Global Nerve Repair and Regeneration Market is set to grow at a 12% CAGR by 2027 - Key Growth Factors are an Increasing Cases of Nerve Injuries and Neurological Disorders

Repair and regeneration in the nervous system is a process by which damaged tissue undergoes regrowth or renewal, eventually restoring nervous system function.

Technological Innovations and Developments in Neurostimulation & Neuromodulation Devices

Neurostimulation & Neuromodulation devices find their usage in many applications such as to treat traumatic or neurodegenerative disorders such as Alzheimer's disease, amyotrophic lateral sclerosis, multiple sclerosis, Parkinson's disease, sacral nerve stimulation for pelvic disorders and incontinence, and spinal cord stimulation for ischemic disorders. The adoption of these medical devices in many applications is contributing to the rapid growth of the nerve repair and regeneration market.

For instance,
 In December 2022, Abbott announced that they have received the U.S. FDA approval for the company's Eterna spinal cord stimulation (SCS) system for the treatment of chronic pain.
 In March 2022, MyndTec announced that they have received FDA approval for MyndMove 2.0, its second-generation neuromodulation MyndMove system for clinical and home usage.

An Increasing Number of Neurological Disorders Drives the Nerve Repair and Regeneration Market Growth

According to WHO, more than 1 billion users across the world are affected by some type of neurological disease. The specific causes of neurological problems differ but can include genetic disorders, congenital disorders, infections, lifestyle or environmental health problems such as malnutrition, brain injury, spinal cord injury or nerve injury. With a rapidly growing population and aging society, more users are reaching ages at which neurological diseases are highly prevalent.

Stem Cell-Based Therapies Opens Up Multiple Growth Opportunities in the Nerve Repair and Regeneration Market

Peripheral nerve injuries (PNIs) are some of the common types of traumatic lesions affecting the nervous system. The research findings suggests that the pluripotential stem cell from bone marrow, adipose tissue, skin, dental pulp, umbilical cord, or from nerve trunks can differentiate into Schwann cells and nerve cells with axons which could further help in the regeneration of the missing nerves. Furthermore, the use of stem cells derived from different sources has presented decent results for nerve regeneration and effective neural and functional results which in turn has boosted the growth of the nerve repair and regeneration market.

Key Market Challenges: Nerve Repair and Regeneration Market

The high costs of the repair and regeneration devices, difficulty in treating large nerve gaps, and the growing preference for using drug therapies over nerve repair & regeneration products are some of the primary factors impacting the growth of the nerve repair and regeneration market in the upcoming years.

North America is Projected to Hold a Larger Market Share in the Nerve Repair and Regeneration Market

From a geographical overview, North America is expected to hold a larger market share in the global nerve repair and regeneration market. This can be attributed to the rising geriatric population, adoption of technologically advanced products, and favourable reimbursement landscape in this region.

Competitive Landscape Analysis: Nerve Repair and Regeneration Market

Some of the leading and well-established players operating in the global nerve repair and regeneration market are AxoGen Inc., Stryker, Baxter International Inc., Polyganics B.V., and Medtronic plc., among others.

Growth Strategies Adopted by Market Players to Establish Their Strong Foothold in the Nerve Repair and Regeneration Market

All leading and emerging players operating in the global nerve repair and regeneration market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, innovations and new product launches to garner a higher market share.

For instance,
 In January 2023, Abbott announced that they have received the U.S. FDA approval for its Proclaim XR spinal cord stimulation (SCS) system to treat diabetic peripheral neuropathy (DPN), a debilitating complication of diabetes.
 In October 2022, Phageneis announced that they have received U.S. FDA approval for the Phagenyx neurostimulation system, which uses pharyngeal electrical stimulation to restore swallowing control in patients with dysphagia post-stroke.

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Ruta Halde
Associate, Medi-Tech Insights
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This release was published on openPR.