What are Key Factors Expected to Contribute toward Boom of Global Nerve Repair and Regeneration Market in Future?
Global nerve repair and regeneration market is expected to grow at a CAGR of 11.9% during 2017 - 2023.The surging prevalence of neurological diseases such as fecal incontinence, depression, epilepsy, Alzheimer’s, and Parkinson’s is one of the major factors responsible for the soaring utilization of nerve repair and regeneration devices throughout the globe. As per the Alzheimer’s Association, in 2015, almost 5.3 million people in the age group of 65 and above in the U.S. were found to suffer from Alzheimer’s disease and this number is predicted to rise to 7.1 million by 2025. As per the Parkinson’s Disease Foundation (PDF), nearly 7—10 million people are suffering from Parkinson’s Disease across the world.
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The other major factor contributing toward the increasing sales of neuromodulation and neurostimulation devices is the increasing incidence of chronic pain in people all around the world. As per the American Academy of Pain Medicine publication, almost 100 million people in the U.S. suffer from some kind of chronic pain. Additionally, according to the International Association for the Study of Pain (IASP), which is a non-profit organization focussing on research on pain and patient care improvement, almost 2.8% of the total diabetic population in the world were found to suffer from peripheral neuropathic pain (PNP) in 2000.
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Nerve regeneration and repair basically refers to the creation of neurons, new axom, glial cells, and myelin. It assists in the replacement of damaged cellular products and nerve cells and tissues. The neuromodulation and neurostimulation instruments are surgically implanted in the brain of the patient and play a major role in creating paresthesia, which is a tingling sensation, in the nerve system at pre-determined time intervals. These electric signals generate sensations in the damaged nerves and help majorly in the treatment of neurological ailments and chronic pain.
Therefore, it can be said with full confidence that the demand for nerve repair and regeneration devices will surge across the world in the coming years, primarily due to the increasing incidence of chronic pain and neurological diseases all over the world.