Nerve Repair & Regeneration Market is expected to reach US$ 12,514.06 Million by 2028

Neurostimulation and Neuromodulation Devices Segment, by Product, to Account for Largest Share in Nerve Repair & Regeneration Market During 2022–2028

According to our latest study on “Nerve Repair & Regeneration Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product and Applications,” the market is expected to grow from US$ 6,607.71 million in 2021 to US$ 12,514.06 million by 2028; it is expected to grow at a CAGR of 9.7% from 2022 to 2028. The report highlights the key factors driving the market growth and prominent players with their developments in the market.       

Based on product, the nerve repair & regeneration market is bifurcated into neurostimulation & neuromodulation devices and biomaterials. Neurostimulation & neuromodulation devices segment is subsegmented into internal neurostimulation devices and external neurostimulation devices. Internal neurostimulation devices segment is further subsegmented into spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, and gastric electrical stimulation. External neurostimulation devices are also subsegmented into transcutaneous electrical nerve stimulation devices, transcranial magnetic stimulation devices, respiratory electrical stimulation devices. The neurostimulation and neuromodulation devices segment held the largest share of the market in 2021, and this segment is anticipated to register the highest CAGR in the market during the forecast period. Based on applications, the nerve repair & regeneration market is bifurcated into neurostimulation & neuromodulation applications and nerve repair & regeneration applications. Further, the neurostimulation & neuromodulation applications are segmented into internal neurostimulation & neuromodulation, and external neurostimulation & neuromodulation. Furthermore, nerve repair & regeneration applications is segmented into direct nerve repair/neurorrhaphy, nerve grafting, and stem cell therapy. The nerve repair & regeneration applications segment held the largest share of the market in 2021 and, while the neurostimulation & neuromodulation applications segment is anticipated to register the highest CAGR in the market during the forecast period. The growing prevalence of neurological disorders, rising geriatric population, increasing application of neurostimulation and neuromodulation devices, and rapid advancements are driving the market growth of the nerve repair & regeneration market.

Various neurologic disorders such as neuropathy, Alzheimer's disease, Parkinson's disease, and strokes are more common in the elderly, and their prevalence is increasing with higher life expectancies. According to the WHO, the population is aging rapidly worldwide. Between 2015 and 2050, the world's population over 60 years will nearly double, from 12% to 22%, and mental and neurological disorders among older adults are likely to account for 6.6% of the total disability-adjusted life year (DALYs) for this age group. Also, as per the same source, approximately 15% of adults aged 60 and over have a mental disorder. Therefore, the rising prevalence of age-associated neurological disorders increases the demand for treatment of nerve repair & regeneration. This factor is propelling the growth of the nerve repair & regeneration market.

The COVID-19 pandemic significantly affected the nerve repair & regeneration market. The pandemic altered economic conditions and social behaviors in all regions. In the first quarter of 2020, the lockdown restrictions limited nerve injury cases, due to which there has been a reduction in the demand for biomaterials for nerve repair surgical procedures. Vehicular accidents are the most common cause of peripheral nerve injuries, but during the lockdown, there has been a slowdown in the nerve injuries owing to limited movement. However, the US Department of Health & Human Services reported that in 2020, accidents were the 4th leading cause of death in 2020. These deaths were observed because of the delays in the surgical procedures for accidental cases owing to the COVID-19 safety protocols. Furthermore, after the first quarter of 2020, the market saw growth at an average rate due to the rising treatment and surgical procedures for nerve injuries. Thus, the factors mentioned above limited the growth of the global nerve repair & regeneration market during the COVID-19 pandemic.

Axogen Corporation, Boston Scientific Corporation, Integra LifeSciences, Medtronic, Abbott Laboratories, Stryker Corporation, Neuronetics, LivaNova PLC, Baxter, and Polyganics BV are among the leading companies operating in the global nerve repair & regeneration market.    

Global Nerve Repair & Regeneration Market, by Region, 2021 (%)

Various organic and inorganic strategies are adopted by companies operating in the global nerve repair & regeneration market. Organic strategies mainly include product launches and product approvals. Further, acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall market growth. Further, acquisition and partnership strategies help the market players strengthen their customer base and expand their product portfolios. A few of the significant developments by key players in the global nerve repair & regeneration market are listed below.

• In April 2022, Boston Scientific Corporation received the US Food and Drug Administration (FDA) approval for its latest image-guided programming software, Vercise Neural Navigator with STIMVIEW XT. Developed in collaboration with Brainlab AG, a leading software-driven medical technology company, STIMVIEW XT enables clinicians in real-time to visualize both lead placement and stimulation modeling of the brain anatomy of their patients living with Parkinson’s disease or essential tremor.
• In Feb 2022, Medtronic received FDA approval for InterStim X system, which is the next generation of the most personalized sacral nerve stimulation therapy for bladder and bowel control. InterStim systems are the standard of care in advanced therapy options and the most personalized system to deliver sacral neuromodulation (SNM) therapy.