Peripheral Nerve Repair Devices Market: Overview
Peripheral nerve regeneration is a slow process, which is usually incomplete unlike other tissues in the body. Peripheral nerve injury can be caused due to trauma, neurological syndrome, and accidents which affect the functional and structural state of nerves that require surgical interventions for recovery. Peripheral nerve injury can be mild or severe. Severe nerve injury involves damage of both the insulation and fibers, which are difficult to treat and recover. Radial nerve is the most frequently damaged nerve, generally occurring when the humerus bone is fractured. The degree of neuronal damage is classified into five levels. The mode of treatment depends on the amount of gap or defect in the nerves and severity of the condition. Recent advancements in surgery have demonstrated promising results in proximal nerve injuries. Moreover, molecular and bioengineering strategies are in development which would overcome the biological roadblocks limiting patient recovery. Product innovations and technological advancements in nerve repair and axonal growth are projected to drive the global peripheral nerve repair devices market.
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Peripheral Nerve Repair Devices Market: Key Trends
The global peripheral nerve repair devices market is anticipated to expand at a high CAGR owing to increase in incidence of peripheral nerve injury across the world, rise in health awareness, surge in demand of surgical interventions, and rise in prevalence of neurological disorders. Moreover, ongoing clinical trials focused on nerve repair is expected to propel the market. However, development of cell-based therapies that minimize complications associated with present techniques is likely to hamper the growth of the global peripheral nerve repair devices market in the next few years.
Peripheral Nerve Repair Devices Market: Segmentation
The global peripheral nerve repair devices market can be segmented based on product type and region. In terms of product type, the market can be classified into nerve protectors, nerve grafts, nerve conduits, and others. Based on region, the global peripheral nerve repair devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Peripheral Nerve Repair Devices Market: Regional Analysis
North America is projected to account for the largest share of the global market in terms of revenue. Increase in research and development activities in the field of neurological diseases, rise in awareness among people about different regenerative medicines, high disposable income, and presence of major players are the factors attributed to the high market share of the region. The incidence rate of nerve injuries due to car accidents, falls, and other factors is high in the U.S., with more than 20 million people affected. Around 46% of peripheral nerve injuries results due to motor vehicle accidents. Europe is anticipated to account for the second largest market share owing to high awareness among people about the treatment options and increase in adoption of advanced medical devices. The market in Asia Pacific is expected to witness strong growth during the forecast period. Rise in government initiatives toward health care, increase in the geriatric population, surge in disposable income, and rise in investment by key players in the emerging markets in Asia Pacific fuel the growth of the peripheral nerve repair devices market in the region.
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Peripheral Nerve Repair Devices Market: Competitive Landscape
The global peripheral nerve repair devices market is highly fragmented due to the presence of large number of global as well as new players. Major players operating in the market are Axogen Inc., Medovent GmbH, Synovis Micro Companies Alliance, Inc., Renerva, LLC, Stryker, Integra LifeSciences Corporation, and Toyobo Co., Ltd., among others.
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