LONDON, Aug. 30, 2016 /PRNewswire/ -- The global nerve repair and regeneration market is expected to reach USD 15.7 billion by 2024, according to a new 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.
Further key findings from the report suggest:
The neurostimulation and neuromodulation segment dominated the product segment of the market due to the increasing awareness about the devices coupled with the surgingnumber of central nervous system disorders in the population
North America dominated the market in 2015 owing to the technological advancements in the region and the introduction of new devices by the manufacturers. In 2015, U.S proved to be the most potential market. The rise in number of cases with injuries in the Central Nervous System (CNS), including injuries to the spinal cord and the brain,and increase in the government initiatives and funding,as well as funding from various other agencies were some of the major reasons responsible for the growth.
According to the report published by the Florida University, annually,more than 2 million people suffer from traumatic injuries of the brain in the US and a minimum of 10,000 people suffered with spinal cord injuries.The CNS injuries are a consequence of incompletely elucidated biochemical pathological phenomenon. This lack of complete understanding in the field drives the urgency for ramping up R&D efforts to develop novel neurotherapeutic approaches.
In March 2016, Baxter International, Inc. completed the CE marking, the indication for marketing of 'HEMOPATCH', the ready-to-use surgical patch in the European market. This patch was approved for use in dural defect repair, for treating traumatic injuries of the brain, CNS, and as a surgical sealant to contain leakage of bodily fluids in other body parts, or as a hemostatic device to prevent the loss of blood.
APAC is expected to be the fastest growing region of the nerve repair and regeneration market. Aging population, technological advancements, and unmet medical needs in this region are some of the reasons for the growth of the market
In February 2016, Indian scientists working for Revita Life Sciences and Bioquark, Inc. gained permission to conduct clinical trials in 20 clinically dead patients to bring specific parts of their central nervous system back to life. Combination of therapies are to be applied including injecting the brain with stem cells, cocktail of peptides, use of lasers and nerve stimulation techniques that have been proven successful in reviving comatose patients.A blend of regenerative medicine tools and treatment devices are to be employed to achieve success with such a complex undertaking.
Manufacturers are collaborating with the aim of combining the use of innovative devices and therapies to improve treatment efficiency and provide better therapy outcomes
In November 2012, UCB (Euronext Brussels) and NewBridge Pharmaceuticals entered into an agreement to engage in geographical expansion of its core products (Neupro, Vimpat, and Cimzia)to include majority of the African and Middle east countries in its distribution channels. On the other hand, Newbridge Pharmaceuticals is to focus on product commercialization, gaining regulatory approvals from local bodies, and perform pharmacovigilance. This agreement is estimated to elevate the uptake of products related to CNS and immunologic diseases in the Middle-east and Africa region.
Some key players of this market include Polyganics B.V., St. Jude Medical, Inc., Stryker Corporation, AxoGen, Inc., and others
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