Global Nerve Regeneration Market Trend, Industry Overview, Competitive Analysis and Foreseen by 2023
Added: (Fri Feb 01 2019)
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Nerve regeneration covers various procedures related to the replacement of damaged nervous tissue, including repair as well as replacement of nervous tissues. The increasing prevalence of neurodegenerative disorders as well as spinal cord injuries has made nerve regeneration crucial for the next generation of healthcare; nerve regeneration is likely to play a key role in the development of the healthcare sector over the forecast period.
The increasing geriatric population is likely to be a major driver for the global nerve regeneration market over the forecast period. The growing geriatric population has resulted in an increasing prevalence of neurodegenerative diseases such as Alzheimer’s disease and Parkinson’s disease. The ease and risk-free nature of nerve regeneration is likely to make it a popular solution for the treatment of these and other diseases over the coming years, leading to steady growth of the nerve regeneration market. On the other hand, the high cost of nerve regeneration procedures and lack of awareness among patients could hamper the market’s growth prospects over the forecast period.
The Global Nerve Regeneration Market is expected to grow at a CAGR of 11.3% during forecasted period 2017-2023.
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Key Players for Global Nerve Regeneration Market
AxoGen Inc. (U.S.), Xcelthera, INC. (U.S), Orthomed S.A.S. (France), Baxter International Leading players in the global nerve regeneration market include AxoGen Inc., Orthomed S.A.S., Integra Life Sciences Corporation, Medtronic, Stryker Corporation, Neurotex Limited, St. Jude Medical, Polyganics, Cyberonics Inc., Boston Scientific Corporation, Baxter International Inc., and Xcelthera Inc.
Product innovation to produce newer and better nerve graft products is likely to remain a key competitive strategy for players in the global nerve regeneration market. AxoGen Inc. recently received the Regenerative Medicine Advanced Therapy designation from the U.S. FDA for its Avance nerve graft products. Such developments are expected to spur the nerve regeneration market at a steady rate over the forecast period.
Segments for Global Nerve Regeneration Market
The global nerve regeneration market is segmented on the basis of product, application, and method.
On the basis of product, the global nerve regeneration market is segmented into biomaterials, nerve conduits, nerve protectors, and others.
On the basis of application, the nerve regeneration market is segmented into prognosis, surgery, autologous nerve grafting, and others.
On the basis of method, the nerve regeneration market is segmented into direct nerve repair, stem cell therapy, nerve grafting, and others.
Regional Analysis for Global Nerve Regeneration Market
The global nerve regeneration market is segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa.
The Americas are the leading regional market for nerve regeneration, primarily due to the highly advanced medical research scenario in developed North American countries, namely the U.S. and Canada. The highly developed technological scenario in these countries has led to steady progression of the nerve regeneration market, which is likely to continue on a similar trajectory in the coming years due to the heavy concentration of medical industry giants in the region and steady government support for research and development into nerve regeneration procedures. The growing geriatric population and increasing healthcare expenditure in North American countries are also highly conducive for steady progress of the nerve regeneration market.
Europe is another leading contributor to the global nerve regeneration market due to the strong government support for medical research and the growing geriatric population. This is likely to remain a key driver for the Europe nerve regeneration market over the forecast period.
The increasing geriatric population in countries such as India and China is a major driver for the nerve regeneration market in Asia Pacific. The strong government support to advancement of the healthcare sector is also a major reason for the steady growth of the nerve regeneration market in APAC. The APAC nerve regeneration market is likely to grow at the highest CAGR over the forecast period.
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Asia Pacific is the fastest growing nerve regeneration market owing to the presence of rapidly developing healthcare technology, huge patient population, high healthcare expenditure, and increase in prevalence of nerve injuries or disorder related to nerve. Moreover, increasing demand for new treatment methods in countries like India and China are likely to emerge as the fastest growing market across the globe.
On the other hand, in the Middle East and Africa has the lowest market for nerve regeneration due to lack of technical knowledge and poor medical facilities.
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