By Application, demand for neurostimulation & neuromodulation surgeries is expected to witness a CAGR of 9.5% due to rise in peripheral nerve injuries across the globe
By Application, demand for neurostimulation & neuromodulation surgeries is expected to witness a CAGR of 9.5% due to rise in peripheral nerve injuries across the globe
Fact.MR – A Market Research and Competitive Intelligence Provider: The global nerve repair and regeneration market is expected to rise at a CAGR of 11% from 2022-2026. The market is valued at US $ 8 Billion and is expected to reach US $ 12 Billion by 2026 end.
High demand for neurostimulation and neuromodulation devices is anticipated to witness 9.5% CAGR over the study period owing to increase in accidents and peripheral nerve injuries across the globe.
Rise in prevalence of neurological illnesses is boosting the demand for nerve repair and regeneration solutions. Moreover, demand for products that enhance neurogeneration is increasing as the frequency of nerve injuries rises.
Besides this, demand for nerve repair and regeneration technologies is being driven by the rising prevalence of chronic nervous system illnesses including Alzheimer’s disease and parkinson’s. Moreover, funding for clinical studies to identify secure treatments for a range of neurological illnesses has increased in various regions across the globe.
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Recent technological advancements in the medical industry have offered lucrative opportunities in the nerve repair and regeneration market. Moreover, introduction of intraocular lenses is assisting the eye care sector to increase tremendously.
Key Takeaways:
- North America market is expanding at an impressive growth due to increasing residence of neurological illnesses, rising healthcare spending, ageing population, and presence of major industry participants in the region. Rising government initiatives related to the treatment of neurological diseases in the US boosting the growth at an impressive CAGR.
- China nerve repair and regeneration market is expected to increase at a CAGR of 12% from 2022 to 2026. Moreover, China is expected to expand rapidly due to large patient population and supportive healthcare policies.
Growth Drivers:
- Rise in funding for rare neurological diseases treatments and increase in neurological diseases such as Alzheimer’s disease, dementia, and Parkinson’s disease.
- High demand for hospitalized nervous system therapies has been witnessed due to healthcare industry’s consistent growth and availability of additional hospitals.
- Surge in use of stem cell therapies has grown as spinal cord injuries, neurodegeneration, fragility syndrome have increased. Moreover, businesses and academic institutions in the research and development of stem cell therapies due to rise in advancements make growth and development of therapies.
Key Restraints:
- Lack of trained healthcare professionals and high costs of nerve repair and regeneration devices are expected to act as a restraint to the growth of the market.
- Strict rules and regulations related to the approval of new medications, are major factors that inhibit the growth of the market for nerve repair and regeneration
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Competitive Landscape:
Key players focusing on nerve repair and regeneration equipment have a wide product pipeline for neurological illnesses. To increase treatment effectiveness & improve their market share, market participants are focusing on upgraded features and offering advanced products.
For instance:
- In 2021, Orthocell Ltd. announced that its CelGro collagen medical device platform for soft tissue regeneration applications was granted patents in New Zealand and China.
More Valuable Insights on Nerve Repair and Regeneration Market
- By Product:
- Neurostimulation & Neuromodulation Devices
- Biomaterials
- By Application:
- Neurostimulation & Neuromodulation Surgeries
- Neurorrhaphy
- Nerve Grafting
- Stem Cell Therapy
- By End User:
- Hospitals
- Clinics
- Ambulatory Surgery Centers
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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