The global nerve repair and regeneration market size is expected to reach USD 17.8 billion by 2026 registering a CAGR of 10.7%, according to a new report by Grand View Research, Inc. Demand for neurological disorder therapies owing to increasing incidence and rising awareness about the same will drive the market. Moreover, government funding and reimbursement policies and uninterrupted technological advances are also projected to help boost the market growth.
In January 2016, the EU Horizon 2020 program funded a research project ’Autostem’, launched by the NUI Galway’s Regenerative Medicine Institute (REMEDI), costing about USD 6.73 million. This project was to develop a robotic stem cell production factory, having an edge over the old traditional techniques. This technique offers prospects of new therapies for a range of diseases, such as cancers, diabetes, and arthritis. Increased R&D and investments by key companies in emerging countries are also driving the market growth. In July 2018, the Stem Cells Australia (SCA) received USD 3 million for stem cell research from the Medical Research Future Fund (MRFF).
In addition, government and private funded organizations are conducting clinical trials to develop a safe and effective therapy for different neurological disorders, such as Stem Cells in Umbilical Blood Infusion for Cerebral Palsy (Phase II) and usage of Polyethylene glycol (PEG) drug (Phase I) to promote axonal fusion technique to repair peripheral nerve injuries in humans.
Furthermore, in October 2017, Stryker Corporation acquired VEXIM, a France-based medical device company. VEXIM’s portfolio is complementary to Stryker’s Interventional Spine (IVS) portfolio. With this acquisition, Stryker will strengthen its distribution channels in Eastern Europe, Middle East, Asia, and Latin America. In January 2018, Boston Scientific Corporation received U.S. FDA approval for the first and only Spectra WaveWriter spinal cord stimulator system. This system is used for paresthesia-based therapy.
Further Key findings from the study suggest:
- In 2018, neuromodulation and neurostimulation devices segment led the market due to increased cases of Central Nervous System (CNS) disorders and awareness about mental disorders and available treatments
- Biomaterials is anticipated to expand at the fastest CAGR during the forecast period due to technological advancements and development of biodegradable polymers that can help enhance spinal stabilization, healing of fractures, and reduce hospitalization
- North America led the market in 2018 owing to technological advancements and advent of new devices. Government initiatives and funding and increased cases of injured CNS, such as injuries to the spinal cord and brain, were some of the major reasons responsible for the region’s growth
- Asia Pacific is expected to be the fastest-growing market during the forecast period. Growing geriatric population, technological advancements, and many unmet medical needs are some of the factors driving the region’s growth
- In February 2016, Indian scientists working for Revita Life Sciences were approved to conduct clinical trials in 20 clinically dead patients to bring specific parts of their CNS back to life
- Combination of therapies including cocktail of peptides, nerve stimulation techniques, injecting the brain with stem cells and other techniques that were successful in bringing patients out of coma were to be used
- Existing medical devices were combined with regenerative biological medicines with an objective to achieve such a complex initiative
- Some of the key companies include Boston Scientific, Inc.; Stryker Corporation; St. Jude Medical, Inc.; Medtronic plc.; Baxter International, Inc.; AxoGen, Inc.; Polyganics B.V.; Integra; Cyberonics, Inc.; and Lifesciences Corporation