Global Sales of Nerve Repair Market are Expected to Reach ~US$ 771.6 Mn at a CAGR of 12.3% Amid Growing Prevalence of Neurological Illness by year 2032-end. Analysis by Future Market Insights, Inc.
Sales in the U.S. Nerve Repair Market are slated to grow at an impressive CAGR of 13.3% during the forecast period. China to Contribute Nearly 2/5th of Sales in the Global Nerve Repair Market. Government initiatives to promote awareness over nerve disorders, use of advanced therapies, and presence of reimbursement, are some of the key trends in this market
NEWARK, Del, Nov. 17, 2022 (GLOBE NEWSWIRE) — The global nerve repair market is anticipated to showcase an impressive growth outlook for the market over the projection period from 2022 to 2032. The global market is expected to reach US$ 242.8 Mn in 2022 and is projected to surpass a valuation of around US$ 771.6 Mn in 2032. According to the estimations conducted by Future Market Insights, the global nerve repair market generated a total CAGR of 42.2% in 2021 in terms of product type. The growth in the market is attributed to the rising prevalence of neurological illnesses all over the world.
According to Future Market Insights, the nerve repair market was approximately 3.1% of the overall US$ 7.0 Bn of the global nerve repair and regeneration market in 2021. Sales in the nerve repair market expanded at a CAGR of 9.5% between 2015 and 2021. However, growth in the market is predicted to surge by 3.5x through 2022 & beyond. According to the reports of the Pan American Health Organization in 2019, neurological conditions accounted for around 32.9 deaths per 100,000 populations, out of which 33.1 deaths per 100,000 populations in men and 32.2 deaths per 100,000 populations in women.
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Due to the cases of several chronic nervous systems such as Alzheimer’s and Parkinson’s disease rising, the demand for nerve repair products is also predicted to burgeon over the forecast period. In addition to that, growth in the market is predicted to accelerate on the back of technological advancements in neurological treatments. According to recent studies, a significant rise in cases of nerve damage has been witnessed in developed countries, fueling the demand in the market. As per the American Society for Peripheral Nerve, an average of 1.2 million procedures are performed alone in the U.S.,
Key Takeaways
- Prominent market players in the global nerve repair market are keeping an eye on the East and South Asia markets in order to capitalize on the growing demand for neurological products combined with rising awareness in countries including India, China, and Japan. The key players are also tapping into the markets of Mexico, Indonesia, and other Middle Eastern nations. This is also expected to fuel the demand in the nerve repair market.
- In addition, prominent producers in the market are investing heavily in streamlining their R&D and improving production for nerve repair products. Owing to the cost-effectiveness achieved by outsourcing their manufacturing capabilities, CDMOs will likely anticipate a profitable decade.
- When there is a damaged nerve, it can lead to serious motor and sensory issues that are expected to ache and cause the appendages to malfunction. Therefore, health professionals employing biomaterials in the nerve repair process are included in products for nerve repair. The autograft is the gold standard for nerve repair procedures, although the specifics of the procedure are determined by the type and severity of the nerve injury.
- Technologically advanced nerve repair therapies are utilized to efficiently treat damage brought on by trauma and several other factors, which is known as a key factor responsible for influencing the market. Adult stem cells can easily be extracted from adipose tissue, skin, and bone marrow, and are now being employed in many developed nations to repair and regenerate nerves.
- Key players in the market are rising the manufacturing of nerve repair products as the prevalence of neurological disorders across the globe. Moreover, an increase in nerve repair expenditure is likely to drive sales in the nerve repair market over the forecast period (2022-2032).
- An estimation of US$ 150 billion is predicted to have been spent on medical care for nerve injuries annually in the U.S. This showcases the expenditure on nerve repair, replacement, and regeneration due to a rise in cases of indications like amyotrophic lateral sclerosis, multiple system atrophy, Parkinson’s disease, Alzheimer’s disease, and multiple sclerosis.
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Competitive Landscape
With the establishment of several key nerve repair production companies all over the world, the overall market is anticipated to be highly fragmented. In order to maintain a strong foothold over the entire industry, key players are increasing R&D efforts to expand their novel product portfolios. Various products are still in the pipeline stage as the companies are proceeding toward promoting regularization and licensing of these pipelined products after assessing their efficacy.
More Insights into the Nerve Repair Market
The U.S. held approximately 89.5% share in the global nerve repair market in 2021, opines FMI. Sales in the U.S. are slated to grow at an impressive CAGR of 13.3% during the forecast period.
Key Market Segments Covered in Nerve Repair Industry Research
By Product:
- Nerve Wrap
- Nerve Protector
- Nerve Connector
- Nerve Graft
By Nerve Repair:
- Epineural Nerve Repair
- Perineural Nerve Repair
- Fascicular Nerve Repair
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Specialty Clinics
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
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Table of Content
1. Executive Summary
  1.1. Global Market Outlook
  1.2. Demand Side Trends
  1.3. Supply Side Trends
  1.4. Analysis and Recommendations
2. Market Overview
  2.1. Market Coverage / Taxonomy
  2.2. Market Definition / Scope / Limitations
  2.3. Inclusions and Exclusions
3. Key Market Trends
  3.1. Key Trends Impacting the Market
  3.2. Product Development and Innovation Trends
4. Key Success Factors
  4.1. Product USPs/features
  4.2. Product Adoption Analysis by Region
  4.3. Key Industry Developments
  4.4. Regulatory Landscape
  4.5. Reimbursement Scenario
  4.6. Promotional Strategies by Manufacturer
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