Global Nerve Repair and Regeneration Market - Segmented by Product Type, Application, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global nerve repair and regeneration market is expected to register a growth rate of approximately 11.7% during the forecast period (2018-2023). The presence of strong product pipeline of major multinational companies and improved treatment efficiency for neurological disorders are some of the primary drivers for this market. North America is anticipated to dominate the market share during the forecast period owing to well-developed healthcare infrastructure, better health insurance policies, and higher incidence rate of neural disorders.
Rising Prevalence of Neurological Diseases and Peripheral Nerve Injuries in Geriatric Population
The global rising prevalence of neurological diseases and peripheral nerve injuries in geriatric population is one of the primary factors driving this market. Some of the most common neurological disorders include stroke, migraine, brain tumors, spinal cord injuries, and multiple sclerosis, among others. The peripheral nerve injuries also occur at a rising incidence rate, with the presence of traumatic neuropathies and neuropathic pain, including crush injuries. Around 500,000 deaths by brain aneurysms have been recorded worldwide each year. Thus, in the forecast period, this number is further expected to grow each year, creating the need for more nerve repair and regeneration products.
Other factors driving this market are technological advancements in nerve repair and regeneration with rise in the healthcare expenditure by government with favorable policies in developed market.
High Cost of Neurostimulation and Neuromodulation Devices
The expensive nature of neurostimulation and neuromodulation devices is one of the key factors restricting the growth of this market. Due to this, they are not widely used, costing anywhere from several hundred dollars to tens of thousands of dollars. Moreover, the insurance companies cover costs for some therapies but not all. This affects the hospital’s overall budget; for example, in 2015, according to Modern Healthcare, hospitals faced the higher prices issues for spinal cord stimulators by companies such as Boston Scientific and Medtronic. Thus, this factor would play a significant role in hindering this market.
United States is the Largest Market
In North America, the presence of multinational companies with continuous technological developments with rising availability of medical devices, favorable insurance policies, and increasing incidence rate of neural disorders drive the market, particularly in the United States. Availability of technologically advanced devices by major companies such as Medtronic and Boston Scientific helps in the dominance of this market in the country.
Key Developments in the Market