According to a new report published by Allied Market Research, titled, “Nerve Repair and Regeneration Market: Global Opportunity Analysis and Industry Forecast, 2017–2023,” the global market was valued at $5,927 million in 2016, and is projected to garner $13,938 million by 2023, registering a CAGR of 13.0% from 2017 to 2023. The neuromodulation surgeries segment contributed the highest share in 2016, owing to the increase in patients suffering from neurological disorders.
The nerve repair and regeneration products market includes biomaterials and neurostimulation and neuromodulation devices. The techniques of nerve repair and regeneration assist to cure the disorders such as Alzheimer’s disease, Parkinson’s diseases, and other neurological diseases. Increase in geriatric population, rise in prevalence of neurological & epidemic disorders, and launch of innovative products for nerve repair & regeneration are the major factors that drive the market growth. However, stringent regulatory requirements for product approvals act as a restraining factor for the market growth. Increase in investment by major medical diagnostics giants and improvement in healthcare facilities in Asia-Pacific provide growth opportunities for the market.
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The neuromodulation surgeries segment contributed the highest share in 2016, owing to the increase in patients suffering from neural disorders. Neuromodulation surgery devices contributed the highest share in 2016, owing to the wide range of product offering for nerve repair. The North American market accounted for a significant share in the global market in 2016, owing to growth in number of patients suffering from neurological disorders.
According to Hemali Narkhede, Manager, Healthcare Research at Allied Market Research, “North America is expected to dominate the global nerve repair and regeneration market during the forecast period. However, the market is growing at a faster rate in the developing countries, owing to the increase in the number of patients suffering from neurological diseases and improvement in the healthcare facilities.”
KEY FINDINGS OF THE NERVE REPAIR AND REGENERATION MARKET STUDY:
- In 2016, the neuromodulation surgery segment accounted for the highest share of the global nerve repair and regeneration market.
- The neuromodulation surgeries devices segment contributed the highest revenue to the global market in 2016.
- The nerve conduits segment is projected to grow at a CAGR of 11.7% during the forecast period.
- North America market is dominating the market with a share of over two-fifths of the market.
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The major companies profiled in the report include AxoGen Inc. (U.S.), Baxter International (U.S.), Boston Scientific Incorporation (U.S.), Cyberonics Inc. (U.S.), Integra Lifesciences Corporation (U.S.), Medtronic Plc. (U.S.), Orthomed S.A.S. (France), Polyganics B.V. (Netherlands), St. Jude Medical (U.S.), and Stryker Corporation (U.S.).
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