What are the Historical Developments and Current Growth Metrics of the Peripheral Nerve Injuries Market?
The peripheral nerve injuries market has seen considerable growth due to a variety of factors.
• The peripheral nerve injuries market has experienced rapid growth in recent years. It will grow from $3.93 billion in 2024 to $4.44 billion in 2025, with a compound annual growth rate (CAGR) of 12.9%.
The growth can be attributed to the increase in age-related disorders such as osteoporosis and arthritis.
What Does Future Hold for The Peripheral Nerve Injuries Market By 2029?
The peripheral nerve injuries market is expected to maintain its strong growth trajectory in upcoming years.
• The peripheral nerve injuries market is projected to grow to $7.12 billion by 2029, at a CAGR of 12.5%.
Growth drivers include trauma and accident incidents, sports injuries, chronic conditions like diabetes, aging populations, improved patient compliance, and better quality of life. Major trends include advancements in nerve repair technologies, diagnostics, artificial nerve implants, emerging therapies, and personalized medicine.
What Are The Primary Growth Drivers In The Peripheral Nerve Injuries Market?
The peripheral nerve injuries market is likely to expand due to the rising frequency of accidents. This surge in accidents is influenced by several elements such as alterations in urbanization leading to increased traffic, lifestyle changes, environmental conditions, and disregarding behaviors. Comprehensive treatment measures are usually required to lessen the effects of peripheral nerve injuries and assist in healing. Emerging therapies like stem cell therapy, growth factor usage, or gene therapy may prove beneficial for nerve restoration and functional recuperation in victims of road mishaps. For example, the Department for Transport, a government department in the UK, noted that road deaths in the UK escalated from 1,695 in 2022 to 1,560 in 2021 in May 2023. Consequently, this spike in accidents is promoting the growth of the peripheral nerve injuries market. Growth of the peripheral nerve injuries market is also fostered by the rise in minimally invasive surgeries. Minimally invasive procedures wound healing time, discomfort, and the chances of post-surgical complications by using limited incisions, specialized equipment, and improved imaging methods. The increased acceptance of these medical procedures can be linked to benefits such as shorter recovery periods, diminished risk of complications, and enhanced patient outcomes. Peripheral nerve injuries demand specific, directed measures to prevent damaging the surrounding tissue, spurring the advancement of modern surgical tools like robotic frameworks, endoscopes, and precision-guided systems. These technologies permit highly precise interventions with minor incisions, lowering the likelihood of nerve damage and accelerating healing times. For instance, American citizens disbursed over $11.8 billion for cosmetic procedures, marking a 2% rise from last year, as per The Aesthetic Society, a US-based body specializing in plastic surgery and cosmetic medicine in August 2023. Hence, the growth in minimally invasive surgeries is propelling the peripheral nerve injuries market.
What Is The Segmentation Of The Global Peripheral Nerve Injuries Market?
The peripheral nerve injuries market covered in this report is segmented –
1) By Product: Nerve Conduit, Nerve Protector, Nerve Connector, Nerve Wraps
2) By Injury: Traumatic Injuries, Compression Injuries, Surgical Injuries
3) By Surgery: Direct Nerve Repair, Nerve Grafting, Stem Cell Therapy
4) By Application: Upper Extremities, Lower Extremities
5) By End-User: Hospitals And Clinics, Rehabilitation Centers, Home Care Settings
Subsegments:
1) By Nerve Conduit: Collagen Nerve Conduits, Silicone Nerve Conduits, Polymeric Nerve Conduits
2) By Nerve Protector: Nerve Guarding Agents, Nerve Protecting Gel And Films
3) By Nerve Connector: Nerve Suture Connectors, Nerve Stitching Connectors
4) By Nerve Wraps: Collagen Nerve Wraps, Tubular Nerve Wraps, Bioabsorbable Nerve Wraps
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How Are Emerging Trends Reshaping The Dynamics Of The Peripheral Nerve Injuries Market?
Main players in the peripheral nerve injuries market are funneling resources into therapeutic research and development targeted at nerve injury. Their aim is to boost nerve regeneration, advance functional results, and fill the medical needs of patients suffering from these injuries. The investments made by these companies propel progress and stimulate innovation in the peripheral nerve injuries market, subsequently leading to the creation of cutting-edge therapies for nerve injuries, better patient health outcomes, and an uplifted quality of life for those plagued by nerve injuries. To illustrate, NervGen Pharma Corp., a pharmaceutical firm based in Canada, was granted a maximum of $1.5 million in October 2022 by the US Department of Defense (DoD). This funding was aimed at assessing their experimental therapy NVG-291-R for treating peripheral nerve injury (PNI). The funds are expected to support preclinical research that could validate the concept of employing NVG-291-R to enhance the pace and scale of nerve regeneration after a PNI.
Who Are the Key Players In The Peripheral Nerve Injuries Market?
Major companies operating in the peripheral nerve injuries market are:
• Abbott Laboratories
• Medtronic Plc
• Stryker Corporation
• Boston Scientific Corporation
• Integra LifeSciences Holdings Corp.
• Bioventus LLC
• MicroPort Scientific Corporation
• Nevro Corp.
• AxoGen Inc.
• Bioness Inc.
• SPR Therapeutics Inc.
• Stimwave Technologies Inc.
• SetPoint Medical Inc.
• NeuroMetrix Inc.
• Polyganics BV
• Regenity Biosciences
• Renerva LLC
• Aleva Neurotherapeutics SA
• Neuraptive Therapeutics Inc.
• Neuros Medical Inc.
• Synapse Biomedical Inc.
• Orthocell Ltd.
• NeuraLace Medical Inc.
• MyndTec Inc.
• Epineuron LLC
What Are The Regional Insights Into The Peripheral Nerve Injuries Market?
North America was the largest region in the peripheral nerve injuries market in 2024. The regions covered in the peripheral nerve injuries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
