradable polymers that can help enhance spinal stabilization and healing of fractures and reduce hospitalization
- North America led the market in 2022 owing to technological advancements and the advent of new devices. Government initiatives and funding and increased cases of injured CNS, such as injuries to the spinal cord and brain, were some of the major reasons responsible for the regional market growth
- Asia Pacific is expected to be the fastest-growing regional market during the forecast period. The growing geriatric population, technological advancements, and many unmet medical needs are some of the factors driving the regional market
- The combination of therapies including a cocktail of peptides, nerve stimulation techniques, injecting the brain with stem cells, and other techniques that were successful in bringing patients out of coma were to be used
- Existing medical devices were combined with regenerative biological medicines with the objective to achieve such a complex initiative
Nerve Monitoring Devices Market
Nerve Repair And Regeneration Market Segmentation
Grand View Research has segmented the global nerve repair and regeneration market on the basis of product, surgery, and region:
Nerve Repair and Regeneration Product Outlook (Revenue, USD Million, 2018 - 2030)
- Neurostimulation and Neuromodulation Devices
- Spinal Cord Stimulation Devices
- Deep Brain Stimulation Devices
- Sacral Nerve Stimulation Devices
- Vagus Nerve Stimulation Devices
- Gastric Electric Stimulation Devices
Nerve Repair and Regeneration Surgery Outlook (Revenue, USD Million, 2018 - 2030)
- Direct Nerve Repair/Neurorrhaphy
- Nerve Grafting
- Stem Cell Therapy
- Neurostimulation and Neuromodulation Surgeries
Nerve Repair and Regeneration Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa