Nerve Repair and Regeneration Market: Overview
Nerve repair and regeneration (NRaR) market is a mechanism which involves generation of new neurons, glial cells, myelin, synapses, and axons. It is a division of neural tissue engineering. In nerve repair and regeneration, regrowth or repair of nervous tissues, cellular products or cells is carried out. The market for nerve repair and regeneration is growing across different regions owing to factors such as increasing awareness among patients, innovative approach, and technological advancement.
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The global nerve repair and regeneration market are segmented into its products, applications, and geography. On the basis of product, the market is divided into neurostimulation and neuromodulation devices and biomaterials. Neurostimulation and neuromodulation devices are further segregated into internal devices and external devices. Internal devices include spinal cord stimulation, sacral nerve stimulation, deep brain stimulation, gastric electrical stimulation and vagus nerve stimulation. External devices include transcranial magnetic stimulation and transcutaneous electrical nerve stimulation. Biomaterials are further subdivided into nerve protectors, nerve conduits, nerve connectors and nerve wraps. Based on applications, the global nerve repair, and regeneration market division is seen as stem cell therapy, neurostimulation and neuromodulation surgery, nerve grafting and direct nerve repair/neurorrhaphy. Direct nerve repair/neurorrhaphy is further classified into perineural repair, epineural repair and group fascicular repair. Further classification of nerve grafting is seen into allografts, autografts, and xenografts. Neurostimulation and neuromodulation surgery is divided into external surgeries and internal surgeries. Diversification for nerve repair and regeneration market is seen into regions such as Asia-Pacific, Europe, North America and Rest of the World.
The nerve repair and regeneration market is growing owing to reasons such as high rate of nervous system injuries and nerve repair, improved efficacy of biomaterials in treating injuries of the nervous system, rise in incidence rate of chronic CNS disorders such as Alzheimer’s and Parkinson’s disease, aging population, increasing healthcare expenditure, emerging applications such as DBS and launch of new products. There is a rapid increase in the incidence of neurological disorders and peripheral nerve injuries which are a major growth factor for the market. However, the factors that are hampering the growth of the global nerve repair and regeneration market are the lack of physicians’ awareness about the nerve regeneration and repair techniques and products and lack of skilled professionals.
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The largest share in the nerve repair and regeneration market is seen in North America. Huge patient base and rise in the incidence of nerve injuries are the prime reasons owing to which the market is growing in North America. Growth in North America is followed by Asia-Pacific, Europe, and Rest of the World. Their contribution towards the market share is going to be significant. Factors such as advancement in technology, increasing awareness among patients and varying innovations are contributing towards this growth.
Market Competitive Players
Some of the major companies in the nerve repair and regeneration market are Baxter International Inc., Alafair Biosciences Inc., Boston Scientific Corporation, Medtronic Inc., Cyberonics Inc., AxoGen Inc., Stryker Corporation, and St. Jude Medical Inc., Orthomed S.A.S., Integra Lifesciences Holdings Corporation, and Polyganics B.V.
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