Nerve Repair & Regeneration Market Report 2024 by Delvens offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance, the global Nerve Repair & Regeneration Market size is projected to reach a CAGR of 6.5% from 2023-2030.
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The prominent players in Nerve Repair & Regeneration Market are
· AxoGen, Inc.
· Stryker Corporation
· St. Jude Medical, Inc.
· Baxter International, Inc.
· Polyganics B.V.
· Boston Scientific, Inc.
· Integra Lifesciences Corporation
· Cyberonics, Inc.
· Medtronic plc. And More
Neurological disorders are defined as disorders that affect the brain as well as the nerves found throughout the human body and the spinal cord. Acute spinal cord injury, Alzheimer’s disease, amyotrophic lateral sclerosis (ALS), ataxia, bell's palsy, brain tumors, cerebral aneurysm, epilepsy, and seizures are some of the common neurological disorders.
The biochemical, structural, or electrical abnormalities in the brain, spinal cord, or other nerves result in a wide range of symptoms, such as memory loss, impaired mental ability, lack of coordination, and persistent or sudden onset of a headache. Neuromodulation technology utilizes devices that bring about a change in the nervous system either by stimulation or by modulating brain activity. These are used when the traditional treatments have failed to evoke the desired response.
The growth of the global neuromodulation market size is majorly driven by the increase in the prevalence of different types of neurological disorders, such as Alzheimer’s disease, dementia stroke, and brain tumors. Moreover, the advantages of neuromodulation device therapies over traditional drug treatment are expected to fuel their adoption in the analysis period. The rise in the prevalence of epilepsy boosts the neuromodulation market growth. Furthermore, leading players have increased their R&D activities on neurostimulation devices, and surged the growth of the neuromodulation industry.
On the other hand, the high cost of devices and lack of awareness about neuromodulation devices impede the growth of the market.
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The market for nerve repair is a sector that is expanding quickly due to a number of factors, including the rising incidence of nerve disorders and injuries, technological developments in biotechnology and regenerative medicine, rising healthcare costs, improvements in imaging and diagnostics, and rising public awareness and acceptance of nerve repair therapies.
Additionally, there are chances for businesses to create novel goods and technology, enter new markets, work with stakeholders, and maintain the vanguard of regenerative medicine breakthroughs. Overall, the market for nerve repair is positioned to meet the unmet medical requirements of patients with nerve illnesses and injuries, enhancing their quality of life and promoting the expansion of the healthcare sector as a whole.
Key Findings
· Nerve repair and regeneration (NRaR) refers to a neural tissue engineering process used for the treatment of a nerve injury. It facilitates the regrowth of new neurons, glial cells, myelin, axons, and synapses. It also aids in restoring the normal functioning of the nerve after nerve damage, which is usually caused by pressure, blunt trauma, stretching, or cutting of a nerve.
· The surgery segment is further segmented into Stem Cell Therapy, Neuromodulation Surgery, Direct Neuropathy, and Nerve Grafting. The direct neuropathy segment is expected to dominate the market during the forecast period this is due to which is driven by the rising incidence of neurological disorders, worldwide.
· The market is also divided into various regions such as Asia Pacific, North America, Europe, South America, the Middle East & Africa. North America dominated the market with over 30.0% share owing to the increased incidence of neural disorders and supportive health insurance coverage scenario in the region. The availability of technologically advanced devices owing to the presence of major market players is also a major factor fuelling the growth of this region.
· The Covid-19 pandemic negatively affected the market. Hospitals and healthcare services were 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.
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