Portland, OR -- (SBWIRE) -- 02/22/2018 -- The nervous system-comprising the brain, spinal cord, and peripheral nerves-is susceptible to various injuries ranging from trauma to neurodegenerative diseases such as Alzheimer's disease, Parkinson's disease, amyotrophic lateral sclerosis, multiple sclerosis, and multiple system atrophy. Alzheimer's disease is the major cause of dementia in older adults, with progressive loss of neurons.

Major factors that drive the growth of the global nerve repair and regeneration market include increase in geriatric population, rise in incidence of neurological & epidemic disorders, and launch of innovative products for nerve repair & regeneration. In addition, surge in R&D investment by leading players for the development of innovative products and growth in demand for nerve repair and regeneration products from emerging countries are expected to offer lucrative opportunities for the market growth.

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According to the UN news center, global statistics show that 50 million people suffer from epilepsy, 62 million from cerebrovascular disease, 326 million from migraine, and 24 million from Alzheimer's disease & other dementias, annually. According to the American Academy of Neurology, in 2008, stroke is ranked as the third leading cause of death in the U.S., whereas Alzheimer's is ranked as the sixth leading cause of death. A total of 5.4 million Americans is currently diagnosed with Alzheimer's disease. Parkinson's disease affects 1 million Americans, with at least 60,000 new cases reported annually. Stroke patients seen by a neurologist (5.6%) are less likely to die during hospitalization than those seen by a non-neurologist (13.5%).

Increase in geriatric population, rise in prevalence of neurological & epidemic disorders, and launch of innovative products for nerve repair & regeneration are the major factors that drive the growth of the global nerve repair and regeneration market. However, stringent regulatory requirements for product approvals act as a restraining factor for the market growth. Increase in peripheral nerve injuries and neurological disorders and improvement in the healthcare facilities in Asia-Pacific provide growth opportunities for the market.

The key players profiled in the report include AxoGen Inc. (U.S.), Baxter International (U.S.), Boston Scientific Incorporation (U.S.), Cyberonics Inc. (U.S.), Integra Lifesciences Corporation (U.S.), Medtronic plc (U.S.), Orthomed S.A.S. (France), Polyganics B.V. (Netherlands), St. Jude Medical (U.S.), and Stryker Corporation (U.S.).

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Global Opportunity Analysis and Industry Forecast, 2017-2023, the global nerve repair and regeneration market was valued at $5,927 million in 2016, and is projected to garner $13,938 million by 2023, registering a CAGR of 13.0% from 2017 to 2023.