What Has Driven the Growth of the Peripheral Nerve Repair Devices Market in Recent Years?
The peripheral nerve repair devices market has seen considerable growth due to a variety of factors.
• The market size of peripheral nerve repair devices has seen a considerable increase in the past few years. It is predicted that the market will expand from a worth of $6.17 billion in 2024 to approximately $6.72 billion in 2025, growing at a compound annual growth rate (CAGR) of 8.9%.
Factors contributing towards such robust growth during the historical period include a rise in demand for efficient repair devices, heightened healthcare expenditure, growing requirement for nerve repair devices, a surge in focus on product development and regulatory approval, along with increasing demand for biomaterials.
What Is the Forecasted Market Size and Growth Rate for The Peripheral Nerve Repair Devices Market?
The peripheral nerve repair devices market is expected to maintain its strong growth trajectory in upcoming years.
• The market for peripheral nerve repair devices is anticipated to witness robust growth in the upcoming years, expanding to $9.34 billion by 2029 with a compound annual growth rate (CAGR) of 8.6%.
The projected growth within this period can be ascribed to the rising frequency of nerve damage, multiplying cases of neurological disorders, greater focus on solutions tailored for the individual patient, an escalating demand for efficient treatment courses, and an ageing population. The future period will likely witness trends such as advancements in technology, introduction of new items, approvals from regulatory bodies, formations of partnerships and collaborations, and the incorporation of technology.
Which Factors Are Boosting Growth In The Peripheral Nerve Repair Devices Market?
The rise in neurological disorders is predicted to spur the peripheral nerve repair devices market's expansion. Neurological disorders encompass a variety of conditions that impair the brain, spinal cord, and nerves, resulting in movement, cognition, and other nervous system function issues. The increase in neurological disorders is attributed to an aged population, superior diagnostic techniques, environmental influences, genetic tendencies, and lifestyle habits such as inadequate diet and lack of physical activity. Peripheral nerve repair devices contribute to neurological disorder treatment by fostering nerve regeneration, boosting function, and enhancing healing via electrical stimulation and bioactive materials. As reported by the Alzheimer's Society, a dementia charity based in the UK, in May 2024, around a million people in the UK are dealing with some form of dementia, a figure expected to rise to 1.4 million by 2040. Consequently, the escalating prevalence of neurological disorders is fuelling the peripheral nerve repair devices market's growth.
What Are The Main Segments Of The Global Peripheral Nerve Repair Devices Market?
The peripheral nerve repair devices market covered in this report is segmented –
1) By Type: Nerve Grafts, Nerve Protectors, Nerve Conduit
2) By Application: Extremity Trauma, Breast Neurotization, Carpal And Cubital Tunnel Revision, Oral And Maxillofacial
3) By End-User: Hospitals, Ambulatory Surgical Centers, Clinics
Subsegments:
1) By Nerve Grafts: Autografts, Allografts, Xenografts, Synthetic Nerve Grafts
2) By Nerve Protectors: Nerve Wrapping Devices, Nerve Repair Gels And Films, Nerve Protection Matrices, Biodegradable Nerve Protectors
3) By Nerve Conduit: Hollow Nerve Conduits, Collagen-Based Nerve Conduits, Silicone-Based Nerve Conduits, Tubular Nerve Conduits, Biodegradable Nerve Conduits
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What Emerging Trends Are Influencing The Growth Of The Peripheral Nerve Repair Devices Market?
Leading firms in the peripheral nerve repair devices market are focusing on creating highly advanced technological solutions such as 3D nerve guide matrices. These matrices are innovative biomaterials utilized as a scaffold to assist and guide the healing process of damaged peripheral nerves. For example, Integra LifeSciences, a science company based in the US, introduced the NeuraGen 3D Nerve Guide Matrix in May 2022. This pioneering resorbable implant is particularly developed for rectifying peripheral nerve discontinuities, especially effective for 1 to 2 cm gaps. The advanced matrix has an external conduit composed of bovine Type I collagen and an internal structure that encourages Schwann cell migration and axonal expansion. NeuraGen 3D aims to enhance functional recovery over traditional nerve repair techniques by optimizing the healing environment, thereby marking a substantial progression in the treatment of peripheral nerve damages.
Who Are the Key Players in the Peripheral Nerve Repair Devices Market?
Major companies operating in the peripheral nerve repair devices market are include:
• Abbott Laboratories Inc.
• Medtronic Plc
• Stryker Corporation
• Baxter International Inc.
• Boston Scientific Corporation
• Terumo Corporation
• Teleflex Incorporated
• Integra LifeSciences Holdings Corporation
• LivaNova PLC
• Nevro Corp.
• KLS Martin Group
• Axonics Modulation Technologies Inc.
• Axogen Corporation
• Toyobo Co. Ltd.
• NeuroPace Inc.
• SPR Therapeutics Inc.
• Biotronik
• Neuraptive Therapeutics Inc.
• Synovis Micro Companies Alliance Inc.
• Synapse Biomedical Inc.
What Is The Most Dominant Region In The Peripheral Nerve Repair Devices Market?
Asia-Pacific was the largest region in the peripheral nerve repair devices market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the peripheral nerve repair devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
