Portland, OR, June 04, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global nerve repair and regeneration market accounted for $6.70 billion in 2017 and is expected to reach $13.93 billion by 2023, growing at a CAGR of 13.0% during the forecast period, 2017-2023. The report provides an in-depth analysis of the key winning strategies, drivers & opportunities, market share, key segments, and competitive landscape.
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The factors propelling the nerve repair and regeneration market are rise in geriatric population, growing prevalence of neurological and epidemic disorders, and introduction of novel and innovative products for nerve repair and regeneration. However, stringent regulatory requirements for product approvals, lack of skilled professionals, and high cost of the devices restrict the market growth. On the other hand, increase in investment by major medical diagnostics giants and improvement in healthcare facilities in Asia-Pacific are likely to offer immense growth opportunities to the market players.
Based on products, the neuromodulation surgery devices segment accounted for the largest share of 94.6% in 2017 and is expected to maintain its dominance through 2023. The same would also grow at the fastest CAGR of 13.1% during the study period. The other product discussed in the report is biomaterial.
Among surgeries, the neuromodulation surgery segment accounted for 55.3% of the market share in 2017. The same segment would grow at the fastest CAGR of 13.2% during the forecast period. The other surgery types mentioned in the report are direct neuropathy, nerve grafting, and stem cell therapy.
North America accounted for more than two-fifths of the market share in 2017 and is likely to retain its dominance through 2023. However, Asia-Pacific is expected to register the fastest CAGR of 14.1% through 2023. The report also discusses regions such as Europe and LAMEA.
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The report provides an analysis of the key players operating in the global nerve repair and regeneration market. They include AxoGen Inc. (U.S.), Baxter International (U.S.), Boston Scientific Incorporation (U.S.), Cyberonics Inc. (U.S.), Integra Lifesciences Corporation (U.S.), Medtronic Plc. (U.S.), Orthomed S.A.S. (France), Polyganics B.V. (Netherlands), St. Jude Medical (U.S.), and Stryker Corporation (U.S.).
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