Healthcare

Nerve Repair And Regenerative Market Size, Share, Trends, and Outlook Report 2024-2033

The Nerve Repair And Regenerative Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Nerve Repair And Regenerative Global Market Report 2024, The nerve repair and regenerative market size has grown rapidly in recent years. It will grow from $8.96 billion in 2023 to $9.9 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to increased incidence of nerve injuries, aging population and neurodegenerative diseases, rise in peripheral nerve surgeries, growth in awareness and diagnosis rates, patient preferences for minimally invasive procedures.

The nerve repair and regenerative market size is expected to see rapid growth in the next few years. It will grow to $14.98 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to focus on stem cell therapies, increase in sports-related nerve injuries, development of gene therapy approaches, government initiatives for rare diseases, patient-centric healthcare models. Major trends in the forecast period include advancements in neurostimulation technologies, use of stem cells for nerve regeneration, nanotechnology in nerve repair, collaborations and partnerships, integration of bioengineering and robotics.

The increasing incidences of neurological disorders are expected to propel the growth of the nerve repair and regenerative market going forward. Neurological disorder refers to a condition or disease that affects the structure or function of the nervous system, including the brain, spinal cord, and peripheral nerves. The increasing incidences of neurological disorders are mostly driven by the growing aging population, changes in lifestyle, genetic factors, and lack of physical activity, where nerve repair and regenerative techniques aim to facilitate the healing and regeneration of damaged nerves, enhancing the chances of recovery and reducing incidences of neurological disorders, thus contributing to the growth of the nerve repair and regenerative market. For instance, in February 2023, according to a report released by the World Health Organization (WHO), a United Nations Agency, epilepsy is recognized as one of the most prevalent neurological disorders on a global scale. The report suggests that more than 50 million individuals worldwide are affected by epilepsy, a neurological disorder characterized by recurrent seizures, indicating its widespread impact. Notably, approximately 80% of people diagnosed with epilepsy reside in low- and middle-income countries. Therefore, the increasing incidences of neurological disorders is driving the growth of the nerve repair and regenerative market.

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The nerve repair and regenerative market covered in this report is segmented –

1) By Product: Biomaterials, Neurostimulation And Neuromodulation Devices

2) By Application: Direct Nerve Repair/Neurorrhaphy, Nerve Grafting, Stem Cell Therapy, Neurostimulation And Neuromodulation Surgeries, Other Applications

3) By End-Users: Hospitals And Clinics, Ambulatory Surgical Centers (ASCs), Research And Academic Institutions, Specialty Clinics, Other End-Users

Product innovation has emerged as a key trend gaining popularity in the nerve repair and regenerative market. Major market players are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, in August 2022, Abbott, a US-based medical device company received United States FDA approval for ProClaim plus spinal cord stimulation system featuring FlexBurst therapy. It is designed to provide relief for individuals experiencing chronic pain associated with various conditions, including certain nerve-related disorders. The ProClaim Plus system offers the advantage of treating multi-site pain and thus physicians can target multiple pain sites to address the complex pain patterns associated with certain neuro disorders. This approval signifies an advancement in the field of pain management and aims to enhance the quality of life by reducing pain and improving overall well-being.

The nerve repair and regenerative market report table of contents includes: