SAN FRANCISCO, July 27, 2016 /PRNewswire/ -- The global nerve repair and regeneration market is expected to reach $15.7 billion by 2024, according to report by Grand View Research, Inc. The demand for neurological disorder devices and therapies is expected to exhibit an upsurge over the forecast period owing to the rising awareness, the increasing incidence rate, the favorable government funding and reimbursement policies, and the continual technological advances offered by the key players of the industry. According to the American Physiological Society, approximately 12,000 spinal Cord Injuries (SCI) are recorded every year in the U.S. The majority of these injuries take place due to sporting accidents, gunshot wounds, car accidents, and falls.
In January 2016, The EU Horizon 2020 program funded a research project 'AUTOSTEM' launched by the NUI Galway's Regenerative Medicine Institute (REMEDI) amounting to USD 6.73 million. This project is to develop a robotic stem cell production factory, involved in fully automated manufacturing of stem cells in large volumes; thus, having an edge over the old traditional techniques. Also, this technique will treat a range of therapies pertaining to cancer, arthritis, diabetes and other complications.