The complex, and delicate structures that make up the nervous system, the brain, spinal cord, and peripheral nerves-are susceptible to various types of injury ranging from trauma to neurodegenerative diseases. Peripheral nerves link the brain and spinal cord to other parts of your body, such as muscles, and skin. Moreover, damaged nerves can interfere with the brain’s ability to communicate with muscles, and organs. Nerve repair & regeneration offers replacement of damaged nervous tissue, cells, and cellular products. Moreover, the nerve repair & regeneration mechanism involves generation of new axons, myelin, neurons, glial cells, and synapses.
Technological advancements in nerve repair expected to drive growth of the global nerve repair & regeneration market
Increase in geriatric population, and increasing incidence of neurological diseases across the globe are key factors driving growth of the global nerve repair & regeneration market. In addition, technological advancements in nerve repair, positive reimbursement policies, increasing investment from government in both developing, and developed countries on providing better healthcare facilities are major factors contributing to growth of the global nerve repair & regeneration market.
However, lack of awareness among patients about nerve repair & regeneration is a major factor restraining the growth of the global nerve repair & regeneration market. In addition, stringent regulations for product approvals internationally, and lack of skilled professionals for nerve repair & regeneration treatments are major factors effecting the growth of the global nerve repair & regeneration market.
The global nerve repair & regeneration market report has been segmented on the basis of surgery, product, and region. On the basis of the surgery, the global nerve repair & regeneration market is segmented into Direct Neuropathy, Nerve Grafting, Stem Cell Therapy, and Neuromodulation Surgery. On the basis of product into, Biomaterials, and Neuromodulation surgery devices. On the basis of region, into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America is expected to account for largest market share in terms of revenue as compared to that of markets in other regions. This is attributed to well-developed healthcare industry, presence of leading medical diagnostics manufacturers, and rise in number of patients suffering from neurological disorders. Europe is expected to account for second largest revenue share contribution to the global nerve repair & regeneration market followed by Asia Pacific. The market in Asia Pacific is projected to have the fastest growth in terms of revenue, owing to increase in number of patients suffering from chronic diseases, and rise in government initiatives for the improvement of healthcare facilities in the region.
Key players in the global nerve repair & regeneration market include, AxoGen Inc., Baxter International, Boston Scientific Incorporation, Cyberonics Inc., Integra Lifesciences Corporation, Medtronic plc, Orthomed S.A.S., Polyganics B.V., St. Jude Medical, and Stryker Corporation.