Peripheral Nerve Repair Market
Number of pages: 100 | Report Format: PDF | Published date: April 18, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 6.10 Billion |
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Market Size Value in 2031 |
US$ 17.46 Billion |
|
CAGR |
12.4% |
|
Base Year For Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Product, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global peripheral nerve repair market was valued at US$ 6.10 billion in 2022 and is expected to register a revenue CAGR of 12.4% to reach US$ 17.46 billion by 2031.
Peripheral Nerve Repair Market Fundamentals
Peripheral nerve injuries can result from trauma, surgical procedures, or underlying medical conditions and can cause a range of symptoms, including loss of sensation, muscle weakness, and chronic pain. Peripheral nerve repair typically involves combining surgical techniques and therapeutic interventions, such as neurostimulation or neuromodulation, to restore nerve function. The specific treatment approach will depend on the type and severity of the nerve injury, the patient’s needs, and medical history. Several techniques are used in peripheral nerve repair, including direct nerve repair, nerve grafting, and biomaterials or neurostimulation devices to promote nerve regeneration. These approaches encourage nerve growth, reduce inflammation, and improve overall nerve function.
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Peripheral Nerve Repair Market Dynamics
The rise in the incidence of nerve injuries, such as traumatic injuries, neuropathy, and peripheral nerve damage, has increased demand for peripheral nerve repair products and is the primary driver for the revenue growth of the global peripheral nerve repair market. For instance, according to the national spinal injury statistical center 2022 factsheet, the most current estimate of the yearly incidence of traumatic spinal cord injury (SCI) in the United States is 54 instances per one million persons, equating to approximately 18,000 new SCI cases yearly. The growing demand for minimally invasive surgeries drives the development of less invasive peripheral nerve repair techniques and products. Technological advancements in nerve repair techniques and materials, such as biodegradable nerve conduits and electro-spun nerve grafts, have improved the outcomes of nerve repair procedures, making them more effective and efficient, thus fueling the revenue growth of global peripheral nerve repair markets. Furthermore, the rising awareness about nerve injuries and the availability of peripheral nerve repair treatments is increasing the number of patients seeking treatment for their nerve injuries, also helping in the market revenue growth.
However, the high cost of peripheral nerve repair products is a significant barrier for patients, especially in developing countries where healthcare costs are often high and out of reach for many people. Moreover, the success of peripheral nerve repair procedures is highly dependent on the healthcare professionals’ skills. A shortage of skilled healthcare professionals may result in lower success rates, limiting patient access to these procedures. Additionally, the availability of alternative treatments, and limited reimbursement policies, impede the overall peripheral nerve repair market revenue growth.
Peripheral Nerve Repair Market Ecosystem
The global peripheral nerve repair market is analyzed from four perspectives: product, application, end-user, and region.
Peripheral Nerve Repair Market by Product
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Based on the product, the global peripheral nerve repair market is segmented into neurostimulation and neuromodulation devices and biomaterials.
The neurostimulation and neuromodulation devices segment dominated the market with the largest revenue share in 2022, attributed to the increasing demand for non-invasive treatments and the development of new technologies. Neurostimulation and neuromodulation devices are designed to provide electrical stimulation to damaged nerves, which can help improve nerve function and reduce pain. They stimulate nerves directly, whereas neuromodulation devices alter nerve activity to achieve therapeutic effects. These devices are used to treat various conditions, including chronic pain, movement disorders, and epilepsy. Neurostimulation and neuromodulation devices primarily treat nerve injuries and neuropathic pain in peripheral nerve repair. These devices can be implanted in the body, with leads connected to the damaged nerves, or they can be applied externally through transcutaneous electrical nerve stimulation (TENS). These factors contribute to the revenue growth of the neurostimulation and neuromodulation devices segment.
The biomaterials segment also accounted for a significant market revenue share, owing to the increasing incidence of nerve injuries and the need for effective and safe treatment options. Biomaterials are materials used to support, augment, or replace natural tissues or organs. In peripheral nerve repair, biomaterials are primarily used to repair or regenerate damaged nerves. Biomaterials used in peripheral nerve repair include synthetic materials such as polyesters, polyurethanes, and silicones, as well as natural materials such as collagen and extracellular matrix proteins. These materials can be used to create nerve conduits, nerve grafts, and other implantable devices that can help guide the regeneration of damaged nerves. Additionally, biomaterials offer several advantages over traditional nerve repair techniques, including reduced infection risk, donor site morbidity, and improved clinical outcomes. These factors contribute to the revenue growth of the biomaterials segment.
Peripheral Nerve Repair Market by Application
Based on the application, the global peripheral nerve repair market is segmented into direct nerve repair, stem cell therapy, nerve grafting, neurostimulation and neuromodulation surgeries, and others.
The direct nerve repair segment dominated the market with the largest revenue share in 2022, owing to advancements in surgical techniques, increasing awareness of the benefits of this treatment option, and the growing demand for effective nerve repair solutions. It involves the surgical repair of damaged nerves, usually through a direct suture of the nerve ends or nerve grafts. Direct nerve repair is typically used in cases where there is a clean cut or laceration of a peripheral nerve. The nerve ends are identified in these cases, and the damaged area is removed. The nerve ends are then sutured together, and the area is protected with a nerve conduit or wrap to promote healing and prevent scarring. These overall factors contribute to the revenue growth of the direct nerve repair segment.
The nerve grafting segment also accounts for a sizable revenue share in the market. It involves using nerve grafts to bridge the gap between the two ends of a severed or damaged peripheral nerve. The nerve grafts can be autografts, allografts, or xenografts. Autografts involve using a section of the patient’s nerve tissue to repair the damaged area. Allografts are harvested from a donor, and xenografts are taken from a different species. Allografts and xenografts may require additional processing to reduce the risk of rejection or infection. Nerve grafting is typically used when the damaged area is too extensive for direct nerve repair or when the nerve ends cannot be directly reconnected. The nerve graft acts as a bridge, allowing the regenerating nerve fibers to grow across the gap and reestablish connections with the target tissues.
Peripheral Nerve Repair Market by End User
Based on the End User, the global peripheral nerve repair market is segmented into hospitals, ambulatory surgical centers, and others.
The hospital’s segment is a key player in the peripheral nerve repair market, with the largest revenue share in 2022, owing to the large footfall. They are critical in providing medical care for patients with nerve injuries. Hospitals typically offer a range of services related to peripheral nerve repair, including diagnosis, treatment, and rehabilitation. Hospitals may offer various surgical techniques for peripheral nerve repair, including direct nerve repair, nerve grafting, and biomaterials or neurostimulation devices. A specialized team of surgeons and other medical professionals with peripheral nerve repair experience typically performs these procedures. In addition to surgical procedures, hospitals may also offer non-surgical treatments for nerve injuries, such as physical therapy, occupational therapy, and pain management. These therapies improve nerve function and help patients regain mobility and independence. These overall factors contribute to the segment’s revenue growth.
The ambulatory surgical centers (ASCs) segment also accounts for a significant revenue share. ASCs may offer various surgical techniques for peripheral nerve repair, including direct nerve repair, nerve grafting, and biomaterials or neurostimulation devices. A specialized team of surgeons and other medical professionals with peripheral nerve repair experience typically performs these procedures. The advantage of ASCs over hospitals is that they offer a more cost-effective and convenient option for patients who do not require overnight hospitalization. ASCs typically have shorter wait times and can perform procedures more efficiently than traditional hospital settings, leading to faster patient recovery. These overall factors contribute to the revenue growth of the ambulatory surgical center’s segment.
Peripheral Nerve Repair Market by Region
Based on region, the global peripheral nerve repair market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global peripheral nerve repair market with the largest revenue share in 2022, attributed to the rising frequency of neurological disorders and the speedy adoption of technologically improved devices. Additionally, companies across the region are continuously launching new and innovative products, which are also expected to improve the peripheral nerve repair market outlook. For instance, in January 2022, Medtronic, a global leader in healthcare technology, received approval for its Intellis rechargeable neurostimulator and Vanta recharge-free neurostimulator by the US Food and Drug Administration for the treatment of chronic pain associated with diabetic peripheral neuropathy (DPN). This new indication gives DPN patients access to Medtronic’s industry-leading spinal cord stimulation (SCS) portfolio of rechargeable and recharge-free platforms, including multiple programming options to personalize patient therapy, unrestricted MRI access, unrivaled battery chemistry and performance, and the Medtronic TYRX Neuro Absorbable Antibacterial Envelope.
Peripheral Nerve Repair Competitive Landscape
The prominent players operating in the global peripheral nerve repair market are:
Peripheral Nerve Repair Market Strategic Developments
The global peripheral nerve repair market was valued at US$ 6.1 billion in 2022.
Peripheral nerve repair is restoring the function of damaged or severed nerves in the peripheral nervous system, including all nerves outside the brain and spinal cord.
The expected size of the global peripheral nerve repair market in 2031 is US$ 17.46 billion.
The revenue CAGR of the peripheral nerve repair market during the forecast period is expected to be 12.4% from 2023 to 2031.
Some prominent players operating in the global peripheral nerve repair market are Medovent GmbH, Abbott Laboratories Inc., Boston Scientific Corporation, Integra Lifesciences Corp., and Phagenesis Limited.
*Insights on financial performance are subject to the availability of information in the public domain