Occurrence of nerve damage is increasing, rising prevalence of neurological disorders, technological advancements in nerve repair and regeneration devices, growing geriatric population, and increasing investments by the government to support research activities in neurological disorders are some of the key factors driving the global nerve repair & regeneration market.
Repair and regeneration in the nervous system refers to the process through which damaged tissue grows or renews, eventually restoring nervous system function.
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Technological Advancements in Neurostimulation & Neuromodulation Devices Drive the Nerve Repair & Regeneration Market
Neurostimulation & Neuromodulation devices find their usage in many applications such as to treat traumatic or neurodegenerative disorders such as Alzheimer’s disease, amyotrophic lateral sclerosis, multiple sclerosis, Parkinson’s disease, sacral nerve stimulation for pelvic disorders and incontinence, and spinal cord stimulation for ischemic disorders. The use of these devices in multiple applications is contributing to the growth of the nerve repair & regeneration market. For instance,
- In December 2022, Abbott announced that they have received the U.S. FDA approval for the company’s Eterna spinal cord stimulation (SCS) system for the treatment of chronic pain
- In March 2022, MyndTec announced that they have received FDA approval for MyndMove 2.0, its second-generation neuromodulation MyndMove system for clinical and home usage
The Rising Prevalence of Neurological Disorders Boosts the Nerve Repair & Regeneration Market
According to the WHO, more than one billion individuals worldwide are plagued by some form of neurological disorder. The specific causes of neurological problems vary but can include genetic disorders, congenital abnormalities or disorders, infections, lifestyle or environmental health problems including malnutrition, brain injury, spinal cord injury, or nerve injury. With a growing population and aging society, more people are reaching ages at which neurological diseases are highly prevalent.
Stem Cell-Based Therapies Expand the Growth Opportunities in the Nerve Repair & Regeneration Market
Peripheral nerve injuries (PNIs) are among the most common types of traumatic nervous system lesions. The research findings suggest that the pluripotential stem cell from bone marrow, adipose tissue, skin, dental pulp, umbilical cord, or from nerve trunks can differentiate into Schwann cells and nerve cells with axons which could further help in the regeneration of the missing nerves. Furthermore, the use of stem cells derived from different sources has presented promising results for nerve regeneration and effective neural and functional results which in turn has further boosted the market growth.
Key Constraints/ Challenges in the Nerve Repair & Regeneration Market
The future expansion of the nerve repair and regeneration market is hindered by various factors, including the expensive nature of repair and regeneration devices, challenges associated with treating significant nerve gaps, and the increasing inclination towards drug therapies instead of nerve repair and regeneration products.
North America Expected to Continue to Hold a Major Share in the Nerve Repair & Regeneration Market
Geographically, North America accounts for a sizable portion of the nerve repair and regeneration market. This can be mainly attributed to the rising geriatric population, growing adoption of technologically advanced products, and favorable reimbursement landscape in the region.
Competitive Landscape of the Nerve Repair & Regeneration Market
Some of the key players operating in the market include AxoGen Inc., Stryker, Baxter International Inc., Polyganics B.V., and Medtronic plc., among others.
Organic Growth Strategies Adopted by Players to Establish Their Foothold in the Nerve Repair & Regeneration Market Market
Players operating in this market are adopting organic and inorganic growth strategies such as collaborations, acquisitions, and new product launches to garner market share. For instance,
- In January 2023, Abbott announced that they have received the U.S. FDA approval for its Proclaim XR spinal cord stimulation (SCS) system to treat painful diabetic peripheral neuropathy (DPN), a debilitating complication of diabetes
- In October 2022, Phageneis announced that they have received U.S. FDA de novo approval for the Phagenyx neurostimulation system, which uses pharyngeal electrical stimulation to restore swallowing control in patients with severe dysphagia post-stroke
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