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Peripheral Nerve Injuries Market Overview, Growth And Forecast 2024-2033
Peripheral Nerve Injuries Market Overview
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According to The Business Research Company's, The peripheral nerve injuries market size has grown rapidly in recent years. It will grow from $3.49 billion in 2023 to $3.93 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to increased age-related disorders, such as osteoporosis and arthritis., increased prevalence in areas such as aesthetics, orthopedics, trauma, cardiology, and geriatric care, increased prevalence of traumatic nerve injuries, increased adoption of surgical interventions for precise and direct repair of damaged nerves, increased age more susceptible to peripheral nerve injuries like neuropathy.
The peripheral nerve injuries market size is expected to see rapid growth in the next few years. It will grow to $6.34 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to increasing incidence trauma, accidents, sports injuries, increasing chronic conditions like diabetes, increasing aging population, increasing patient compliance, and improving quality of life, rising prevalence of peripheral nerve injuries (pni) globally. Major trends in the forecast period include technological advancements in nerve repair, advancements in diagnostic technologies, development of artificial nerve implant, emerging therapies, focus on personalized medicine.
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Market Drivers and Trends:
The increasing prevalence of eye disorders is expected to propel the growth of minimally invasive glaucoma surgery (MIGS) devices going forward. Eye disorders encompass a wide range of conditions that affect the eyes and vision. The prevalence of eye disorders is increasing due to lifestyle changes, environmental influences, and aging populations. Minimally invasive glaucoma surgery (MIGS) devices are innovative tools utilized in managing various eye diseases, primarily focusing on reducing intraocular pressure (IOP) to prevent or control glaucoma progression. For instance, in 2024, according to the National Eye Institute, a US-based government agency, around 2.2 million Americans will be blind or partially blind by 2030. Therefore, the increasing prevalence of eye disorders drives the minimally invasive glaucoma surgery (MIGS) devices market.
Major companies operating in the peripheral nerve injuries market are investing in nerve injury therapeutic research and development, aiming to enhance nerve regeneration, improve functional outcomes, and address unmet medical needs for patients affected by such injuries. Company investments drive progress and innovation in the peripheral nerve injuries market, leading to the development of advanced therapies, improved patient outcomes, and enhanced quality of life for individuals affected by nerve injuries. For instance, in October 2022, NervGen Pharma Corp., a Canada-based pharmaceutical company, was awarded up to $1.5 million in funding from the US Department of Defense (DoD) to evaluate its investigational therapeutic NVG-291-R for the treatment of peripheral nerve injury (PNI). The funding would support preclinical research to establish proof-of-concept for using NVG-291-R to improve the rate and extent of nerve regeneration following PNI.
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Major Key Players of the Market:
Abbott Laboratories, Medtronic Plc, Stryker Corporation, Boston Scientific Corporation, Integra LifeSciences Holdings Corp., Bioventus LLC , MicroPort Scientific Corporation, Nevro Corp., AxoGen Inc., Bioness Inc., SPR Therapeutics Inc., Stimwave Technologies Inc., SetPoint Medical Inc., NeuroMetrix Inc., Polyganics BV, Regenity Biosciences , Renerva LLC , Aleva Neurotherapeutics SA, Neuraptive Therapeutics Inc., Neuros Medical Inc., Synapse Biomedical Inc., Orthocell Ltd., NeuraLace Medical Inc., MyndTec Inc., Epineuron LLC
Peripheral Nerve Injuries Market 2024 Key Insights:
• The peripheral nerve injuries market size is expected to see rapid growth in the next few years. It will grow to $6.34 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%.
• Rising Incidence of Peripheral Nerve Injuries and Market Growth
• Driving Innovation In Peripheral Nerve Injury Therapeutics Investing in Research and Development
• North America was the largest region in the peripheral nerve injuries market in 2023
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