Newark, Oct. 28, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global nerve repair and regeneration market is expected to grow from USD 7.54 billion in 2022 to USD 20.20 billion by 2030, at a CAGR of 13.11% during the forecast period 2022-2030.
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The likelihood of developing a neurological illness increases with age. As a result of the aging population, there will be an increase in people with neurological issues and neurodegenerative disorders. Vehicle accidents, which frequently impact the peripheral nervous system, are a significant factor in the market's growing number of patients with nerve injuries. When engaging in sports or other physically demanding activities, nerve damage can occur. The rise in autoimmune illnesses is also impacting the global market. To meet the growing healthcare needs of their large populations and draw big market players, emerging economies like India, China, Brazil, and South Africa are spending more on healthcare infrastructure. For instance, the market for new medications and treatments is driven by the study and development of stem cell therapy's promising applications in nerve repair and regeneration. The market's innovations and discoveries will provide profitable prospects for its participants, fostering the industry's expansion. However, lacking skilled medical professionals will limit the market's growth. The stringent regulatory approval standards will also hinder the market's growth.
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Competitive Strategy
To enhance their market position in the global nerve repair and regeneration market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• Stryker announced in February 2022 that it had successfully acquired Vocera Communications, Inc., a digital care coordination and communication pioneer. Vocera adds to Stryker's Medical division an extremely innovative and complementary portfolio. The acquisition will improve the company's Advanced Digital Healthcare services.
Market Growth & Trends
Any nerve damage might make it difficult for the brain to connect with the body's muscles and organs. Muscle tremors, numbness, and muscle weakness are all symptoms of damaged nerves. Nerve damage is caused by accidents, lupus, and other medical disorders. The difficulty in performing regular daily activities is exacerbated by nerve injury. Surgical procedures can restore the injured nerve. The market for nerve repair and regeneration is expected to be driven by rising sports and vehicular accident-related nerve injuries. The growing geriatric population will also drive the market. The increasing government healthcare spending will also facilitate the growth of the market. The market will also benefit from streamlining and enhancing regulatory processes to raise approval and compliance rates. The development of the market will also benefit from improvements in nerve grafting and stem cell therapy that show promising success rates and patient outcomes.
Key Findings
• In 2022, the neuromodulation surgery devices segment dominated the market with the largest market share of 55% and a market revenue of 4.14 billion.
The product type segment is divided into neuromodulation surgery devices, neurostimulation, and biomaterials. In 2022, the neuromodulation surgery devices segment dominated the market with the largest market share of 55% and a market revenue of 4.14 billion.
• The direct nerve repair segment is expected to grow at the fastest CAGR of 16.24% over the forecast period.
The surgery type segment is divided into direct nerve repair, stem cell therapy, nerve grafting, neuromodulation surgery, and others. Over the forecast period, the direct nerve repair segment is expected to grow at the fastest CAGR of 16.24%.
• In 2022, the hospitals' segment dominated the market with the largest market share of 66% and market revenue of 4.97 billion.
The end-user segment is divided into hospitals, clinics, and ambulatory settings. In 2022, the hospitals' segment dominated the market with the largest market share of 66% and market revenue of 4.97 billion.
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Regional Segment Analysis of the Nerve Repair and Regeneration market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North American region emerged as the largest market for the global nerve repair and regeneration market, with a market share of around 39.99% and 3.01 billion of the market revenue in 2022. The Asia Pacific is expected to be the largest market during the forecast period. The nerve repair and regeneration market in the Asia Pacific have been expanding rapidly. The region's increasing population shows significant market potential given the unmet healthcare needs of the consumers due to the lack of proper infrastructure. The increasing fiscal healthcare expenditure will also positively benefit the market.
Key players operating in the global nerve repair and regeneration market are:
• Abbott Laboratories
• Axogen Corporation
• Baxter
• Boston Scientific Corporation
• Cyberonics Inc.
• Integra LifeSciences
• Medtronic Plc
• Neuronetics Inc.
• Polyganics
• Stryker Corporation
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global nerve repair and regeneration market based on the below-mentioned segments:
Nerve Repair and Regeneration Market by Product Type:
• Neuromodulation Surgery Devices
• Neurostimulation
• Biomaterials
Nerve Repair and Regeneration Market by Surgery Type:
• Direct Nerve Repair
• Stem Cell Therapy
• Nerve Grafting
• Neuromodulation Surgery
• Others
Nerve Repair and Regeneration Market by End User:
• Hospitals
• Clinics
• Ambulatory Settings
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About the report:
The global nerve repair and regeneration market are analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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