Neuroregeneration is the regrowth of repairing of nervous cells and tissues. Several clinical processes are performed to repair the nerve tissues and cell products, which are predominantly included in the global nerve repair market. Increasing aging population and technological advancements in nerve regeneration market are the biggest driving factors for the industry. Different types of surgeries and treatment proceedings are used based on the parts of the system. Researchers estimate healthy growth in terms of the compound annual growth rate in the industry, which is a good sign for the overall market dynamics for nerve repair.
Segmentation
Estimations in the global nerve repair market are drawn on the basis of the volume of surgeries and overall market revenue brought by the products. The basic two segments in the market include peripheral nerve repair and neuromodulation. Neuromodulation segment is further divided into internal and external neuromodulation. Based on the products, the industry is divided into two segments, namely, neuromodulation and biomaterials. Based on surgeries, the industry is segmented into nerve grafting, direct nerve repair, neuromodulation, stem cell therapy and direct nerve repair. All the aforementioned segments are further divided into different sub-segments, which help identifying individual progress and strengths of these products.
Forecasting
According to the market research reports, nerve repair market is expected to grow at an estimated CAGR of 11.5% from 2013 to 2018. At this rate, the market is expected to become worth $7.8 billion by 2018. Studies show that in 2012, the nerve regeneration market was worth $4.1 billion in 2012. Neuromodulation segment is anticipated to dominate the global industry in the next five to six years to come. Increasing number of effective products and investments from business giants are driving the industry. Experts also suggest that peripheral nerve repair segment is still in its budding stage, which will give its components to prove their existence. However, increasing awareness and population of patients are driving the industry.
Based on geographical locations, North America is expected to dominate the global market, which will be driven by high number of patients with chronic disorders and technological advancements. Within North America, United States based manufacturers are expected to be the key players as far as global expansions and advancements are concerned. Market trends suggest rapid growth in the emerging markets like Asia Pacific and Latin America. Multiple co-occurring of several disorders like Alzheimer’s disease, chronic pain, epilepsy and Parkinson’s diseases will drive the global industry.
