The increasing incidence of neurological disorders and technological advancements in nerve repair and regeneration products are the major factors driving the growth of the nerve repair and regeneration market.
The Nerve Repair and Regeneration Market is estimated to register a CAGR of 12.9% to reach USD 10.6 billion by 2022 from USD 5.8 billion in 2017.
Based on type, the neurostimulation and neuromodulation devices market is segmented into internal and external neurostimulation devices. The internal neurostimulation devices segment accounted for the larger market share in 2017. These devices help in reducing post-surgical complications and length of hospital stay as well as enable long-term cost savings. Such advantages associated with internal neurostimulation devices are driving their adoption in the market.
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By end user, the nerve repair and regeneration market is segmented into hospitals & clinics and ambulatory surgery centers. The hospitals & clinics segment accounted for the largest market share in 2017 and is projected to register the highest growth during the forecast period. A large number of nerve repair and neurological procedures performed in hospitals and the growing number of hospitals & clinics, especially in emerging countries, are some of the key factors driving the growth of the nerve repair and regeneration market for this end-user segment.
By region, the nerve repair and regeneration market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America accounted for the largest market share in 2017. Factors such as the increasing prevalence of neurological diseases, rapid growth in the geriatric population, favorable reimbursement policies, and the high healthcare expenditure in the region are supporting the growth of the nerve repair and regeneration market in North America.
Prominent players in the nerve repair and regeneration market include AxoGen (US), Baxter (US), Boston Scientific (US), LivaNova (UK), Integra LifeSciences (US), Medtronic (US), Abbott Laboratories (US), Stryker (US), Nevro (US), and Polyganics (Netherlands)