Nerve Repair and Regeneration Market Size

Nerve Repair & Regeneration Market Analysis

The Nerve Repair and Regeneration Market are expected to register a CAGR of 12.2% during the forecast period.

COVID-19 had a significant impact on the growth of the market over the forecast period. The SARS-CoV-2 showed to case nerve injuries in the infected patients, which impacted the demand for nerve repair and regeneration market during the pandemic period. For instance, the NCBI article published in March 2021, mentioned that peripheral nerve injury could occur in patients with COVID-19 secondary to postinfectious inflammatory neuropathy, prone positioning-related stretch and/or compression injury, systemic neuropathy, or nerve entrapment from hematoma. Such incidence of nerve injuries among the infected patients had a notable impact on the growth of the market during the pandemic period. Also, the resumption of nerve repair and regeneration procedures during the post-pandemic period is expected to contribute to the market's growth over the forecast period.

The market is expected to show growth due to the growing incidence of nerve injuries and the high prevalence of neurological disorders, technological advancements for nerve repair and regeneration, and the rise in healthcare expenditure by the government with favorable policies in the developed market.

The increase in neurological diseases is found to be the major contributor to the global burden of disease. There are various nervous system disorders, including cerebrovascular disease, Alzheimer's disease, other dementias, migraine, epilepsy, tetanus, meningitis, Parkinson's disease, and multiple sclerosis, among others. For instance, the WHO data published in February 2022 mentioned that around 50 million people worldwide have epilepsy, and nearly 80% of people worldwide live in low and middle-income countries in 2022. Additionally, the American Heart Association report published in 2021 mentioned that globally the prevalence of intracerebral hemorrhage was 20.7 million cases, and that of subarachnoid hemorrhage was 8.4 million in 2021. Such a high incidence of various neurovascular disorders among the global population giving rise to the demand for nerve repair and regeneration is expected to contribute to the market's growth over the forecast period.

Apart from the rising cases of neurological disorders, a strong product pipeline and product approvals of the major companies are also expected to contribute to the market's growth. For instance, in March 2021, Helius Medical received marketing authorization from the US FDA for the Portable Neuromodulation Stimulator (PoNS) device. The PoNS device is indicated for use as a short-term treatment of gait deficit due to mild-to-moderate symptoms from multiple sclerosis and is to be used as an adjunct to a supervised therapeutic exercise program. Also, in February 2021, ShiraTonics received the device designation Center of Devices and Radiological Health (CDRH) of the FDA for its innovative neurostimulation therapy targeting chronic migraine.

However, the high cost associated with the devices and the lack of trained personnel are expected to restrain the market's growth over the forecast period.