The Global Nerve Repair Industry is embarking on a remarkable trajectory, poised to surpass an impressive US$ 272.4 million in sales by the end of 2023. Projections indicate an extraordinary compound annual growth rate (CAGR) of 12.2% over the next decade, reaching a staggering US$ 861.4 million by 2033.
This surge is fueled by a growing prevalence of neurological disorders, including Alzheimer’s and Parkinson’s disease, emphasizing the critical need for cutting-edge nerve repair solutions. The demand for innovative products in this sector is expected to be a key driver of market expansion, unlocking substantial growth opportunities throughout the forecast period.
Furthermore, the market’s expansion is gaining momentum due to the continuous advancements in neurological treatments. This progress is exemplified by the recent developments in the industry, such as Medtronic’s groundbreaking achievements in 2022. Medtronic received approval from the United States Food and Drug Administration (FDA) for its Intellis neurostimulator and Vanta neurostimulator, both designed to treat chronic pain associated with diabetic peripheral neuropathy (DPN). These innovations signify a significant leap forward in the field of nerve repair and treatment.
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The prevalence of various chronic nervous system diseases, including Parkinson’s and Alzheimer’s, is expected to increase throughout the projection period, which is also expected to drive up demand for treatments that heal damaged nerves. Also, it is anticipated that market expansion may quicken as a result of scientific developments in neurological therapies. Recent research indicates that there has been a sharp increase in incidences of nerve damage in industrialized nations, which has fueled the market’s demand. According to the American Association for Peripheral Nerves, 1.2 million treatments are carried out annually in the United States alone.
Global Nerve Repair Industry Key Takeaways:
- Prominent market players in the Global Nerve Repair Industry are keeping an eye on the East and South Asia markets in order to capitalize on the growing demand for neurological products combined with rising awareness in countries including India, China, and Japan. The key players are also tapping into the markets of Mexico, Indonesia, and other Middle Eastern nations. This is also expected to fuel the demand in the nerve repair market.
- In addition, prominent producers in the market are investing heavily in streamlining their R&D and improving production for nerve repair products. Owing to the cost-effectiveness achieved by outsourcing their manufacturing capabilities, CDMOs will likely anticipate a profitable decade.
- When there is a damaged nerve, it can lead to serious motor and sensory issues that are expected to ache and cause the appendages to malfunction. Therefore, health professionals employing biomaterials in the nerve repair process are included in products for nerve repair. The autograft is the gold standard for nerve repair procedures, although the specifics of the procedure are determined by the type and severity of the nerve injury.
- Technologically advanced nerve repair therapies are utilized to efficiently treat damage brought on by trauma and several other factors, which is known as a key factor responsible for influencing the market. Adult stem cells can easily be extracted from adipose tissue, skin, and bone marrow, and are now being employed in many developed nations to repair and regenerate nerves.
- Key players in the market are rising the manufacturing of nerve repair products as the prevalence of neurological disorders across the globe. Moreover, an increase in nerve repair expenditure is likely to drive sales in the nerve repair market over the forecast period (2022-2032).
- An estimation of US$ 150 billion is predicted to have been spent on medical care for nerve injuries annually in the U.S. This showcases the expenditure on nerve repair, replacement, and regeneration due to a rise in cases of indications like amyotrophic lateral sclerosis, multiple system atrophy, Parkinson’s disease, Alzheimer’s disease, and multiple sclerosis.
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Competitive Landscape:
With the establishment of several key nerve repair production companies all over the world, the overall market is anticipated to be highly fragmented. In order to maintain a strong foothold over the entire industry, key players are increasing R&D efforts to expand their novel product portfolios. Various products are still in the pipeline stage as the companies are proceeding toward promoting regularization and licensing of these pipelined products after assessing their efficacy.
More Insights into the Global Nerve Repair Industry
The U.S. held approximately 89.5% share in the Global Nerve Repair Industry in 2021, opines FMI. Sales in the U.S. are slated to grow at an impressive CAGR of 13.3% during the forecast period.
Key Companies Profiled
- Axogen Inc.
- Stryker Corporation
- Baxter International Inc.
- Integra Lifesciences Holdings Corp
- Neurotex Ltd
- Polyganics B.V.
- Abbott Laboratories
- Boston Scientific Inc
- Medtronic Plc
- Checkpoint Surgical
- Polyganics
- Synovis Micro Companies Alliance
- Orthomed, Inc
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Key Market Segments Covered in Global Nerve Repair Industry Research
By Product:
- Nerve Wrap
- Nerve Protector
- Nerve Connector
- Nerve Graft
By Nerve Repair:
- Epineural Nerve Repair
- Perineural Nerve Repair
- Fascicular Nerve Repair
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Specialty Clinics
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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