Rising Incidence of Neurological Diseases Strengthening Nerve Repair and Regeneration Market

The nerve repair and regeneration market is expected to exhibit a CAGR of 11.9% during the forecast period (2017–2023), owing to the surging geriatric population and increasing incidence of neurological disorders. Nerve repair and regeneration refers to the generation of new myelin, neurons, axon, and glial cells, which help in the replacement of damaged tissues, nerve cells, and cellular products. Nerve repair and regeneration is facilitated through neurostimulation and neuromodulation devices, which are surgically implanted in the brain to help in paresthesia generation at regular intervals in the nervous system.

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Additionally, the booming geriatric population will also contribute to the nerve repair and regeneration market in the upcoming years. According to the United Nations Department of Economic and Social Affairs (UNDESA), the number of people aged 65 years or above will surge from 727 million in 2020 to around 1.5 billion by 2050, globally. Moreover, the growing public awareness about mental disorders and their treatments will also facilitate the market growth in the foreseeable future.

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The product segment of the nerve repair and regeneration market is divided into biomaterials and neurostimulation and neuromodulation devices. Under this segment, the neurostimulation and neuromodulation devices category generated higher revenue in 2016. This category is further bifurcated into internal neurostimulation devices and external neurostimulation devices. Of these, the internal neurostimulation devices category holds the larger market share. Further, the internal neurostimulation devices category is classified into sacral nerve stimulation (SNS), spinal cord stimulation (SCS), deep brain stimulation (DBS), gastric electrical stimulation (GES), vagus nerve stimulation (VNS), and others.

According to P&S Intelligence, North America accounts for the largest share in the nerve repair and regeneration market, wherein the U.S. generates the higher revenue. The dominance of North America can be attributed to the growing prevalence of peripheral nerve injuries and the increasing availability of technologically advanced products, in the region. Whereas, the Asia-Pacific (APAC) market is expected to witness the fastest growth during the forecast period, due to the surging incidence of neurological diseases and burgeoning aging population.

Thus, the rising cases of neurological disorders and the soaring elderly population will augment the demand for nerve repair and regeneration devices in the forecast years.

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