Nerve Repair and Regeneration Market Size, Analysis, Trends, Challenges & Forecast

The global nerve repair and regeneration market is likely to grow significantly during the forecast period, due to increasing geriatric population, rising prevalence of chronic pain and increasing incidence of neurological disorders. In addition, the awareness about mental diseases and their treatment and technological advancement in nerve repair and regeneration products is also increasing globally, which contributes to the growth of the market. Lack of skilled professionals, high cost and side effects associated with the usage of neurostimulation and neuromodulation devices are the key factors restraining the global market growth.

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As per the findings of the research, the market for neurostimulation and neuromodulation devices was larger than the market for biomaterials. Internal devices form the larger part of the global neurostimulation and neuromodulation devices market. Within internal neurostimulation and neuromodulation devices, spinal cord stimulation devices generate the largest revenue in the global market. Based on application, neurostimulation and neuromodulation surgeries has been the largest application area of the global nerve repair and regeneration market, followed by direct nerve repair/neurorrhaphy, nerve grafting and stem cell therapy.

Globally, the aging population plays a key role in the growth of the nerve repair and regeneration market. The elderly people are more susceptible to suffering from chronic pain and neurological disorders, such as Alzheimer’s, epilepsy and Parkinson’s as compared to adults. According to the United Nations Department of Economic and Social Affairs (UN-DESA) report, the number of people aged 60 years or over is projected to grow by 56.0%, globally, i.e. from 901 million in 2015 to 1.4 billion by 2030. Also, by 2050, the global aging population is projected to reach nearly 2.1 billion in number. Additionally, the number of people aged 60 years and above is expected to reach approximately 437 million in China, 324 million in India, 107 million in the U.S. and 58 million in Brazil by 2050.

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Some of the key players in the global nerve repair and regeneration market include Boston Scientific Corporation, Axogen, Inc., Cyberonics, Inc., Medtronic, PLC, Baxter International Inc., St. Jude Medical, Inc., Integra Lifesciences Holdings Corporation, Inc., Stryker Corporation, Orthomed S.A.S. and Polyganics B.V.

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