The Nerve Repair and Regeneration Market are expected to register a CAGR of 12.2% during the forecast period. The market is expected to show growth due to the growing incidence of nerve injuries and high prevalence of neurological disorders, technological advancements for nerve repair and regeneration and the rise in healthcare expenditure by the government with favourable policies in the developed market.
The increase in neurological diseases is found to be the major contributors to the global burden of disease. There are over 1,000 disorders of the nervous system, including cerebrovascular disease, Alzheimer’s disease, and other dementias, migraine, epilepsy, tetanus, meningitis, Parkinson's disease, multiple sclerosis, and poliomyelitis, that are among the other major diseases.
As per the Alzheimer Europe 2019 report, estimates that the number of people with dementia in Germany in 2018 was around 1,585,166 and this number is projected to rise to 2,748,178 in 2050. Similarly, as a percentage of the overall population with dementia will represent 3.43% in 2050 compared to 1.91% in 2018. As number of people will dementia is expected to rise in coming years which shows positive impact on market. Therefore a major section of the population suffering from neurological disorders is found to be the European population and countries in the Western Pacific region. For these diseases, neurostimulation devices have become increasingly an ideal treatment. Hence with that, the growth of neurostimulation devices is expected to witness the highest revenue among all the medical devices.
Apart from the rising cases of neurological disorders, strong product pipeline by the major companies is also driving the market.
Key Market Trends
Stem Cell Therapy in the Application Segment is Expected to Witness the Fastest CAGR Over the Forecast Period in the Nerve Repair and Regeneration Market
Stem cell therapy segment is expected to witness the fastest CAGR due to the various government initiatives and approvals to conduct clinical trials of biomaterials. According to the Organisation for Economic Co-operation and Development (OECD), in 2018, the average per capita healthcare expenditure in Denmark was around USD 5,300.
Furthermore, as per the Alzheimer Europe 2019 report, estimates that the number of people with dementia in Italy in 2018 was around 1,279,366 and this number is projected to double to around 2,247,715 in 2050. Similarly, as a percentage of the overall population with dementia will represent 4.13% in 2050 compared to 2.12% in 2018. As a number of people will dementia is expected to double in the near future which is expected to boost the market.
A high number of research centres, universities, and companies, from European nations, the United States, and Canada, are also conducting several clinical trials for the application of stem cell-based therapies in nerve repair and regeneration. These countries are found to be backed by high government funding, well-developed healthcare infrastructure, and widespread global presence. Hence, owing to above factors the segment is expected to show growth market over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the market owing to increasing incidence of neurological disorders and supportive health insurance coverage scenario in the region. There is also the availability of technologically advanced devices that is a major factor for the dominance of this region. For instance, according to the Alzheimer's Association, number of Americans living with Alzheimer's is growing and growing fast. More than 5 million Americans of all ages had Alzheimer's in 2019. An estimated 5.8 million Americans age 65 and older are living with Alzheimer's dementia in 2020. 80% of population are age 75 or older. 1 in 10 people above 65 years of age (10%) has Alzheimer's dementia. Almost two-thirds of Americans with Alzheimer's are women.
Moreover, the increasing government initiatives and funding and increased cases of neurological disorders, such as dementia, Alzheimer's disease and Parkinson's disease are also some of the major reasons responsible for the region’s growth.
The Nerve Repair and Regeneration Market is consolidated competitive. In terms of market share, few of the major players are currently dominating the market. Some of the key companies are Abbott Laboratories, Axogen Corporation, Baxter, Boston Scientific Corporation. These industry contributors are found to have a broad product pipeline for neurological disorders. The key players present in the market are in a process of introducing advanced products to improve treatment efficiency, in turn, capturing a higher market share.
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