Market Research Future stated that the Global Nerve Regeneration Market is estimated to register a CAGR of 11.34% with a valuation of USD 12695.25 Million by 2024, during the forecast period, 2016-2024.
Market Overview
Nerve regeneration products are used to restore the normal functioning of damaged nerves, and this procedure is mainly used to treat peripheral nerve damage. As a result, the growing geriatric population susceptible to nervous disorders, the increasing prevalence of neurological disorders, and technological advances have positively affected the growth of the global nerve regeneration market.
The increase in neurological disorders, geriatric population, and technological progress are some of the key drivers of the market. However, the high costs of these products and services, combined with a stringent regulatory framework, are expected to hinder the market growth.
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Rising environmental influence, nutrition, awareness, physical injuries, lifestyle, and genetics are some of the leading factors behind these disorders. However, rising occurrences have uplifted the demand for treatments and devices, driving the growth of the global nerve regeneration market.
Major Key Player Competitive Analysis
The industry players that are focusing on the adoption of new technology to modernize the process include Axogen Corporation, NeuroPace, LivaNva PLC, Integra LifeSciences, Abbott, Boston Scientific Corporation, Stryker Corporation, Nuvectra Corporation, Polyganics, Medtronic, Nuvectra Corporation, and LivaNova PLC.
Recent Updates
The Cleveland-based company, Checkpoint Surgical, bagged device designation for its nerve generation device. Its brief electrostimulation therapy (BEST) system is intended to regenerate peripheral nerves if used with surgical intervention in the case of nerve injury.
Market Segmentation
The global nerve regeneration market is majorly divided on the basis of product, application, and end-user.
Based on the product, the global nerve regeneration market is classified into biomaterials, neurostimulation & neuromodulation devices. Further the neurostimulation & neuromodulation devices are sub-segmented into Internal and external neurostimulation devices. The biomaterials subsegment is bifurcated into nerve wraps, conduits, nerve connectors, and nerve protectors.
The application segment, of the global market is diversified into neurostimulation and neuromodulation surgeries, stem cell therapy, direct nerve repair/neurorrhaphy, and nerve grafting. The nerve grafting is further sub-segmented into xenografts, autografts, and allografts.
The end-user segment is diversified into ambulatory surgery centers and hospitals & clinics. The end-users are creating immense opportunities for the manufacturers which also drives the global nerve regeneration market.
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Regional Outlook
Regionally, the Americas is anticipated to sustain its dominance in the global nerve regeneration market during the forecast period. This is due to the presence of important players in the market; strategic acquisitions by key players to improve product portfolio; increased cases of chronic pain, obesity and dependence; and the availability of technologically innovative devices for the diagnosis and treatment of neurological disorders.
Europe is projected to witness significant growth in the nerve regeneration market. Several factors, such as rising health care costs in these countries and the widespread use of nerve regeneration techniques due to their effectiveness in reducing pain and multiplying cancers, drive market growth.
The Asia Pacific region is expected to become the fastest-growing region in the global nerve regeneration market due to the growing awareness of neurological disorders and their risk factors, the increasing prevalence of osteoporosis, cancer, and neurological disorders. According to an article in the International Osteoporosis Foundation, osteoporosis is diagnosed in nearly 70 million Chinese citizens over the age of 50 and is accountable for nearly 687,000 hip fractures in China each year.
The nerve regeneration market in the Middle East and Africa is expected to show moderate growth due to factors such as the large patient population with neurological disorders, technological advances, improvising health services facilities and rising health care spending.
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4 Market Factor Analysis
- 1 Value Chain Analysis
- 1.1 Research And Development
- 1.2 Manufacturing
- 1.3 Distribution & Sales
- 1.4 Post-Sales Monitoring
- 2 Porter’s Five Forces Model
- 2.1 Threat Of New Entrants
- 2.2 Bargaining Power Of Suppliers
- 2.3 Bargaining Power Of Buyers
- 2.4 Threat Of Substitutes
- 2.5 Intensity Of Rivalry
- 4 Pricing Analysis
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