Nerve Repair and Regeneration Market Analysis, Drivers, Trends, Challenges & Forecast
The global nerve repair and regeneration market is likely to grow significantly during the forecast period, due to increasing geriatric population, rising prevalence of chronic pain and increasing incidence of neurological disorders. In addition, the awareness about mental diseases and their treatment and technological advancement in nerve repair and regeneration products is also increasing globally, which contributes to the growth of the market. Lack of skilled professionals, high cost and side effects associated with the usage of neurostimulation and neuromodulation devices are the key factors restraining the global market growth.
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The market for neurostimulation and neuromodulation devices was larger than the market for biomaterials. Internal devices form the larger part of the global neurostimulation and neuromodulation devices market. Within internal neurostimulation and neuromodulation devices, spinal cord stimulation devices generate the largest revenue in the global market. Based on application, neurostimulation and neuromodulation surgeries has been the largest application area of the global nerve repair and regeneration market, followed by direct nerve repair/neurorrhaphy, nerve grafting and stem cell therapy.
Geographically, North America has been the largest market for nerve repair and regeneration, with the U.S. being the largest contributor to the regional market. Increasing incidence of peripheral nerve injuries and presence of technological advanced products has been driving the growth of the North American market. In Europe, Germany has been the largest contributor to the nerve repair and regeneration market, followed by the U.K. and France. The market is expected to witness highest growth in Asia-Pacific, during 2017 - 2023, owing to increasing cases of neurological disorders and increasing geriatric population.
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Some of the key players in the global nerve repair and regeneration market include Boston Scientific Corporation, Axogen, Inc., Cyberonics, Inc., Medtronic, PLC, Baxter International Inc., St. Jude Medical, Inc., Integra Lifesciences Holdings Corporation, Inc., Stryker Corporation, Orthomed S.A.S. and Polyganics B.V.
