North America was the largest regional market for Nerve Repair Market in 2019
Northrook, IL -- (SBWIRE) -- 08/10/2020 -- According to the new market research report "Nerve Repair and Regeneration Market by Products (Nerve Conduits, Nerve Wraps, Vagus Nerve Stimulation, Sacral Nerve Stimulation, Spinal Cord Stimulation, TENS, TMS), Application (Neurorrhaphy, Nerve Grafting, Stem Cell Therapy) and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Nerve Repair and Regeneration Market size is projected to reach USD 9.7 billion by 2025 from USD 6.3 billion in 2020, growing at a CAGR of 9.1% from 2020 to 2025.
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The Growth in Nerve Regeneration Market is driven mainly by high incidence of nerve injuries, the growing prevalence of neurological disorders, and rising government support for neurologic disorder research.
Neurostimulation and Neuromodulation Devices accounted for the largest share of the market, by product, in 2019
By product, the nerve repair market is segmented into neurostimulation and neuromodulation devices and biomaterials. The neurostimulation and neuromodulation devices segment is segment is expected to grow at the highest growth rate during the forecast period. The large market share of this segment is driven mainly by rising government expenditure for neurologic disorders, and favorable reimbursement .
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By neurostimulation and neuromodulation application, internal neurostimulation and neuromodulation accounted for the largest market share in 2019
Based on the neurostimulation and neuromodulation application , the Nerve Regeneration Market is segmented the neurostimulation and neuromodulation devices market is segmented into internal neurostimulation and neuromodulation applications and external neurostimulation and neuromodulation applications. The internal neurostimulation and neuromodulation segment is estimated to register the highest CAGR during the forecast period. This can primarily be attributed to the increasing incidence of neurological disorders across the globe.
By Biomaterials application, direct nerve repair/neurorrhaphy accounted for the largest market share in 2019
Based on application, the biomaterials market is segmented into direct nerve repair/neurorrhaphy, nerve grafting, and stem cell therapy. In 2019, the direct nerve repair segment accounted for the largest share of the market. This can be attributed to the increasing incidence of neurological disorders across the globe.
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The Nerve Repair And Regeneration Market is segmented into five major regions, namely, Europe, North America, the Asia Pacific, Latin America, and Middle East & Africa. In 2019, North America accounted for the largest share of the Nerve Regeneration Market, followed by Europe. The rising incidence of neurological disorders, favorable reimbursement policies, and the strong presence of industry players in the region are the major factors driving the growth of the market in North America.
Some of the major players operating in the global Nerve Repair And Regeneration Market include Medtronic, PLC. (Ireland), Boston Scientific Corporation (US), Abbott Laboratories (US), AxoGen, Inc. (US), Baxter International, Inc. (US), LivaNova, PLC. (UK), Integra LifeSciences (US), Polyganics (Netherlands), NeuroPace, Inc. (US), Soterix Medical, Inc. (US), Nevro Corp (US), Synapse Biomedical, Inc. (US), Aleva Neurotherapeutics (Switzerland), Collagen Matrix, Inc. (US), KeriMedical (Switzerland), BioWave Corporation (US), NeuroSigma (US), tVNS Technologies GmbH(Germany), and GiMer Medical (Taiwan).