Global Nerve repair Market is expected to grow at a CAGR of 15.25% during the forecast period from 2020-2027
A new research report published by Fior Markets with the title Nerve repair Market by Type (Nerve Wraps, Nerve Protectors, Nerve Connectors, Nerve Grafts), Application (Hospitals, Ambulatory Surgical Centers, Specialty Clinics), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global nerve repair market is expected to grow from USD 193.01 million in 2019 to USD 614.29 million by 2027, at a CAGR of 15.25% during the forecast period from 2020-2027.
Nerve repair offers repair of damaged nervous cells, tissue, and cellular products. The nerve repair and regeneration mechanism involves generation of new myelin, neurons, axons, glial cells, and synapses. Nerve injuries are quite common and can be either caused by traction injuries or blunt trauma. In nerve repair and regeneration, repair or regrowth of cellular products or cells nervous tissues, is carried out.
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The market for nerve repair and regeneration is growing across different regions owing to factors such as increasing awareness among patients, innovative approaches, and technological advancement. In addition to this, rising prevalence of neurological diseases and peripheral nerve injuries in the geriatric population across the globe, further driving the growth of the market. However, increasing use of alternative technologies and the high cost of neurostimulation and neuromodulation devices, are some of the factors hampering the growth of the market. Apart from this, tapping emerging markets can lead to an immense growth opportunity in the worldwide nerve repair market.
The nerve repair market has been segmented on the basis of type, application, and region. The type segment includes nerve wraps, nerve protectors, nerve connectors, and nerve grafts. Nerve grafts segment held the largest market share of 45.36% and valued at USD 87.65 million in 2019. This is mainly due to increasing demand for nerve grafts for the nerve repairs, driving the growth of this segment. Application segment includes hospitals, ambulatory surgical centers, and specialty clinics. Hospitals segment held the largest market share of 55.23% in 2019. Increasing incidence of neurological disorders, rising number of hospitals in emerging countries, and growth and development of neuroepidemiology has been key driving factors boosting the growth of hospital segment. The market has been divided into North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America held the largest market share of 40.97% in 2019. This is mainly due to the rising incidence of peripheral nerve injuries and neurological disorders across the region as well as technological development in healthcare, and favorable reimbursement policies.
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The major companies in the global nerve repair market are AxoGen, Inc., Stryker Corporation, Integra Lifesciences Holdings Corporation, Baxter International Inc., Neurotexas, PLLC, and Polyganics among others.
In November 2018, AxoGen, Inc. announced the broadening of it platform for nerve repair to support long-term sustainable growth in this developing market.
About the report:
The global Nerve repair market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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