SAN FRANCISCO, May 8, 2018 /PRNewswire/ --
The global nerve repair and regeneration market is expected to reach USD 15.7 billion by 2024, according to a new report by Grand View Research Inc. The demand for neurological disorder devices and therapies is expected to upsurge over the forecast period owing to rising awareness, increasing incidence rate, government funding & reimbursement policies, and uninterrupted technological advances by the key players of the industry (nerve control and regeneration technique is a rapidly growing division of neural tissue engineering). It has been estimated that more than 0.8 million people were affected due to nervous system injuries per year.
In January 2016, The EU Horizon 2020 program funded a research project 'Autostem' launched by the NUI Galway's Regenerative Medicine Institute (REMEDI) costing about USD 6.73 million. This project was expected to develop a robotic stem cell production factory, having an edge over the old traditional techniques. Also, this technique will treat a range of therapies pertaining to cancer, diabetes, arthritis and other diseases.
Investment by market players in research & development and commercialization in emerging countries are the major factors to drive the market growth in coming years. For instance, in October 2015, Helius Medical signed an agreement with A&B Company Limited for the development and commercialization of Helius' Portable Neuromodulation Stimulator in Singapore, Taiwan, Hong Kong, Macao, and China. Under this agreement, A&B is expected to acquire certain Asian patents ownership, product support material, and patent applications for the PoNS device.
Browse full research report with TOC on "Nerve Repair And Regeneration Market Size, Share & Trends Analysis Report By Product (Biomaterials, Neurostimulation and Neuromodulation Devices), By Surgery, By Region, And Segment Forecasts, 2018 - 2024" at: https://www.grandviewresearch.com/industry-analysis/nerve-repair-regeneration-market
Further Key Findings From the Report Suggest:
- Neurostimulation and neuromodulation devices dominated the product segment of the market in 2015 due to the rising awareness about the devices, coupled with the increasing central nervous system disorders in the population.
- Biomaterials segment is anticipated to grow at the fastest rate during the forecast period. This can be attributed to technological advancement, development of biodegradable polymers which are expected to enhance spinal stabilization, healing of fractures, & reduce hospitalization, and rising adoption.
- North America dominated the market in 2015 owing to the technological advancements in the region and the introduction of new devices by the manufacturers. In 2015, U.S proved to be the most potential market. Increasing injuries to the central nervous system (CNS), including injuries to the spinal cord and the brain, increased cases, initiatives and funding from governments and various other agencies were some of the major reasons of growth.
- According to the report published by the Florida university, more than 2 million people were suffering with traumatic injuries of the brain in the US annually and 5,00,000 people suffered due to the spinal cord injuries. The major causes of CNS injuries result from poorly understood biochemical pathological events.
- Also, In March 2016, Baxter completed the CE marking, the indication for marketing of 'HEMOPATCH' the ready-to-use surgical patch in the European market. This patch was approved for use during traumatic injuries of the brain, CNS or other body parts that result in shrinkage of dura mater also, as a hemostatic device to prevent loss of blood or any other body fluid.
- Asia Pacific is expected to be the fastest growing region during the forecast period. An aging population, technological advancement and presence of unmet medical needs are some of the reasons for the growth of the market.
- In February 2016, Indian scientists working for Revita Life Sciences were approved to conduct clinical trials in 20 clinically dead patients to bring specific parts of their central nervous system back to life. Combination of therapies including cocktail of peptides, nerve stimulation techniques, injecting the brain with stem cells and other techniques that were successful in bringing patients out of coma were to be used. Existing medical devices were combined with regenerative biological medicines with an objective to achieve such a complex initiative.
- Manufacturers are conducting collaborative exercises by use of innovative devices and therapies to improve the efficiency of treatment and provide better results.
- Some key players in this industry include Boston Scientific, Inc., Stryker Corporation, St. Jude Medical, Inc., Medtronic plc., Baxter International, Inc., AxoGen, Inc., Polyganics B.V., Integra Lifesciences Corporation, and Cyberonics, Inc.
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Grand View Research has segmented the nerve repair and regeneration market by product, surgery, and region:
- Nerve Repair and Regeneration Product Mode Outlook (Market revenue in USD Million, 2013 - 2024)
- Neurostimulation and neuromodulation devices
- Spinal cord stimulation devices
- Deep brain stimulation devices
- Sacral nerve stimulation devices
- Vagus nerve stimulation devices
- Gastric electric stimulation devices
- Nerve Repair and Regeneration Surgery Outlook (Revenue, USD Million, 2013 - 2024)
- Direct nerve repair/neurorrhaphy
- Nerve grafting
- Stem cell therapy
- Neurostimulation and neuromodulation surgeries
- Nerve Repair and Regeneration Regional Outlook (Market Revenue in USD Million, 2013 - 2024)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- North America
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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