Nerve repair and regeneration is a biological process that occurs after a severe nerve injury. Nerve repairing take time and the type of injury that occurred. Sometimes the fatal intervention is required. Most of the time during nerve regeneration doctors recommend relief painkillers and products for recovery of outer injuries leading to relief on underlying effected nerves. The nerve repair and regeneration market have been on rising since the last few years due to the highly unhealthy lifestyle people have adapted these days witnessing new and deadly illness all around. Hereditary transfer of nerve disorders and other neurobiological disorders are leading factors for the rise of nerve repair and regeneration market size.
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The Global Nerve Regeneration Market is reported to forecast a CAGR of more than 11.34% by the year 2024. The market is expected to see revenue of more than 10,000 million US dollars because of high support from government sectors in providing funds and pre-approved FDA’s. Many private firms have also extended support to market the growth of nerve repair market size. With technological advancements in the field of healthcare, doctors have made commendable advancements in the field paving way for nerve regeneration studies.
Segment Analysis
The global nerve regeneration market has been segmented based on product, application, and end user. Based on product, the market has been segregated into neurostimulation and neuromodulation devices, and biomaterials. Based on neurostimulation and neuromodulation devices, the market has been divided into internal neurostimulation devices and external neurostimulation devices. Internal neurostimulation devices has been further bifurcated into spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, and gastric Electrical Stimulation. External neurostimulation devices has been further segmented into transcutaneous electrical nerve stimulation and transcranial magnetic stimulation. Biomaterials has been further divided into nerve conduits, nerve protectors, and nerve wraps, nerve connectors. Based on application, the market has been classified as neurostimulation and neuromodulation surgeries, direct nerve repair/neurorrhaphy, nerve grafting, stem cell therapy, and others. Neurostimulation and neuromodulation surgeries has been categorized as internal neurostimulation and neuromodulation surgeries, external neurostimulation, and neuromodulation surgeries. Nerve grafting has been further classified as autografts, allografts, and xenografts. Based on end user, the market has been divided into end user, hospitals & clinics, ambulatory surgery centers, and others.
Market Players
Market Research Future (MRFR) recognizes Boston Scientific Corporation, LivaNova PLC, Axogen Corporation, Integra LifeSciences, Abbott, Stryker Corporation, Nuvectra Corporation, NeuroPace, Polyganics, and Medtronic as the key players in the global nerve regeneration market.
Regional Analysis
The global nerve regeneration market, based on the region, has been separated into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas is anticipated to hold the largest share of the global nerve regeneration market during the forecast period. This is owing to the presence of key market players; strategic acquisitions by major players for enhancing product portfolio; increasing cases of chronic pain, obesity, and addiction; and availability of technologically advanced devices for the diagnosis and treatment of nerve disorders.
Europe is expected to witness significant growth in the nerve regeneration market. Various factors such as an increase in the healthcare expenditure by these nations and wide adoption of nerve regeneration techniques due to their efficiency to reduce pain and increasing cases of cancer are propelling the market growth.
Asia-Pacific is projected to be the fastest-growing region in the global nerve regeneration market due to increasing awareness of neurological disorders and their risk factors, rising prevalence of osteoporosis, cancer, and neurological disorders. According to an article published by the International Osteoporosis Foundation, osteoporosis affects almost 70 million Chinese citizens over the age of 50 and is responsible for nearly 687,000 hip fractures in China each year.
The nerve regeneration market in the Middle East & Africa region is likely to exhibit the lowest growth due to factors such as large patient population suffering from neurological disorders, technological advancements, growth of the healthcare sector, and increasing healthcare expenditure.
Key Findings of the Study:
The global nerve regeneration market was valued at USD 6665.78 million in 2018, is estimated to grow at USD 25 million by 2024 at a CAGR of 11.34% during the assessment period.
Americas accounted for the largest share of the global nerve regeneration market due to the presence of key market players in the region.
Based on the product, the neurostimulation and neuromodulation devices segment accounted for the largest market share of USD 4,764.96 million in 2018.
Based on end user, the hospitals & clinics segment dominated the market and projected to register the highest CAGR of 11.62% during the forecast period.
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