Nerve Repair and Regeneration Market Trends 2023: Predicted to Surpass USD 12.3 Billion by the year 2030, Says AMR

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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Key Takeaways:

Growing Incidence of Nerve Injuries: The nerve repair and regeneration market has been witnessing growth due to the increasing incidence of nerve injuries resulting from trauma, accidents, and degenerative diseases.

Technological Advancements: Advances in medical technologies, including nerve conduits, nerve grafts, stem cell therapies, and neurostimulation devices, have significantly contributed to the expansion of the market.

Favorable Regulatory Environment: Governments and regulatory bodies across various regions have been supportive of research and development in the nerve repair and regeneration field, encouraging companies to invest in innovative solutions.

Market Segmentation:

By Product Type:
a. Nerve Conduits: Synthetic or natural hollow tubes used to bridge nerve gaps and guide nerve regrowth.
b. Nerve Protectors: Devices designed to protect injured nerves from further damage during the healing process.
c. Nerve Wraps: Enclosure-like materials used to wrap around injured nerves, providing structural support and promoting regeneration.
d. Nerve Connectors: Devices used to reconnect severed nerve ends after injury.
e. Nerve Grafts: Autografts, allografts, or xenografts used to replace missing nerve segments.

By Application:
a. Nerve Injuries: Includes injuries resulting from trauma, accidents, and surgical procedures.
b. Neuropathic Pain: Chronic pain caused by nerve damage or dysfunction.
c. Peripheral Neuropathy: Nerve damage affecting the peripheral nervous system.
d. Epilepsy: A neurological disorder characterized by recurrent seizures.

By End-user:
a. Hospitals and Clinics: Healthcare facilities that provide nerve repair and regeneration treatments.
b. Ambulatory Surgical Centers: Outpatient facilities where certain nerve repair procedures are performed.
c. Research Institutes and Academic Centers: Institutions engaged in research and development related to nerve repair and regeneration.

By Region:
a. North America: United States, Canada, and Mexico.
b. Europe: United Kingdom, Germany, France, Italy, Spain, and other European countries.
c. Asia-Pacific: China, Japan, India, South Korea, Australia, and other Asian countries.
d. Latin America: Brazil, Argentina, and other Latin American countries.
e. Middle East and Africa: Saudi Arabia, United Arab Emirates, South Africa, and other countries in the region.

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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.

Top Key Players list in Nerve Repair and Regeneration Market:

Abbott Laboratories
Integra Lifesciences Corporation
Boston scientific Inc.
Axogenic
Medtronic plc
Checkpoint Surgical
Stryker Corporation
Synovis Micro Companies Alliance
Polyganics

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Regional Growth Dynamics:

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.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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