Nerve Repair and Regeneration Market Segment Analysis By Product Type
Based on product type, the market for Nerve Repair and Regeneration is segmented into Biomaterials and Neurostimulation and Neuromodulation Devices. Neurostimulation and Neuromodulation Devices, and Biomaterials held the largest share in the Nerve Repair and Regeneration market in 2020. Electrodes are applied to the brain, spinal cord, or peripheral nerves in neurostimulation devices. They influence every part of the body and treat almost every condition or symptom, including stroke, spinal cord injury, and others. The huge number of commercially available spinal cord devices, as well as their diverse applications. Major players are investing in the development of more productive devices which is expected to expand the Nerve Repair and Regeneration market. However, Biomaterials is estimated to register higher CAGR of 10.62% during the forecast period 2021-2026 owing to its ability to enhance and replace damaged tissue.
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Nerve Repair and Regeneration Market Segment Analysis By Application
On the basis of application, market for Nerve Repair and Regeneration is categorized in Stem Cell Therapy, Nerve Grafting, Neurostimulation and Neuromodulation Applications, and Direct Nerve Repair/Neurorrhaphy. Direct Nerve Repair/Neurorrhaphy held the largest share and also is estimated to register a higher CAGR of 11.24% during the forecast period 2021-2026. Direct Nerve Repair/Neurorrhaphy is the recommended and gold standard approach for the surgical repair of peripheral nerves. The growing incidence of neurological disorders worldwide is increasing Nerve Repair and Regeneration market.
Nerve Repair and Regeneration Market Segment Analysis By Geography
North America dominated the Nerve Repair and Regeneration market with a major share of 43% in 2020. This is attributed to the presence of large Nerve Repair and Regeneration market players that have technologically improved equipment are readily available in this region. Furthermore, growing initiatives and funding from the government in this region are contributing to the growth of the market in this region.
However, Asia Pacific is estimated to grow at a faster CAGR during the forecast period 2021-2026 owing to rising geriatric population in this region. Increasing healthcare expenditure in this region is also increasing the growth of the market in this region.
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Nerve Repair and Regeneration Market Drivers
Increasing Incidence of Neurological Disorders such as Alzheimers Disease, Stroke and Others
The increasing incidence of a neurological disorders such as Alzheimers disease, and others across the globe is increasing the growth of the Nerve Repair and Regeneration Market. According to, World Health Organization (WHO), Alzheimer’s disease and related dementia affects approximately 50 million people globally, with the number estimated to rise to 152 million by 2050. Additionally, growing healthcare expenditure is also practiced to increase the growth of the Nerve Repair and Regeneration market during the forecast period 2021-2026.
Rising Government Funding for Research and Development of Neurologic Disorder
Increasing government funding for neurologic disorder disease is increasing the growth of the Nerve Repair and Regeneration market. For instance, in 2020, the Australian government is investing $21.8 million in research for treating a range of neurological disorders, including early Alzheimers disease, autism, and others. Moreover, rising technological advancements for nerve repair and regeneration are increasing the growth of the Nerve Repair and Regeneration Market during the forecast period 2021-2026.
Nerve Repair and Regeneration Market Challenges
Long Process For Product Approval and Lack of Skilled Professionals
The major factor that is set to impede the growth of the Nerve Repair and Regeneration market is long process for product approval. Another factor which hampers the growth of the market is lack of skilled professionals and lack of knowledge regarding nerve repair and regeneration products and techniques among patients and physicians.
Nerve Repair and Regeneration Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Nerve Repair and Regeneration Market. In 2020, the Nerve Repair and Regeneration Market share is consolidated by the top ten players present in the market. The Nerve Repair and Regeneration Market, top 10 companies are
1. Abbott Laboratories
2. Boston Scientific Corporation
3. Medtronic, PLC.
4. Collagen Matrix, Inc.
5. BioWave Corporation
7. NeuroPace, Inc.
8. AxoGen, Inc.
9. LivaNova, PLC.
10. Integra LifeSciences
In February 2020, LivaNova, US-based medical technology company collaborated with Verily, for assessing the efficacy of Vagus Nerve Stimulation Therapy (VNS Therapy) in the treatment of difficult-to-treat depression (DTD).
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