Nerve Repair and Regeneration Market Is Expected to Reach $13,938 Million, Globally, by 2023

According to a new report published by Allied Market Research, titled, “Nerve Repair and Regeneration Market," The Nerve Repair and Regeneration Market Size was valued at $6.6 billion in 2020, and is estimated to reach $12.3 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.

Biomaterials and neuromodulation surgery devices constitute nerve repair and regeneration products. The techniques of nerve repair and regeneration assist to cure disorders such as Alzheimer’s disease, Parkinson’s disease, and other neurological diseases.

An increase in the geriatric population, a rise in the prevalence of neurological & epidemic disorders, and the launch of innovative products for nerve repair& regeneration are major factors that drive the Nerve Repair and Regeneration Market Growth. However, stringent regulatory requirements for product approvals impede market growth. The surge in investment by major medical diagnostics giants and improvement in healthcare facilities in Asia-Pacific provide growth opportunities for market development.

The nerve repair and regeneration market are segmented on the basis of surgery, product, and region. By surgery, the market is classified into direct neuropathy, nerve grafting, stem cell therapy, and neuromodulation surgery. Direct neuropathy is further sub-categorized into epineural repair and perineural repair

and group fascicular repair. The nerve grafting segment is further sub-categorized into autografts, allografts, and xenografts. The neuromodulation surgery segment is further divided into external neuromodulation surgery and internal neuromodulation surgery.

By product, the market is divided into biomaterials and neuromodulation surgery devices. The biomaterials segment is further sub-categorized into nerve conduits, nerve protectors, nerve wraps, and nerve connectors. The neuromodulation surgery devices segment is further divided into external neuromodulation surgery and internal neuromodulation surgery. Externalneuromodulation surgery is further segmented into transcutaneous electrical nerve stimulation and transcranial magnetic stimulation. Internal neuromodulation surgery is divided into spinal cord stimulation, deep brain stimulation, sacral nerve stimulation, vagus nerve stimulation, and others. By region, the Nerve Repair and Regeneration Market Analysis is done across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and the Rest of Europe), Asia-Pacific (Japan, China, India, Australia, and Rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and Rest of LAMEA).

The COVID-19 outbreak is anticipated to have a negative impact on the growth of the global nerve repair and regeneration market. The COVID-19 pandemic has stressed healthcare systems in the world. The dermatology practice is profoundly affected by the COVID-19 pandemic. A number of clinics and hospitals were restructured to increase hospital capacities for patients diagnosed with COVID-19. Implementation of lockdown, owing to the COVID-19 outbreak resulted in a decline in the number of patient visits for surgeries during the pandemic.

Key Findings Of The Study

• Depending on the product, the neuromodulation surgery devices segment was the highest Nerve Repair and Regeneration Market Share.
• By surgery, the neuromodulation surgery segment was the highest contributor in Nerve Repair and Regeneration Industry.
• By region, North America dominated the Nerve Repair and Regeneration Industry, in 2020, and is expected to be dominant during the forecast period.