Nerve Repair and Regeneration Market to Reach $12.3 Bn, Globally, by 2030 at 6.5% CAGR: Allied Market Research
Rise in prevalence of neurological & epidemic disorders and surge in geriatric population that need nerve repair and regeneration therapy drive the global nerve repair and regeneration market.
PORTLAND, Ore., May 26, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Nerve Repair and Regeneration Market by Product (Biomaterials, Neuromodulation Surgery Devices), by Surgery (Direct Neuropathy, Nerve Grafting, Stem Cell Therapy, Neuromodulation Surgery): Global Opportunity Analysis and Industry Forecast, 2020-2030". As per the report, the global nerve repair and regeneration industry generated $6.6 billion in 2020, and is expected to reach $12.3 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.
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Major determinants of the market growth
Rise in prevalence of neurological & epidemic disorders and surge in geriatric population that need nerve repair and regeneration therapy drive the global nerve repair and regeneration market. However, high cost associated with neurostimulator devices and lack of skilled professionals hinder the market growth. On the contrary, surge in awareness among people and increase in expenditure on healthcare would open new opportunities in the future.
Covid-19 scenario
- The Covid-19 pandemic negatively affected the market. Hospitals and healthcare services reduced owing to social distancing measures taken by the government.
- Moreover, the pandemic severely affected the global economy and affected the functioning of general hospital care for non-Covid-19 patients. As several hospitals were closed due to lockdown, the demand for nerve repair and regeneration procedures experienced a decline.
The biomaterials segment to manifest the highest CAGR through 2030
By product, the biomaterials segment is expected to showcase the highest CAGR of 7.0% during the forecast period, due to increase in target population base and increase in awareness among patients. However, the neuromodulation surgery devices segment held the largest share in 2020, contributing to more than two-thirds of the global nerve repair and regeneration market, owing to increase in consumer awareness about nerve repair and advent of innovative technologies in the healthcare sector.
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The neuromodulation surgery segment held the lion's share
By surgery, the neuromodulation surgery segment dominated the market in terms of revenue, accounting for nearly half of the global nerve repair and regeneration market in 2020, due to rise in number of product approvals. However, the direct neuropathy segment would portray the highest CAGR of 7.6% during the forecast period, due to surge in awareness of benefits of using external neuromodulators.
North America held the largest share
By region, the global nerve repair and regeneration market across North America held the lion's share in 2020, contributing to around two-fifths of the market, due to increase in the prevalence of neurodegenerative & neurodevelopmental diseases, stroke, and traumatic brain injuries coupled with increase in adoption of advanced healthcare infrastructure. However, the market across Asia-Pacific is projected to manifest the highest CAGR of 7.5% during the forecast period, owing to rise in awareness among patient, supportive government initiatives, and presence of unmet medical needs, and advent of innovative technologies.
Key market players
- Abbott Laboratories
- Integra Lifesciences Corporation
- Boston scientific Inc.
- Axogenic
- Medtronic plc
- Checkpoint Surgical
- Stryker Corporation
- Synovis Micro Companies Alliance
- Polyganics
- OrthoMed, Inc.
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