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.
The global Nerve Regeneration Market Report is projected to exhibit 11.34% CAGR during the forecast period (2017-2023). It can exceed the expected market valuation of USD 12,695.25 million by the end of 2023. 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.
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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Market Segmentation
The global nerve regeneration market is majorly divided on the basis of product, application, and end-user.
- Based on the Product, the global nerve regeneration market is classified into biomaterials, neurostimulation & neuromodulation devices. Further the neurostimulation & neuromodulation devices are sub-segmented into Internal and external neurostimulation devices. The biomaterials subsegment is bifurcated into nerve wraps, conduits, nerve connectors, and nerve protectors.
- Further, the Application segment, of the global market is diversified into neurostimulation and neuromodulation surgeries, stem cell therapy, direct nerve repair/neurorrhaphy, and nerve grafting. The nerve grafting is further sub-segmented into xenografts, autografts, and allografts.
- The End-user segment is diversified into ambulatory surgery centers and hospitals & clinics. The end-users are creating immense opportunities for the manufacturers which also drives the global nerve regeneration market.
Regional Analysis
MRFR segments the global nerve regeneration market 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.
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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.
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