The global nerve repair and
regeneration market is expected to reach USD 15.7 billion by 2024, according to
a new report by Grand View Research, Inc. The demand for neurological disorder
devices and therapies is expected to exhibit an upsurge over the forecast
period owing to the rising awareness, the increasing incidence rate, the
favorable government funding and reimbursement policies, and the continual
technological advances offered by the key players of the industry. According to
the American Physiological Society, approximately 12,000 spinal Cord Injuries
(SCI) are recorded every year in the U.S. The majority of these injuries take
place due to sporting accidents, gunshot wounds, car accidents, and falls.
In January 2016, The EU Horizon
2020 program funded a research project ‘AUTOSTEM’ launched by the NUI Galway’s
Regenerative Medicine Institute (REMEDI) amounting toUSD 6.73 million. This
project is to develop a robotic stem cell production factory, involved in fully
automated manufacturing of stem cells in large volumes; thus, having an edge
over the old traditional techniques. Also, this technique will treat a range of
therapies pertaining tocancer,arthritis, diabetes and other complications.
In depth research report on Nerve Repair And Regeneration
Market
Further key findings from the report suggest:
·
The neurostimulation and
neuromodulation segment dominated the product segment of the market due to the
increasing awareness about the devices coupled with the surgingnumber of
central nervous system disorders in the population
·
North America dominated the
market in 2015 owing to the technological advancements in the region and the
introduction of new devices by the manufacturers. In 2015, U.S proved to be the
most potential market. The rise in number of cases withinjuries in the Central
Nervous System (CNS), including injuries to the spinal cord and the brain,and
increase in the governmentinitiatives and funding,as well as funding
fromvarious other agencies were some of the major reasons responsible for the
growth.
·
According to the report
published by the Florida University, annually,more than 2 million people
sufferfromtraumatic injuries of the brain in the US and a minimum of 10,000
people suffered with spinal cord injuries.The CNS injuries are a consequence of
incompletely elucidated biochemical pathological phenomenon. This lack of
complete understanding in the field drives the urgency for ramping up R&D
efforts to develop novel neurotherapeutic approaches.
·
In March 2016, Baxter
International, Inc. completed the CE marking, the indication for marketing of
‘HEMOPATCH’, the ready-to-use surgical patch in the European market. This patch
was approved for use in dural defect repair, for treatingtraumatic injuries of
the brain, CNS, andas a surgical sealant to contain leakage of bodily fluids in
otherbody parts, oras a hemostatic device to prevent the loss of blood.
·
APAC is expected to be the
fastest growing region of the nerve repair and regeneration market. Aging
population, technological advancements, and unmet medical needs in this region
are some of the reasons for the growth of the market
·
In February 2016, Indian
scientists working for Revita Life Sciences and Bioquark, Inc. gained
permission to conduct clinical trials in 20 clinically dead patients to bring
specific parts of their central nervous system back to life. Combination of
therapies are to be applied including injecting the brain with stem cells, cocktail
of peptides, use of lasers and nerve stimulation techniquesthat have been
proven successful in reviving comatose patients.A blend of regenerative
medicine tools and treatment devices are to be employed to achieve success with
such a complex undertaking.
·
Manufacturers are
collaboratingwith the aim of combining the use of innovative devices and
therapies to improve treatment efficiency and provide better therapy outcomes
·
In November 2012, UCB (Euronext
Brussels) and NewBridge Pharmaceuticals entered into an agreement to engage in
geographical expansion of its core products (Neupro, Vimpat, and Cimzia)to
include majority of the African and Middle east countries in its distribution
channels. On the other hand, Newbridge Pharmaceuticals is to focus on product
commercialization, gaining regulatory approvals from local bodies, and perform
pharmacovigilance. This agreement is estimated to elevate the uptake of
products related to CNS and immunologic diseases in the Middle-east and Africa
region.
·
Some key players of this market
include Polyganics B.V., St. Jude Medical, Inc., Stryker Corporation, AxoGen,
Inc., and others
Grand View Research has
segmented the global nerve repair and regeneration market on the basis of
products, surgery, and regions:
Nerve Repair and Regeneration Product Outlook (Revenue,
USD Million, 2013 - 2024)
·
Biomaterial
·
Neurostimulation and
neuromodulation devices
·
Spinal cord stimulation devices
·
Deep brain stimulation devices
·
Sacral nerve stimulation
devices
·
Vagus nerve stimulation devices
·
Gastric electric stimulation
devices
Nerve Repair and Regeneration SurgeryOutlook (Revenue, USD
Million, 2013 - 2024)
·
Direct nerve
repair/neurorrhaphy
·
Nerve grafting
·
Stem cell therapy
·
Neurostimulation and neuromodulation
surgeries
Nerve Repair and Regeneration Regional Outlook (Revenue,
USD Million, 2013 - 2024)
·
North America
·
U.S.
·
Canada
·
Europe
·
UK
·
Germany
·
Rest of Europe
·
Asia Pacific
·
Japan
·
China
·
Rest of Asia Pacific
·
Latin America
·
Brazil
·
Mexico
·
Rest of Latin America
·
MEA
·
South Africa
·
Rest of MEA
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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