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Boston, MA -- (SBWIRE) -- 10/14/2013 -- The nerve repair and regeneration market was worth $4.1 billion in 2012 and is expected to grow at a CAGR of 11.5% in the next five years, primarily due to technological advancements and favorable reimbursement policies. The market is expected to witness a high growth in nerve grafting and neuromodulation segments, as they offer effective solutions for peripheral nerve repair and chronic pain, incontinence, heart failure, headache, depression, and epilepsy. Moreover, there are certain devices in clinical trials for newer applications; for instance, deep brain stimulation for Alzheimer's and depression, and vagus nerve stimulation for heart failure. Novel therapies (such as stem cell therapy) and emerging markets provide huge growth opportunities. However, the major challenges faced by the industry are donor site morbidity and inadequate nerve regenerationby conduits. The neuromodulation market is expected to reach $7.8 billion by 2018.
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The peripheral nerve repair segment includes direct nerve repair, nerve grafting, and stem cell therapy, while the neuromodulation segment includes internal stimulation devices such asSpinal Cord Stimulation (SCS), Deep Brain Stimulation (DBS), Vagus Nerve Stimulation (VNS), Sacral Nerve Stimulation (SNS),Gastric Electrical Stimulation (GES), and external stimulation devices such as Transcranial Magnetic Stimulation (TMS) and Transcutaneous Electrical Nerve Stimulation (TENS).
A number of factors such as the rapidly aging population, growing number of peripheral nerve injuries and associated diseases like Alzheimer's, epilepsy, and Parkinson's are the major reasons for the growth of this market. According to a recent study, around 87% of peripheral nerve injuries are resulted from trauma; the U.S. accounts for around 40% of the global peripheral nerve repair surgeries. According to the International Neurostimulation Society, about 40 million to 50 million patients worldwide suffer from epilepsy and 1.5 million people suffer from Parkinson's in the U.S. alone. Moreover,treatment for tinnitus represents one of the emerging applications in this market. According to the American Tinnitus Association, about 50 million people suffer from this disease in the U.S. alone.
Major players in the peripheral nerve repair segment include Integra LifeSciences Corporation (U.S.), Stryker Corporation (U.S.), AxoGen, Inc. (U.S.), and Polyganics (The Netherlands). The key players in the neuromodulation segment include Medtronic, Inc. (U.S.), Cyberonics, Inc. (U.S.), Boston Scientific Corp. (U.S.), St. Jude Medical, Inc. (U.S.), Enteromedics, Inc. (U.S.), Dynatronics Corp. (U.S.), and Neuronetics (U.S.).
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