Nerve Regeneration refers to the process of repair and regrowth of injured nerve tissues, cells, and cell products. It is also referred as Neuroregeneration, Large number of cases of nervous system injuries combined with ongoing develpoments in neural tissue engineering is likely to warrant the need for neuroregeneration.
Nerve Regeneration Market size is expected to register a CAGR of 11.34% to reach the global worth of 12695.25 million $ by 2024.
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The global nerve regeneration market report by Market Research Future (MRFR) covers trends, drivers, and challenges and illustrated in an enumerated method Segments strict regulation, as well as exorbitant charges of surgeries, can hamper the market growth.
Nerve Regeneration Market Segmentation Overview
The global nerve regeneration market has been segmented on the basis of product, application, and end user.
Based on product, the market has been segregated into neurostimulation & neuromodulation devices and biomaterials. On the basis of neurostimulation and neuromodulation devices, the market has been divided into internal neurostimulation devices and external neurostimulation devices. Internal neurostimulation devices has been further segmented into vagus nerve stimulation, spinal cord stimulation, sacral nerve stimulation, deep brain stimulation, and gastric electrical stimulation. External neurostimulation devices cover transcutaneous electrical nerve stimulation and transcranial magnetic stimulation. Nerve conduits, nerve wraps, nerve protectors, and nerve connectors are segments encompassed within the biomaterials segment. Among them, the neurostimulation and neuromodulation devices segment was valued at USD 4,764.96 million in 2018. Large number of movement disorders and need for such tools for their treatment can drive the segment growth.
Major market applications include neurostimulation and neuromodulation surgeries, nerve grafting, stem cell therapy, direct nerve repair/neurorrhaphy, and others. Neurostimulation and neuromodulation surgeries have been further segmented into internal neurostimulation and neuromodulation surgeries, external neurostimulation, and neuromodulation surgeries. Nerve grafting encompasses autografts, allografts, and xenografts.
Primary end users of the global nerve regeneration market include hospitals & clinics, ambulatory surgery centers, and others.
The global nerve regeneration market on the basis of regions into Europe, the Americas, Asia Pacific (APAC), and the Middle East & Africa (MEA).
2.1 Rising Neurological Disorders
2.2 Increasing Geriatric Population
2.3 Technological Advancements
3.1 Stringent Regulatory Framework
3.2 High Cost
4.1 Entering Developing Economies
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Latest Industry Collaborations, product launches, and technological breakthroughs are certain strategies that can influence players in the market.
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.
- 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.
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.
Investments in research and development are likely to boost the market demand significantly. For instance, Polyganics has established a new unit at the Zernike Campus, Netherlands for expanding their R&D unit. Surgeries to embed neurostimulation devices, as well as ongoing developments of a brain computer interface, can influence the market in the coming years. Advances in neuroimaging and neurostimulation which can provide relief to patients, can drive the market demand significantly.
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