The global nerve repair and regeneration market is expected to reach USD 15.7 billion by 2024, according to a new report by Grand View Research, Inc. The demand for neurological disorder devices and therapies is expected to exhibit an upsurge over the forecast period owing to the rising awareness, the increasing incidence rate, the favorable government funding and reimbursement policies, and the continual technological advances offered by the key players of the industry. According to the American Physiological Society, approximately 12,000 spinal Cord Injuries (SCI) are recorded every year in the U.S. The majority of these injuries take place due to sporting accidents, gunshot wounds, car accidents, and falls.
In January 2016, The EU Horizon 2020 program funded a research project ‘AUTOSTEM’ launched by the NUI Galway’s Regenerative Medicine Institute (REMEDI) amounting toUSD 6.73 million. This project is to develop a robotic stem cell production factory, involved in fully automated manufacturing of stem cells in large volumes; thus, having an edge over the old traditional techniques. Also, this technique will treat a range of therapies pertaining tocancer,arthritis, diabetes and other complications.
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summary of this report @ http://www.grandviewresearch.com/industry-analysis/nerve-repair-regeneration-market
Further key findings from the report suggest:
·
The neurostimulation and neuromodulation segment
dominated the product segment of the market due to the increasing awareness
about the devices coupled with the surgingnumber of central nervous system
disorders in the population
·
North America dominated the market in 2015 owing
to the technological advancements in the region and the introduction of new
devices by the manufacturers. In 2015, U.S proved to be the most potential
market. The rise in number of cases withinjuries in the Central Nervous System
(CNS), including injuries to the spinal cord and the brain,and increase in the
governmentinitiatives and funding,as well as funding fromvarious other agencies
were some of the major reasons responsible for the growth.
·
According to the report published by the Florida
University, annually,more than 2 million people sufferfromtraumatic injuries of
the brain in the US and a minimum of 10,000 people suffered with spinal cord
injuries.The CNS injuries are a consequence of incompletely elucidated
biochemical pathological phenomenon. This lack of complete understanding in the
field drives the urgency for ramping up R&D efforts to develop novel
neurotherapeutic approaches.
·
In March 2016, Baxter International, Inc.
completed the CE marking, the indication for marketing of ‘HEMOPATCH’, the
ready-to-use surgical patch in the European market. This patch was approved for
use in dural defect repair, for treatingtraumatic injuries of the brain, CNS,
andas a surgical sealant to contain leakage of bodily fluids in otherbody
parts, oras a hemostatic device to prevent the loss of blood.
·
APAC is expected to be the fastest growing
region of the nerve repair and regeneration market. Aging population,
technological advancements, and unmet medical needs in this region are some of
the reasons for the growth of the market
·
In February 2016, Indian scientists working for
Revita Life Sciences and Bioquark, Inc. gained permission to conduct clinical
trials in 20 clinically dead patients to bring specific parts of their central
nervous system back to life. Combination of therapies are to be applied
including injecting the brain with stem cells, cocktail of peptides, use of
lasers and nerve stimulation techniquesthat have been proven successful in
reviving comatose patients.A blend of regenerative medicine tools and treatment
devices are to be employed to achieve success with such a complex undertaking.
·
Manufacturers are collaboratingwith the aim of
combining the use of innovative devices and therapies to improve treatment
efficiency and provide better therapy outcomes
·
In November 2012, UCB (Euronext Brussels) and
NewBridge Pharmaceuticals entered into an agreement to engage in geographical
expansion of its core products (Neupro, Vimpat, and Cimzia)to include majority
of the African and Middle east countries in its distribution channels. On the
other hand, Newbridge Pharmaceuticals is to focus on product commercialization,
gaining regulatory approvals from local bodies, and perform pharmacovigilance.
This agreement is estimated to elevate the uptake of products related to CNS
and immunologic diseases in the Middle-east and Africa region.
·
Some key players of this market include
Polyganics B.V., St. Jude Medical, Inc., Stryker Corporation, AxoGen,
Inc., and others
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more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/healthcare
Grand View Research has segmented the global nerve repair and regeneration market on the basis of products, surgery, and regions:
Nerve Repair and Regeneration Product Outlook (Revenue, USD Million, 2013 - 2024)
·
Biomaterial
·
Neurostimulation and neuromodulation devices
o
Spinal cord stimulation devices
o
Deep brain stimulation devices
o
Sacral nerve stimulation devices
o
Vagus nerve stimulation devices
o
Gastric electric stimulation devices
Nerve Repair and Regeneration SurgeryOutlook (Revenue, USD Million,
2013 - 2024)
·
Direct nerve repair/neurorrhaphy
·
Nerve grafting
·
Stem cell therapy
·
Neurostimulation and neuromodulation surgeries
Nerve Repair and Regeneration Regional Outlook (Revenue, USD
Million, 2013 - 2024)
·
North America
o
U.S.
o
Canada
·
Europe
o
UK
o
Germany
o
Rest of Europe
·
Asia Pacific
o
Japan
o
China
o
Rest of Asia Pacific
·
Latin America
o
Brazil
o
Mexico
o
Rest of Latin America
·
MEA
o
South Africa
o
Rest of MEA
Access press release of this research report - http://www.grandviewresearch.com/press-release/global-nerve-repair-regeneration-market
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