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Nerve Repair And Regeneration Market is Booming Worldwide at a Significant Growth of 6.5% CAGR by 2030

Nerve Repair And Regeneration Market Allied

Nerve Repair And Regeneration Market Allied

PORTLAND, OREGON, UNITED STATES, May 26, 2024 /EINPresswire.com/ -- As per the report, the global nerve repair and regeneration industry generated $6.6 billion in 2020, and is expected to reach $12.3 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.

Rise in prevalence of neurological & epidemic disorders and surge in geriatric population that need nerve repair and regeneration therapy drive the global nerve repair and regeneration market. However, high cost associated with neurostimulator devices and lack of skilled professionals hinder the market growth. On the contrary, surge in awareness among people and increase in expenditure on healthcare would open new opportunities in the future.

Key Takeaways:

Nerve Repair and Regeneration Market is projected to reach $12.3 billion by 2030, growing at a CAGR of 6.5%.
The biomaterials segment is expected to showcase the highest CAGR of 7.0% during the forecast period.
The direct neuropathy segment would portray the highest CAGR of 7.6% during the forecast period.
Asia-Pacific is projected to manifest the highest CAGR of 7.5% during the forecast period.

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The nerve repair and regeneration products market includes biomaterials and neurostimulation and neuromodulation devices. The techniques of nerve repair and regeneration assist to cure the disorders such as Alzheimers disease, Parkinsons diseases, and other neurological diseases. Increase in geriatric population, rise in prevalence of neurological & epidemic disorders, and launch of innovative products for nerve repair & regeneration are the major factors that drive the market growth. However, stringent regulatory requirements for product approvals act as a restraining factor for the market growth. Increase in investment by major medical diagnostics giants and improvement in healthcare facilities in Asia-Pacific provide growth opportunities for the market.

Covid-19 scenario

The Covid-19 pandemic negatively affected the market. Hospitals and healthcare services 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.

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Nerve repair and regeneration offers products such as neurostimulation, neuromodulator, and biomaterial devices. These devices are used to treat traumatic or neurodegenerative disorders such as Alzheimer's disease, Parkinson's disease, amyotrophic lateral sclerosis, multiple sclerosis, and multiple system atrophy. The brain, spinal cord, and peripheral nerves are fragile in nature & easily damaged, and hence can interfere with the brain's ability to communicate with muscles and organs. Nerve repair and regeneration products repair these damages.

Nerve Repair And Regeneration Market Segments:

By Product:

Biomaterials
Neuromodulation Surgery Devices

By Surgery:

Stem Cell Therapy
Neuromodulation Surgery
Direct Neuropathy
Nerve Grafting

By Region:

North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
Asia-Pacific (Japan, China, Australia, India, South Korea, Rest Of Asia Pacific)
LAMEA (Brazil, Saudi Arabia, South Africa, Rest Fo Lamea)

Regional Analysis:

The global nerve repair and regeneration market across North America held the lion's share in 2020, contributing to around two-fifths of the market, due to increase in the prevalence of neurodegenerative & neurodevelopmental diseases, stroke, and traumatic brain injuries coupled with increase in adoption of advanced healthcare infrastructure. However, the market across Asia-Pacific is projected to manifest the highest CAGR of 7.5% during the forecast period, owing to rise in awareness among patient, supportive government initiatives, and presence of unmet medical needs, and advent of innovative technologies.

Key market players

Abbott Laboratories
Integra Lifesciences Corporation
Boston scientific Inc.
Axogenic
Medtronic plc
Checkpoint Surgical
Stryker Corporation
Synovis Micro Companies Alliance
Polyganics
OrthoMed, Inc.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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