Nerve Repair and Regeneration Market Size, Share and Trend Analysis Report by Product (Biomaterials, Neurostimulation and Neuromodulation Devices), by Surgery, by Region and Segment Forecast, 2022-2030
New York, May 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Nerve Repair And Regeneration Market Size, Share & Trends Analysis Report By Product, By Surgery, By Region And Segment Forecasts, 2022-2030” – https://www.reportlinker.com/p06278002/?utm_source=GNW
Nerve Repair and Regeneration Market Growth and Trends
The global nerve repair and regeneration market size is expected to reach USD 20.5 billion by 2030. It is expected to grow at a CAGR of 12.16% from 2022 to 2030. This will drive the market. Additionally, government funding and reimbursement policies and uninterrupted technological advancements are expected to drive the market growth.
In January 2016, the European Horizon 2020 program funded an “Autostem” research project, launched by NUI Galway’s Regenerative Medicine Institute (REMEDI), at a cost of approximately USD 6.73 million. This project consisted in developing a robotic factory for the production of stem cells, having a head start on the old traditional techniques. This technique offers prospects for new therapies for a range of diseases, such as cancers, diabetes and arthritis. Rising R&D and investment by key companies in emerging countries is also driving the market. In July 2018, Stem Cells Australia (SCA) received US$3 million for stem cell research from the Medical Research Future Fund (MRFF).
Additionally, government and private sector funded organizations are conducting clinical trials to develop safe and effective therapy for different neurological disorders, such as stem cells in cord blood infusion for cerebral palsy (stage II) and the use of the drug polyethylene glycol (PEG) (Phase I) to promote the axonal fusion technique to repair peripheral nerve damage in humans.
Additionally, in October 2017, Stryker Corporation acquired VEXIM, a French medical device company. VEXIM’s portfolio is complementary to Stryker’s Interventional Spine (IVS) portfolio.
With this acquisition, Stryker will strengthen its distribution channels in Eastern Europe, the Middle East, Asia and Latin America. In January 2018, Boston Scientific Corporation received US FDA clearance for the first and only Spectra WaveWriter spinal cord stimulation system. This system is used for therapy based on paresthesia.
Highlights of the Nerve Repair and Regeneration Market Report
• In 2021, the product segment of neuromodulation and neurostimulation devices led the market owing to the increase in cases of central nervous system (CNS) disorders and awareness of mental disorders and available treatments
• The biomaterials products segment is expected to grow at the fastest CAGR during the forecast period owing to technological advancements and development of biodegradable polymers that can help improve spine stabilization and fracture healing and to reduce hospitalizations
• North America dominated the market in 2021 thanks to technological advancements and the advent of new devices. Government initiatives and funding and increasing cases of CNS injuries, such as spinal cord and brain injuries, have been some of the major reasons responsible for the growth of the regional market
• Asia-Pacific is expected to be the fastest growing regional market over the forecast period. Growing geriatric population, advancements in technology and numerous unmet medical needs are some of the factors driving the regional market
• Combination of therapies including peptide cocktail, nerve stimulation techniques, brain injection of stem cells and other techniques that have been successful in bringing patients out of coma should be used
• Existing medical devices were combined with regenerative biologics in an effort to achieve such a complex initiative
Read the full report: https://www.reportlinker.com/p06278002/?utm_source=GNW
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