Based on Product, Biomaterials Segment to Account for Fastest Growing Segment of Repair Nerve & Regeneration Market During 2022-2028
According to our latest study on "Nerve Repair & Regeneration Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by product, and applications," the market is projected to reach US$ 12,514.06 million by 2028 from US$ 6,607.71 million in 2021; it is expected to grow at a CAGR of 9.7% from 2022 to 2028. The report highlights the key factors driving the market growth and prominent players with their developments in the market.
The COVID-19 pandemic significantly affected the nerve repair & regeneration market. The pandemic altered economic conditions and social behaviors in all regions. In the first quarter of 2020, the lockdown restrictions limited nerve injury cases, due to which there has been a reduction in the demand for biomaterials for nerve repair surgical procedures. Vehicular accidents are the most common reason for peripheral nerve injuries, but during the lockdown, there has been a slowdown in nerve injuries owing to limited movement. Furthermore, after the first quarter of 2020, the market saw growth at an average rate due to the rising treatment and surgical procedures for nerve injuries. Thus, the factors mentioned above hindered the growth of the global nerve repair & regeneration market during the COVID-19 pandemic.
Based on product, the nerve repair & regeneration market is bifurcated into neurostimulation & neuromodulation devices and biomaterials. Neurostimulation & neuromodulation devices segment is further bifurcated into internal neurostimulation devices and external neurostimulation devices. Internal neurostimulation devices segment is further subsegmented into spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, and gastric electrical stimulation. External neurostimulation devices is further subsegmented into transcutaneous electrical nerve stimulation devices, transcranial magnetic stimulation devices, and respiratory electrical stimulation devices. The neurostimulation and neuromodulation devices segment held the largest share of the market in 2021, and is anticipated to register the highest CAGR during the forecast period. Based on applications, the nerve repair & regeneration market is bifurcated into neurostimulation & neuromodulation applications and nerve repair & regeneration applications. Further, the neurostimulation & neuromodulation applications is segmented into internal neurostimulation & neuromodulation, and external neurostimulation & neuromodulation. Furthermore, nerve repair & regeneration applications is segmented into direct nerve repair/neurorrhaphy, nerve grafting, and stem cell therapy. The nerve repair & regeneration applications segment held the largest share of the market in 2021 and while the neurostimulation & neuromodulation applications segment is anticipated to register the highest CAGR in the market during the forecast period. The growing prevalence of neurological disorders, rising geriatric population, increasing application of neurostimulation and neuromodulation devices, and rapid advancements are driving the market growth of nerve repair & regeneration market.
Patients with serious nerve injuries usually require lifelong assistance, burdening their families and society. Innovative, paradigm-shifting strategies are demanded to advance the treatment of neurological injury. Scientists, engineers, clinicians, and other specialists all over the globe, including the Center for Regenerative Medicine, are taking a multidisciplinary integrative approach to neuroregeneration for many devastating neurological conditions. Private and government organizations are funding many research projects in the nerve repair & regeneration field. For instance, In April 2020, Researchers at Albany Medical College were awarded US$ 1.9 million funding from the National Institute of Neurological Disorders and Stroke to study peripheral nerve repair. Thus, increasing funding by private and government organizations for research in neurology contributes to the growth of the nerve repair & regeneration market.
Axogen Corporation, Boston Scientific Corporation, Integra LifeSciences, Medtronic, Abbott Laboratories, Stryker Corporation, Neuronetics, LivaNova PLC, Baxter, and Polyganics BV are among the leading companies operating in the global nerve repair & regeneration market.
Based on geography, the global nerve repair & regeneration market is primarily segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South and Central America. The market in North America is further segmented into the US, Canada, and Mexico. The European market is subsegmented into France, Germany, the UK, Spain, Italy, and the Rest of Europe. The market in Asia Pacific is subsegmented into Japan, China, India, Australia, South Korea, and the Rest of APAC. The nerve repair & regeneration market in the MEA is further segmented into Saudi Arabia, the UAE, South Africa, and the Rest of the MEA. The market in South and Central America is subsegmented into Brazil, Argentina, and the Rest of South and Central America.
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