Market Trends of Nerve Repair and Regeneration Industry
This section covers the major market trends shaping the Nerve Repair & Regeneration Market according to our research experts:
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 cells could be useful for treating neurodegenerative disorders by replacing impaired and dead or dying neural cells following differentiation. The stem cell therapy segment is expected to witness the fastest CAGR due to the increasing incidence of neurological disorders, coupled with growing demand for effective treatment options, various government initiatives, and approvals to conduct clinical trials of biomaterials.
For instance, the data published by WHO in September 2022, reported that more than 55 million people are living with dementia worldwide in 2022, and there are nearly 10 million new cases every year. The report also mentioned that as the proportion of the older population is increasing worldwide, the number of dementia cases is expected to rise to 78 million by 2030 and 139 million by 2050.
The increasing research and developmental activities by various organizations and funding for the development of advanced stem cell therapies in the treatment of neurological disorders are also expected to contribute to the growth of the studied segment. For instance, in April 2021, UCLA researchers reported that a one-time injection of an experimental stem cell therapy could repair brain damage and improve memory function in mice with conditions that replicate human strokes and dementia. On the Other hand, in November 2031, Neuroplast raised a total of EUR 10 million (USD 11.5 million) in funding from investors to further advance the clinical development of a transformative stem cell therapy for traumatic spinal cord injury.
Thus, the increasing incidence of various neurological disorders, along with rising research and developmental activities and funding, are expected to contribute to the growth of the studied segment.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to hold a significant share of the market owing to the increasing incidence of neurological disorders and the quick adoption of technologically advanced products. Additionally, the presence of key market players and frequent product developments in this region is expected to play a crucial role in the market's growth.
For instance, the NCBI article published in March 2021 mentioned that an estimated 6.2 million Americans age 54 and older were living with Alzheimer's dementia in 2021. this number was expected to reach 13.8 million by 2060. Additionally, the Florida Health data in June 2022 mentioned that approximately 0.6% of children in the United States were diagnosed with epilepsy in 2021. Likewise, the Alzheimers Society of Canada data in September 2022 reported that in Canada, over 600,000 people are living with dementia. By 2050, more than 1.7 million Canadians are expected to be living with dementia. Such increases in neurological disorders are expected to drive the demand for nerve repair and regeneration, thereby contributing to the growth of the market.
Moreover, the increasing product developments by various market players and product approvals in North America are expected to favor the market's growth in this region. For instance, in March 2022, MyndTec received FDA approval for MyndMove 2.0, its second-generation neuromodulation MyndMove system. The MyndMove system is a touch screen, eight-channel neuromodulation device that delivers short electrical pulses to stimulate muscle contractions and enhance motor recovery. Also, in June 2021, Medtronic received approval from FDA for their product SenSight directional lead system used for deep brain stimulation therapy. The Sensight implants both send electric signals to treat movement disorders such as Parkinson's disease and capture brain signals that may inform the care of the patient.
Therefore, the above-mentioned factors, such as increasing neurological disorders, growing demand for nerve repair and regenerative therapies along with increasing product developments, are expected to contribute to the growth of the market in this region.
