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Nerve repair and regeneration refers to generation of new axon, myelin, glial cells and neurons. It helps in replacement of damaged nerve cells, tissues and cellular products. Neurostimulation and neuromodulation devices involve the use of microelectrodes to activate nerves in the nervous system. These devices are surgically implanted in the brain and help in generating paresthesia, a tingling sensation, at the scheduled time intervals in the nervous system. These electric signals develop a sensation in the damaged nerves and help in treating chronic pain and neurological disorders. In case of chronic pain related conditions, these electrical signals help in blocking the pain messages from nerves to reach brain. These devices are generally used when drug therapies become ineffective. The global nerve repair and regeneration market has been segmented on the basis of product and application.
On the basis of product, the global market has been segmented into neurostimulation and neuromodulation devices, and biomaterials. The internal neurostimulation and neuromodulation device refers to the devices that are implanted under the skin and deliver electrical impulse to stimulate the nerve in the nervous system. The external neurostimulation and neuromodulation device refers to the device which delivers stimulation through the electrodes applied externally. Biomaterials are further segmented into nerve conduits, nerve protectors, nerve wraps and nerve connectors. Neurostimulation and neuromodulation devices has been the largest segment in the global nerve repair and regeneration market.
On the basis of application, the global market has been segmented into neurostimulation and neuromodulation surgeries, direct nerve repair/neurorrhaphy, nerve grafting and stem cell therapy. Neurostimulation and neuromodulation surgeries has been the largest application segment in the global market.
GLOBAL NERVE REPAIR AND REGENERATION MARKET BY TYPE OF PRODUCT $M (2013-2023)
The global nerve repair and regeneration market is expected to witness a CAGR of 11.9% during the forecast period. The market for neurostimulation and neuromodulation devices has been larger than the market for biosimilars. Growing incidences of peripheral nerve injuries, increasing cases of neurological disorders, growing aging population, and technological advancements in nerve repair and regeneration products are the key drivers for the global market. On the other hand, the market has been facing certain challenges due to lack of skilled professionals, high cost of nerve repair and regeneration products and side effects of neurostimulation and neuromodulation devices, which may impede its growth, during the forecast period.
Neurological disorders are characterized by dysfunction of the nervous system. Different kinds of neurological disorders include Parkinson’s, Alzheimer’s, fecal incontinence, epilepsy and depression. According to Alzheimer’s Association, approximately 5.3 million people aged 65 years and older had Alzheimer’s disease in 2015 in the U.S. The number is expected to reach 7.1 million by 2025 and about 13.8 million by 2050. According to the Parkinson’s Disease Foundation (PDF), approximately 7 to 10 million people across the globe have Parkinson’s disease. Approximately 60,000 new cases of Parkinson’s disease are reported each year in the U.S. PDF also reported that epilepsy is one among the most common neurological disorders of the brain, which affects people of all age groups. Additionally, according to the World Health Organization (WHO), approximately 50 million people across the globe have epilepsy and approximately 2.4 million people are diagnosed with the condition, every year, worldwide. Since the prevalence of chronic pain and neurological disorders is rising globally, the demand for new and effective medical technologies is increasing. Thus, leading to the growth of neurostimulation and neuromodulation devices, and biomaterials for the treatment of damaged nerve and for relieving chronic pain.
Neurostimulation and neuromodulation devices help in reducing pain by blocking the pain signals before they could reach the brain. According to an American Academy of Pain Medicine publication, approximately 100 million people suffer from chronic pain in the U.S. Also, as per the International Association for the Study of Pain (IASP), a non-profit organization involved in research activities on pain and improvement of patient care, approximately 2.8% of the worldwide diabetic population in the year 2000 had peripheral neuropathic pain (PNP) and the percentage is expected to reach approximately 4.4% by 2030.
The global nerve repair and regeneration market is highly consolidated with top three players including Medtronic, Plc, Boston Scientific Corporation and St. Jude Medical, Inc. holding the major share. Medtronic Plc dominated the global market in 2016. The company offers implantable neurostimulation and targeted drug delivery systems, such as SCS, DBS, GES and SNS systems for the management of chronic pain, common movement disorders, spasticity and urologic and gastrointestinal disorders.
Some of the other key players in the global nerve repair and regeneration market are Axogen, Inc., Baxter International Inc., Cyberonics, Inc., Integra Lifesciences Holdings Corporation, Orthomed S.A.S., Stryker Corporation and Polyganics B.V.
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