Nerve repair and regeneration products are used by medical professionals to restore normal function to damaged nerves. Nerve injuries are common in the upper (hand and arm) and lower (leg) extremities. Nerve damage can be caused either due to blunt trauma (such as an impact from a fall or from traction injuries from motor vehicle accidents) or sharp trauma (such as from a direct cut from a knife). Surgical nerve repair involves the exploration of the injured nerve and removal of injured tissue from the nerve endings.
The Nerve Repair and Regeneration Marketis expected to reach USD 10.59 Billion by 2022 from USD 5.79 Billion in 2017, at a CAGR of 12.9%. Increasing number of neurological disorders, rising geriatric population, and technological advancements are the major factors that are driving the growth of this market.
Major Market Developments:-
- In June 2015, Boston Scientific launched precision novi spinal cord stimulator system in Europe and received CE Mark approval for it
- In January 2016, Polyganics (the Netherlands) signed an agreement with MicroAire Surgical Instruments (US) to distribute its peripheral nerve repair products in the US and Canada
- In January 2017, Abbott Laboratories acquired St. Jude Medical to strengthen its position in the neuromodulation market
- In September 2017, Medtronic (Ireland) received FDA approval Intellis platform spinal cord stimulator (SCS)
- In May 2015, Axogen (US) received FDA approval for Avance nerve graft
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- High incidence of nerve injuries and growing prevalence of neurological disorder
- Increase in geriatric population and subsequent growth in the prevalence of neurological disorder
- Technological advancement
By region, the nerve repair and regeneration market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). The market is dominated by North America, followed by Europe; however, the Asian region is expected to witness the highest growth during the forecast period. The presence of emerging economies like China and India; large population; growth in the number of hospitals, and increasing neurological disorders in the region are some of the key factors driving the high growth of this regional segment.
Top key Players:-
Some of the major players operating in the nerve repair and regeneration market are AxoGen (US), Baxter (US), Boston Scientific (US), LivaNova (UK), Integra LifeSciences (US), Medtronic (US), Abbott Laboratories (US), Stryker (US), Nevro (US), Polyganics (Netherlands), and Nuvectra (US).