LOS ANGELES, June 08, 2019 (GLOBE NEWSWIRE) -- The Global Nerve Repair and Regeneration Market size is estimated to grow at CAGR above 10.4% over the forecast time frame and reach the market value around USD 17.2 billion.
Neurological disease therapies are required because of increased incidence and increased knowledge of the same factors. In addition, government financing and reimbursement and uninterrupted technological developments will also contribute to the development of the industry.
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A study project called 'autostem' initiated by NUI Galway's Renewable Medicine Institute (REMEDI), which cost approximately USD 6.73 million, was financed by the Horizon 2020 Program of the European Union in January 2016. This project involved the development of a manufacturing plant for robotic stem cells with an edge over the ancient traditional methods. This method provides fresh therapies for a variety of conditions, including cancer, diabetes and arthritis. The development of market growth also drives increased R&D and investment by important businesses in developing nations. In July 2018, the Medical Research Future Fund (MRFF) awarded Stem Cells Australia (SCA) USD3 million to stem cell research.
In addition, government and private organisations conduct clinical studies in order to create a secure and efficient treatment of various neurological disorders, such as the use of polyethylene glycol (PEG) medication (PhaseI) to encourage axonal fusion method in repair of human periphery nerve injuries, such as the umbilical blood infusion (PhaseII).
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In addition, VEXIM, a French medical device manufacturer, was acquired by Stryker Corporation in October 2017. Stryker's Interventional Spines (IVS) portfolio is complementary with VEXIM's portfolio. Stryker is strengthening its distribution channels in Eastern Europe, Middle East, Asia and Latin America with this purchase. Boston Scientific Corporation was awarded the USA in January 2018. The first and only Spectra WaveWriter spinal cord stimulator scheme is approved by FDA. For paresthesia-based treatment, this system is used.
Key Highlights
- Due to an increase in Central Nervous System (CNS) cases and knowledge about mental disorders and available treatments, the neuromodulation and neurostimulation systems segment resulted the market in 2018.
- During the forecast period biomaterials are expected to grow at the most rapid CAGR owing to advances in technology and the growth of biodegradable polymers which can contribute to improved back stability, fracture healing and hospitalisation.
- Due to technological developments and the advent of fresh products, North America resulted the market in 2018. Government and financing projects and the increasing number of CNS injuries such as brain and backbone injuries are some of the main factors for the development of the region.
- In the forecast period, Asia-Pacific will be the fastest growing market. The region's development is driven by a growing geriatric population, by technological development and by numerous unmet medical requirements.
- The Revita Life Sciences Indian scientists were approved in February 2016 to perform clinical trials in 20 patients with clinically dead patients in order to bring back to life certain components of their CNS.
- Combination of treatments including peptide cocktail, nerve stimulation methods, brain injection with stem cells and other effective methods for the removal of coma were used.
- Existing medical equipment and renewable biologics have been coupled with the aim of achieving such a complicated project.
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Key Players & Strategies
The key corporations are AxoGen, Inc.; Boston Scientific, Inc.; Stryker Corporation; Baxter International, Inc.; St. Jude Medical, Inc.; Polyganics B.V. The contributors to the sector have a wide range of products for neurological disorders. In order to enhance therapy effectiveness, the market operators are in the process of implementing sophisticated products that in turn have greater market share. The Instance announced the results of the randomized controlled trial, WHISPER, at Boston Scientific Corporation in January 2018.
The WHISPER information shows that both SCS-based and sub-perception patients are delivering higher results. St Jude Medical introduced the DBS Lead and Infinity DBS system direction in June 2016 to promote movement-disorder therapies. It is intended so that Apple's mobile devices can be used by means of the Bluetooth connection as wireless controllers, and is the only upgradable DBS system for diseases such as tremor, dystonia and Parkinson's disease.
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