Nerve Repair and Regeneration Market Worth $7.8 Billion by 2018 - New Report by MarketsandMarkets
(PRWEB) December 24, 2013 -- The “Nerve Repair & Regeneration Market by Xenografts (Conduits, Protectors), Neuromodulation [Internal (Spinal Cord, Deep Brain)], External (Transcranial Magnetic)], Surgery [Direct Nerve Repair, Grafting, Stem Cell] - Global Trend & Forecast to 2018,” analyzes and studies the major market drivers, restraints, and opportunities in North America, Europe, Asia, and Rest of the World.
Browse 88 market data tables and 53 figures spread through 228 pages and in-depth TOC on “Nerve Repair & Regeneration Market”:
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This report studies the global nerve repair and regeneration market over the forecast period of 2013 to 2018.
The global nerve repair and regeneration market is valued at $4.5 billion in 2013 and is poised to reach $7.5 billion by 2018, at a CAGR of 11.5%.
The nerve repair and regeneration market is categorized into two major segments, namely: peripheral nerve repair (direct nerve repair, nerve grafting, and stem cell therapy) and neuromodulation. Neuromodulation is considered as a potential upcoming market segment. The favorable reimbursement policies, technological advancements, and strong impact of this technology on treating disorders such as Parkinson’s, Alzheimer’s, epilepsy, and sleep apnea will be the major drivers for this market. The peripheral nerve repair segment is expected to grow at a lower but healthy CAGR in the next five years. The increasing incidence of peripheral nerve injuries and enhanced efficacy of biomaterials in treating nerve injuries are the major factors driving the market growth. However, factors such as the lack of trained professionals and lack of patient and surgeon awareness about biomaterials and Neuromodulation devices are expected to hamper the market growth.
Novel therapies (such as stem cell therapy) and emerging markets provide a vast opportunity for market growth. Estimates suggest that around 700,000 peripheral nerve repair surgeries are performed every year across the world. However, the penetration rate of stem cell therapy is less than 1% in all these surgeries. Furthermore, emerging countries such as India, China, South Africa, and Australia offer huge growth opportunities with their diversified healthcare markets. The huge population base, especially in India and China, and aging population offers a sustainable market for nerve repair and regeneration surgeries. The major challenges for the market are donor site morbidity and inadequate nerve regeneration by conduits. The co-occurring diseases through nerve grafting surgeries and advancement of conduits for aiding the regeneration of long nerve gaps are the primary challenges that have to be overcome by the technology providers.
The internal neuromodulation device market accounts for the largest share of around 87% and is expected to grow at a double-digit CAGR in the next five years. The improved technology and effective outcomes across sub-segments such as spinal cord stimulation, deep brain stimulation, sacral nerve stimulation, and vagus nerve stimulation propel the growth of this market.
The global biomaterials nerve repair and regeneration market is estimated to grow at a healthy CAGR of more than 11%. The favorable growth is due to a wide range of innovative products such as nerve conduits, nerve wraps, nerve connectors, and nerve protectors.
North America accounts for the largest share of the global nerve repair and regeneration market, in 2013. However, the RoW region is expected to grow at a higher CAGR in the forecast period. This is due to factors such as rising awareness, growing demand for nerve repair products, and increased investments in regions such as the Middle East and LATAM.
Major players in the neurostimulation market include Medtronic (U.S.), Boston Scientific (U.S.), St. Jude Medical (U.S.), and Cyberonics (U.S.), whereas the peripheral nerve repair market is dominated by Integra LifeSciences Corporation (U.S.), Stryker Corporation (U.S.), and AxoGen, Inc. (U.S.).
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