The size of the global nerve repair and regeneration market was worth USD 7.20 Billion in 2023. It is further projected to grow and value USD 13.22 billion by 2028, growing at a CAGR of 12.9% between 2023 to 2028.
Medical professionals use nerve repair and regeneration techniques to make the damaged nerves function normally. Injured nerves will stop sending signals to the parts of the body so that they fail to function. These techniques will help to restore the injured nerves effectively. Nerves can get damaged very easily as they are sensitive and stop communicating with muscles and organs, where they fail to function appropriately. Nerve repair and regeneration mainly deal with the spinal cord and brain. This includes surgery according to the severity of the injury that took place. It undergoes various treatments depending upon the nerve disorder, for example, nerve grafting and direct xenografts.
The growing incidences of neurological disorders across the globe and the rapid rise in the geriatric population are key factors fuelling the growth of the global nerve repair and regeneration market.
The rise in the geriatric population, lifestyle changes, stress-related disorders, birth-related trauma such as seizures and epilepsy, etc., are significant factors driving the global nerve repair and regeneration market. Doctors use nerve therapies, nerve cell stimulation, and other surgeries to heal the inflammation and other damage in old age to cure the disorders. Lifestyle changes like work timings and stressed jobs also trigger the demand for neuropathic treatments. During childbirth, there are increased seizures and epilepsy in newborn babies, which is also an aspect driving the market to grow further.
Creating awareness of the availability of different treatment procedures, especially in undeveloped countries, surges the demand for nerve repair and regeneration. The rise in the prevalence of advanced treatment procedures and stem cell assay therapies in nerve repair and regeneration technology further helped market size grow potentially in recent years. Growth opportunities for the global nerve repair and regeneration market lie in the increasing focus on developing innovative procedures to restore damaged nerve functionalities and the nerve repair and regeneration sector investments by government and non-government bodies to improve the quality of treatment procedures.
There are certain opportunities for the market to expand its base; they are increased investments in neurological research by key players. Many scientific advancements are being invented, like artificial cognitive capabilities, but they need to be prostheses with damaged neurons. Hence there is an opportunity for the market to grow further with the development of such bionic prosthetic devices. Nowadays, proper awareness is created in people about neurological surgeries and the need to maintain the nervous system; this allows market players to invent new drugs and biological therapies to repair the nerves. The rise in the elderly population worldwide is also an opportunity for the market to expand in the coming years.
However, the dearth of skilled persons in undeveloped countries due to fewer training programs, strict rules and regulations by the governments, and lack of proper knowledge of the latest techniques in nerve regeneration are slowly hampering the market's growth. The lack of expertise for monitoring and doing surgeries and the complexities while performing the surgical operations with the nerve systems are also expected to sluggish the market growth.
Impact of COVID-19 on the global nerve repair and regeneration market:
COVID-19 is a disease caused by the coronavirus; SARS-CoV-2 has widely spread to all the world countries. It brought many changes in the healthcare sector. Nerve repair and regenerative market shares have declined in growth rate in the initial months of 2020 due to strict lockdown instructions imposed by governments in the countries where COVID-19 cases are spreading high. As doctors are busy treating COVID-19 patients, all the surgeries were either canceled or postponed. The patients who are in critical positions received the treatment during these tough times. The studies showed that severely affected COVID-19 patients are more likely to develop neurological symptoms. Around 36.14% of COVID-19 patients surveyed developed various neurological symptoms. These cases are surging the demand for nerve repair and regeneration treatment procedures. It is estimated that the market shares are to have the highest growth rate during the COVID-19 outbreak.
Market Size Available
2022 to 2028
2023 to 2028
By Surgery, Product, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
This research report on the global nerve repair and regeneration market has been segmented and sub-segmented into the following categories and calculated market size and forecast for each segment until 2028.
Nerve Repair and Regeneration Market - By Surgery:
Group Fascicular Repair
Stem Cell Therapy
External Neuromodulation Surgery
Internal Neuromodulation Surgery
Based on surgery, the direct neuropathy segment is estimated to account for the leading share in the global nerve repair and regeneration market during the forecast period. Y-O-Y growth in geriatric people across the world and the growing prevalence of nerve injuries due to accidents are leveraging the segment's demand.
Nerve Repair and Regeneration Market - By Product:
Neuromodulation Surgery Devices
External Neuromodulation Surgery
Transcutaneous Electrical Nerve Stimulation
Transcranial Magnetic Stimulation
Internal Neuromodulation Surgery
Deep Brain Stimulation
Sacral Nerve Stimulation
Vagus Nerve Stimulation
Based on the product, the biomaterials category is forecasted to dominate all during the forecast period in the global market. Adopting the latest technology in the biotechnology field and growing economies of both developed and developing countries are expected to promote the growth rate of the nerve repair and regeneration market.
Nerve Repair and Regeneration Market - By Region:
The Middle East and Africa
Geographically, the North American market is estimated to account leading share in the global nerve repair and regenerations market during the forecast period. Factors such as the adoption of advanced technology and an increased number of incidences of nerve disorders prominently propel the market's growth in this region. The market growth is further attributed to the escalation in neurological disorders in people, the rise in patient population, and acceptable reimbursement policies. The United States is currently dominating the North American market. The easy availability of devices with advanced technology and the growing aging population suffering from various disorders are majorly accelerating the U.S. market. As per the Alzheimer's Association, around 5.3 million people aged 65 years and above had this disease in 2015. The number is expected to increase to 7.1 million by 2025 and around 13.8 million by 2050. The Canadian market is expected to have a rapid growth rate during the forecast period.
The European market is predicted to second-largest regional market globally and is predicted to grow at a healthy rate from 2020 to 2025. The factors driving the market growth are intensifying healthcare costs by the European nations and the extensive adoption of nerve regeneration techniques.
The Asia Pacific market is expected to grow rapidly during the forecast period as the geriatric population is significantly growing in this region. Growing awareness in people related to neurological disorders and growing incidences of osteoporosis and cancer increases market growth. China, India, and Japan account for the leading share in the APAC market. In December 2015, the Australian Therapeutics and Goods Administration (TGA) approved the clinic's trials for the treatment method examining based on human parthenogenesis stem cells among patients who have Parkinson's diseases.
The Latin American market is predicted to showcase a promising CAGR during the forecast period. Factors such as key market participant's robust existence, rising patient count suffering from chronic pain, and obesity cases. The Mexican market is expected to register a healthy growth rate during the forecast period due to the improvements in healthcare facilities and the escalating number of patients who need blood and blood components.
KEY MARKET PARTICIPANTS:
Some notable companies leading the Global Nerve Repair and Regeneration Market profiled in this report are AxoGen, Baxter International, Boston Scientific Incorporation, Cyberonics, Integra Lifesciences, Medtronic, Orthomed S.A.S., Polyganics B.V., St. Jude Medical, and Stryker Corporation.
RECENT HAPPENINGS IN THIS MARKET:
In 2017, The U.S. Food and Drugs Administration approved the Avance nerve graft launched by Axogen.
In June 2017, Medtronic received SureTune3 got, the CE approval mark designed with the latest technologies.
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