Growth in this market is driven mainly by high incidence of nerve injuries, the growing prevalence of neurological disorders, and rising government support for neurologic disorder research.
The global Nerve Repair and Regeneration Market size is projected to reach USD 9.7 billion by 2025 from USD 6.3 billion in 2020, growing at a CAGR of 9.1% from 2020 to 2025.
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Market Segmentation: –
By product, the nerve repair market is segmented into neurostimulation and neuromodulation devices and biomaterials. The neurostimulation and neuromodulation devices segment is segment is expected to grow at the highest growth rate during the forecast period. The large market share of this segment is driven mainly by rising government expenditure for neurologic disorders, and favorable reimbursement.
Based on the neurostimulation and neuromodulation application, the nerve regeneration market is segmented the neurostimulation and neuromodulation devices market is segmented into internal neurostimulation and neuromodulation applications and external neurostimulation and neuromodulation applications. The internal neurostimulation and neuromodulation segment is estimated to register the highest CAGR during the forecast period.
Based on application, the biomaterials market is segmented into direct nerve repair/neurorrhaphy, nerve grafting, and stem cell therapy. In 2019, the direct nerve repair segment accounted for the largest share of the market.
Recent Developments: –
- In 2020, Medtronic received CE approval for InterStim Micro neurostimulator and InterStim SureScan MRI leads — clearing the technologies for commercial sale and clinical use in Europe
- In 2019, Boston Scientific received FDA approval for the Image Ready MRI for its Vercise Gevia Deep Brain Stimulation System
- In 2020, LivaNova entered into partnership with Verily (US) for evaluation of the effectiveness of Vagus Nerve Stimulation Therapy (VNS Therapy) for difficult-to-treat Depression (DTD)
Regional Analysis: –
The nerve repair market is segmented into five major regions, namely, Europe, North America, the Asia Pacific, Latin America, and Middle East & Africa. In 2019, North America accounted for the largest share of the nerve repair and regeneration industry, followed by Europe.
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Top Key Players: –
Some of the major players operating in the global nerve repair market include Medtronic, PLC. (Ireland), Boston Scientific Corporation (US), Abbott Laboratories (US), AxoGen, Inc. (US), Baxter International, Inc. (US), LivaNova, PLC. (UK), Integra LifeSciences (US), Polyganics (Netherlands), NeuroPace, Inc. (US), Soterix Medical, Inc. (US), Nevro Corp (US), Synapse Biomedical, Inc. (US), Aleva Neurotherapeutics (Switzerland), Collagen Matrix, Inc. (US), KeriMedical (Switzerland), BioWave Corporation (US), NeuroSigma (US), tVNS Technologies GmbH(Germany), and GiMer Medical (Taiwan).