Nerve Repair & Regeneration Market by Product (Biomaterials, Neuromodulation Surgery Devices), by Surgery (Direct Neuropathy, Nerve Grafting, Stem Cell Therapy, Neuromodulation Surgery), and by region (North America, Europe, Asia-Pacific, Middle East and Africa, and South America).
The global Nerve Repair & Regeneration Market size is projected to reach a CAGR of 6.5% from 2023-2030.
Nerve repair and regeneration (NRaR) refers to a neural tissue engineering process used for the treatment of a nerve injury. It facilitates the regrowth of new neurons, glial cells, myelin, axons, and synapses. It also aids in restoring the normal functioning of the nerve after nerve damage, which is usually caused by pressure, blunt trauma, stretching, or cutting of a nerve. NRaR involves the use of biomaterials and various neuro-stimulation and neuromodulation devices. Biomaterials include nerve conduits, nerve protectors, nerve wraps, and nerve connectors. They are used for direct neuropathy, nerve grafting, stem cell therapy, and transcutaneous, transcranial magnetic, spinal cord, deep brain, sacral nerve, and vagus nerve stimulation.
The increasing prevalence of chronic neurological disorders, such as Alzheimer's, Parkinson's disease, amyotrophic lateral sclerosis, multiple sclerosis, and multiple system atrophy, is among the key factors driving the market growth. Moreover, the rising geriatric population, which is more susceptible to such ailments, and escalating instances of nerve injuries are providing a thrust to the growth of the market. Additionally, various technological advancements in stem cell therapy and the development of innovative neuromodulation devices, are acting as other growth-inducing factors. Other factors, including rising healthcare expenditures of the masses, along with the significant improvements in the medical infrastructure, especially in developing economies, are anticipated to drive the market toward growth.
On the other hand, stringent rules and regulations for the approval of new drugs and the high cost of nerve repair and regeneration devices and surgeries are key factors restraining the growth of the nerve repair and regeneration market size.
The Covid-19 pandemic negatively affected the market. Hospitals and healthcare services were reduced owing to social distancing measures taken by the government. Moreover, the pandemic severely affected the global economy and affected the functioning of general hospital care for non-Covid-19 patients. As several hospitals were closed due to lockdown, the demand for nerve repair and regeneration procedures experienced a decline.
The market for nerve repair is a sector that is expanding quickly due to a number of factors, including the rising incidence of nerve disorders and injuries, technological developments in biotechnology and regenerative medicine, rising healthcare costs, improvements in imaging and diagnostics, and rising public awareness and acceptance of nerve repair therapies. Additionally, there are chances for businesses to create novel goods and technology, enter new markets, work with stakeholders, and maintain the vanguard of regenerative medicine breakthroughs. Overall, the market for nerve repair is positioned to meet the unmet medical requirements of patients with nerve illnesses and injuries, enhancing their quality of life and promoting the expansion of the healthcare sector as a whole.
North America to Dominate the Market