DUBLIN, December 07, 2021--(BUSINESS WIRE)--The "Nerve Repair and Regeneration - Market Insight, Competitive Landscape and Market Forecast - 2026" report has been added to ResearchAndMarkets.com's offering.
The global nerve repair and regeneration market was valued at USD 7,774.24 million in 2020, growing at a CAGR of 9.24% during the forecast period from 2021 to 2026, in order to reach USD 13,004.44 million by 2026.
The increase in demand for nerve repair and regeneration products is predominantly attributed to the increasing incidence of nerve injuries, rising prevalence of lifestyle disorders such as diabetes and hypertension. Moreover, technological advancements in the nerve repair product portfolio and high product approvals in recent times, among others are also some of the factors contributing to the global market growth for nerve repair and regeneration.
Nerve Repair and Regeneration Market Dynamics:
The market for nerve repair and regeneration is gaining momentum at present due to the growing prevalence of lifestyle-associated disorders such as diabetes and hypertension. For instance, diabetes is considered as one of the major risk factors that may lead to the development of peripheral nerve neuropathy and can lead to mild to severe forms of damage to the sensory, motor, and autonomic nerves further causing symptoms such as numb, tingling, or burning feet, one-sided bands or pain, and numbness and weakness on the trunk or pelvis.
According to the statistics published by the International Diabetes Federation (IDF) Diabetes Atlas 2019 Ninth Edition, there were approximately 463 million adults in the age group 20-79 years were living with diabetes in 2019. The source further mentioned the numbers to rise to 700 million by 2045. Thus, increasing diabetes could be a potential factor for the market growth of nerve repair and regeneration.
Furthermore, rising nerve injury cases across the globe is also a key factor responsible for the increased demand for nerve repair and regeneration products thereby fuelling the global nerve repair and regeneration market. According to the National Institute of Neurological Disorders and Stroke (NINDS, 2021), in the United States, diseases of the peripheral nerve tend to affect approximately 20 million people.
Additionally, rising cases of traumatic injuries due to road accidents, occupational accidents, falls, among others could lead to peripheral nerve injuries thereby raising the demand for nerve repair and regeneration products. For instance, according to the International Labour Organization (ILO) 2021 data, worldwide, there are approximately 340 million occupational accidents annually.
Hence, all the above-mentioned factors are expected to bolster the global market for nerve repair and regeneration products.
With the unprecedented COVID-19 pandemic the demand for nerve repair and regeneration products in the market decreased. This was due to the temporary suspension of numerous elective procedures and outpatient visits as the healthcare system guidelines worldwide temporarily focused all their efforts on the management of COVID-19 patient load during the initial lockdown period. Moreover, owing to the approval and administration of numerous COVID-19 vaccines across the globe in the second half of 2020, there was a significant improvement in the resumption of activities across various domains, including healthcare services, thereby paving the way for a sound period of recovery for the nerve and regeneration market.
However, the high cost associated with nerve repair and regeneration products and the availability of alternative treatment methods are likely to hinder the nerve repair and regeneration market growth in the forthcoming years.
Key Takeaways from the Nerve Repair and Regeneration Market Report Study
Market size analysis for current market size (2020), and market forecast for 5 years (2021-2026)
The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Nerve Repair and Regeneration market.
Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
Key companies dominating the Global Nerve Repair and Regeneration Market.
Various opportunities available for the other competitor in the Nerve Repair and Regeneration Market space.
What are the top-performing segments in 2020? How these segments will perform in 2026.
Which are the top-performing regions and countries in the current market scenario?
Which are the regions and countries where companies should have concentrated on opportunities for Nerve Repair and Regeneration market growth in the coming future?
Boston Scientific Corporation
Checkpoint Surgical, Inc
Integra Lifesciences Corporation
Alafair Biosciences, Inc.
Synapse Biomedical, Inc.
Collagen matrix, Inc.
Aleva Neurotherapeutics SA
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