Nerve Repair and Regeneration Market Growth Analysis, Competitor Landscape, Opportunity
The delicate and complex structures that make up the nervous system consists of spinal cord, brain and peripheral nerves. They are prone to various types of disorders such Alzheimer’s disease, Amyotrophic lateral sclerosis, Parkinson’s disease, multiple system atrophy, and multiple sclerosis. Nerve repair and regeneration refers to repair and regrowth of nervous cells or tissues. It usually includes various mechanisms like generation of new glia, neurons, axons, myelin and synapses. Nerve Regeneration is segmented between the Peripheral Nervous System (PNS) and Central nervous system (CNS). CNS consists of the brain and spinal cord and PNS consists of spinal and cranial nerves along with their associated ganglia. PNS has an intrinsic ability of regeneration whereas CNS is not capable of repair and regeneration. Clinical treatments of nerve repair and generation include surgery, nerve grafting, allografts, and xenografts. Surgery includes of different types such as stem cell therapy, nerve grafting, and direct neuropathy. Stem cell therapy uses stem cells to treat disorders such as neuromuscular and degenerative disorders. Nerve grafting is a surgical technique, which includes repairing injured portion of the nerve by using a segment of unrelated nerve as a bridge to join the injured nerve.
Nerve Repair and Regeneration Market Dynamics:-
Major growth factor for nerve repair and regeneration market is the growing prevalence of neurological disorders. According to a survey conducted by National Health Interview survey (NHIS) in 2014, and estimated 1.4 million people suffer from nerve injuries and around 900,000 people undergo surgeries for neurological disorders. Moreover, new drugs for nerve repair and regeneration in the pipeline are expected to boost growth of the nerve repair and regeneration market over the forecast period. For instance, Axogen Inc. a U.S.-based company received an approval from Food and Drug Administration (FDA) in 2015 to proceed with RECON STUDY to support an investigational new drug application. RECON study is a prospective, multicenter, randomized study to evaluate surgical repairs outputs of peripheral nerve disorders. It is currently in phase 3 clinical trial. Furthermore, mergers and acquisitions by key market players are expected to fuel growth of the market. For instance, AxoGen a U.S.-based company, which is a leading company in nerve regeneration partnered with LifeNet Health, a leading allograft bio-implant company for the processing of advanced nerve grafts. This partnership is expected to improve the access for treatment of patients suffering from peripheral nerve disorder, which in turn is expected to fuel growth in global nerve repair and regeneration market.
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However, stringent rules and regulation for approval of new drugs and high cost of nerve repair and regeneration devices and surgeries are key factors restraining growth of the nerve repair and regeneration market size.
Nerve Repair and Regeneration Market Regional Analysis:-
North America nerve repair and regeneration market is expected to hold dominant position and is expected to witness significant growth over the forecast period, owing to adoption of inorganic growth model by key players for geographic expansion. For instance, in January 2018, NeuroMetrix and GlaxoSmithKline Plc. (GSK) consumer health care merged to increase and develop new Quell Wearable pain release technology, this is a non-invasive device used to treat and manage chronic pain associated by nerve repair surgeries. GSK Consumer healthcare acquired ownership of Quell Technology for markets outside U.S. In 2018 Collagen Matrix a U.S. based company launched OssiMend Spine and Dura Matrix Dural Repair products, OssiMend is a bone graft matrix which is used to provide scaffold to a patient to help them grow a new bone. Dura Matrix provides scaffold to brain and spinal cord. Europe nerve repair and regeneration market is expected to grow at significant rate, owing to increasing prevalence of neurological disorders. According to a study conducted by National Institute of health (NIH), in 2017, Alzheimer’s disease is reported to be the most common type of dementia. Increasing number of geriatric population is in turn increasing number of patients suffering from Alzheimer disorder, around 16.51 million people are diagnosed with Alzheimer in Europe between 2014 and 2016.
Nerve Repair and Regeneration Market Key Players:-
Key players operating in nerve repair and regeneration market include AxoGen, Boston Scientific, Liva Nova, Integra Life Sciences, Medtronic, Abbott Laboratories, Stryker, Nevro, Polyganics, Neuvectra, OrthoMed S.A.S, St. Jude Medical, Cyberonics Inc., and others.
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