Nerve Repair and Regeneration Market to Generate Revenue Worth $17.4 Billion by 2030
- Published: November 2022
The global nerve repair and regeneration market size is projected to be $17.4 billion by 2030, advancing at a CAGR of 12.2% during 2021–2030. This will be on account of the rising prevalence of brain injuries and other neurological diseases, such as Alzheimer's disease, acute spinal cord injury, amyotrophic lateral sclerosis, epilepsy, and seizures. For instance, more than 50 million people have epilepsy, a disease with no known cause or cure, all over the world.
‘Nerve repair and regeneration’ refers to the generation of new axons, myelin, glial cells, and neurons, which helps in the replacement of damaged nerve cells, tissues, and cellular structure. Neurostimulation and neuromodulation devices have microelectrodes to activate the nerves. These devices are surgically implanted in the brain and help in generating paresthesia, a tingling sensation, at prescheduled time intervals in the nervous system. These electrical signals develop a sensation in the damaged nerves and help in treating chronic pain and several neurological disorders.
In the case of chronic pain-related conditions, these electrical signals help in blocking the pain messages from the nerves, thus preventing them from reaching the brain. These devices are generally used when drug therapies become ineffective.
Technological advancements, the surge in the healthcare expenditure, and favorable government policies are also positively impacting the domain growth. Globally, the prevalence of chronic pain is increasing, which is a major reason for the market growth. These devices are helpful in the management of the pain caused due to various injuries and chronic diseases, by blocking the pain signals before they reach the brain. Besides, the increasing geriatric population is raising the demand for these devices, as it is more susceptible to chronic pain and neurological disorders, such as Alzheimer’s disease, epilepsy, and Parkinson’s disease, than younger people.
Neurostimulation/Neuromodulation Devices Category To Grow Fastest
The neurostimulation/neuromodulation devices category is expected to register the highest CAGR, of around 12.8%, during the forecast period. This can be ascribed to the rising incidence of peripheral nerve injuries, increasing cases of neurological disorders, and growing aging population.
North America Leads Market
North America generated the highest nerve repair and regeneration market revenue share, of more than 30%, in 2021. This is due to the presence of prominent players, increasing number of hospitals, and favorable regulatory scenario in the region.
APAC is expected to register the highest CAGR, of more than 13%, during the forecast period. This will majorly be due to the increasing investments, because of the lack of long-term treatments for neurodegenerative and psychiatric disorders. Moreover, the healthcare infrastructure is rapidly improving, along with the affordability of the procedures, thus contributing to the growth of the market.
Major players operating in the nerve repair and regeneration market are Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, Axogen Corporation, Baxter International Inc., LivaNova PLC, Integra LifeSciences, Neuronetics Inc., Nevro Corp, and NeuroPace Inc.