Allied Market Research recently published a research report on “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.” in its research database.
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.
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The complex, 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 such as Alzheimer’s disease, Parkinson’s disease, amyotrophic lateral sclerosis, multiple sclerosis, and multiple system atrophy. Peripheral nerves link your brain and spinal cord to the other parts of your body, such as your muscles and skin.
Ascend in commonness of neurological and pestilence issues and flood in geriatric populace that need nerve fix and recovery treatment drive the worldwide nerve fix and recovery market. Be that as it may, significant expense related with neurostimulator gadgets and absence of gifted experts ruin the market development. In actuality, flood in mindfulness among individuals and expansion in use on medical services would open new open doors later on.
The elements moving the nerve fix and recovery market are ascend in geriatric populace, developing predominance of neurological and pestilence issues, and presentation of novel and imaginative items for nerve fix and recovery. Be that as it may, severe administrative necessities for item endorsements, absence of gifted experts, and significant expense of the gadgets limit the market development. Then again, expansion in venture by significant clinical diagnostics monsters and improvement in medical services offices in Asia-Pacific are probably going to offer enormous learning experiences to the market players.
- 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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The biomaterials segment to manifest the highest CAGR through 2030
By product, the biomaterials segment is expected to showcase the highest CAGR of 7.0% during the forecast period, due to increase in target population base and increase in awareness among patients. However, the neuromodulation surgery devices segment held the largest share in 2020, contributing to more than two-thirds of the global nerve repair and regeneration market, owing to increase in consumer awareness about nerve repair and advent of innovative technologies in the healthcare sector.
|Market Outlook for 2030||USD $12.3 billion|
|Market Size 2020 Value||USD $6.6 billion|
|Expected CAGR Growth||6.5% from 2021 – 2030|
|Forecast Year||2021 – 2030|
|Top Market Players||
|Segments Covered||By Product, By Procedure, By Application, By End-Use, By Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America; Middle East & Africa|
|Customization Options||Customized purchase options are available to meet your research needs. Explore customized purchase options|
Allied Market Research has segmented the Nerve Repair and Regeneration Market report on the basis of procedure, application, end-user, and region:
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By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Important Questions Being Answered by the Market Report
- What is the Nerve Repair and Regeneration Market size and growth?
- What are the prominent and latest trends impacting the market?
- Which regions will observe growth on new occasions?
- Which players are adopting a functioning and planned framework to obtain customer loyalty?
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