The nerve repair and regeneration market will reach over USD 17.47 billion, growing at a 12.2% CAGR, by 2030.
The growth of the industry is mainly credited to the increasing incidence of traumatic brain injuries, along with numerous neurological illnesses, for instance, ataxia, Alzheimer's disease, and acute spinal cord injury. Additionally, the rising government organization's support for research on nervous system disorders will further boost the growth of the industry in the years to come.
Furthermore, developing nations, such as Brazil, China, and India are providing profitable growth opportunities for the expansion of the domain. This is attributed to the mounting incidence of neurological disorders, increasing healthcare expenses, and the large population in these nations.
In 2021, the neurostimulation/neuromodulation devices category, based on product, accounted for the largest industry share, of over 64%. This is mainly because of the growing commercialized spinal cord stimulation product numbers, itself because of the increasing number of individuals with spinal cord injuries. Additionally, the technological progressions, the biocompatibility of these devices, and the increasing number of applications are boosting the category growth.
Moreover, the favorable policies of reimbursement in developed countries and rising government funding for product inventions will play an important role in the years to come.
In 2021, the neurostimulation and neuromodulation surgeries category, based on application, accounted for the largest revenue share in the nerve repair and regeneration market, of over 34%. This is mainly because of the government organization's initiatives for conducting biomaterials clinical trials and the recent approvals of some of these products.
Additionally, the increasing number of medical centers in emerging economies offering stem cell therapies is also helping in boosting the category growth.
In 2021, North America held the highest nerve repair and regeneration industry revenue share, of over 30%. This is attributed to the increasing number of elderly patients, as well as the rising occurrence of neurological illnesses in the region.
The APAC industry will observe the fastest growth rate, of over 13%, in the years to come. This is because of the mounting elderly population, increasing healthcare expenses, and the rising incidence of neurological illnesses, for instance, Parkinson’s, epilepsy, Alzheimer’s, and essential tremors. Additionally, the implementation of advanced technologies for the treatment of these illnesses is boosting the growth in this region.
In Asia-Pacific, the nerve regeneration and repair therapies adoption in China, Japan, and India is advancing rapidly because of the growing healthcare infrastructure rate and new technology penetrations.
Hence, with the increasing incidence of traumatic brain injuries and rising research on nervous system disorders, the nerve repair and regeneration industry will advance significantly in the coming years.
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