Market Highlights
The Global Nerve Regeneration Market Report by MRFR estimated to be valued at USD 12695.25 Million by 2024 and is projected to register a CAGR of 11.34% during the forecast period.
Nerve regeneration products are used to restore damaged nerves to their normal function, and this procedure is primarily used to treat peripheral nerve injuries. Hence the increasing geriatric population prone to nerve-related disorders, rising prevalence of neurological disorders, and technological advancements ultimately have a positive impact on the global nerve regeneration market growth.
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The rising neurological disorders, increasing geriatric population, technological advancements are anticipated to drive the market growth. However, the high cost of these products and services along with a stringent regulatory framework are projected to hamper the market growth.
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.
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