Nerve repair and regeneration offers replacement of damaged nervous tissue, cells, and cellular products. The nerve repair and regeneration mechanism involves generation of new axons, myelin, neurons, glial cells, and synapses. Nerve injuries are quite common and can be either caused by blunt trauma or traction injuries.
Based on product, the nerve repair and regeneration market can be classified into neurostimulation and neuromodulation devices and biomaterials. Neuromodulation devices are further divided into sacral nerve stimulation devices (SNS), vagus nerve stimulation devices (VNS), spinal cord stimulation devices (SCS), deep brain stimulation devices (DBS), gastric electric stimulation devices (GES), transcutaneous electrical nerve stimulation (TENS), and transcranial magnetic stimulation (TMS). On the basis of surgery, the market can be further categorized into nerve grafting, direct nerve repair, and stem cell therapy.
In the report, Transparency Market Research (TMR) offers a comprehensive analysis of drivers and restrictions in the global nerve repair and regeneration market. It also delivers insight to the various segments and regions of the market.
High prevalence of nervous system injuries is the primary factor boosting the demand for nerve repair and regeneration procedures. The global market is also receiving an impetus from various factors such as technological advancements in nerve repair, positive reimbursement policies, developed efficacy of biomaterials in treating nervous system injuries, and escalating rate of chronic CNS disorders such as Alzheimer’s and Parkinson’s disease. On the contrary, lack of awareness among patients and physicians about nerve repair and regeneration products and techniques and shortage of skilled professionals are a few of the crucial factors limiting market growth.
The spinal cord stimulation devices segment held a large share in the market in 2015. It is projected to grow further in the forecast period due to high commercial availability of spinal cord products and its numerous applications. In terms of application, stem cell therapy is one of the fastest growing segments owing to rising R&D activities in the field by leading companies.
On the basis of geography, the global nerve repair and regeneration market can be segmented into North America, Europe, Asia Pacific, and Rest of the World. Due to a large patient population and increase in the incidence of nerve injuries, North America is deemed to be the key contributor towards the growth of the market. In addition, high prevalence of chronic disorders such as Parkinson’s, epilepsy, Alzheimer’s, urine and fecal incontinence, chronic pain, and depression, along with rise in aging population, is driving the market.
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The other two regions significantly contributing to the global market are Asia Pacific and Europe. The growth of these markets can be attributed to factors such as rising awareness among patient population, growing expenditure on healthcare, and development of innovative technologies.
Some of the prominent players in the global nerve repair and regeneration market are Alafair Biosciences Inc., Baxter International Inc., AxoGen Inc., Boston Scientific Corporation, Integra Lifesciences Holdings Corporation, Cyberonics Inc., Medtronic Inc., Stryker Corporation and St. Jude Medical Inc.