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.
The neurostimulation and neuromodulation segment dominated the product segment of the market due to the increasing awareness about the devices coupled with the surging number 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 were some of the major reasons responsible for growth.
Product Outlook (Revenue, USD Million, 2013 – 2024)
Neurostimulation and neuromodulation devices
Spinal cord stimulation devices
Deep brain stimulation devices
Sacral nerve stimulation devices
Vagus nerve stimulation devices
Gastric electric stimulation devices
Surgery Outlook (Revenue, USD Million, 2013 – 2024)
Direct nerve repair/neurorrhaphy
Stem cell therapy
Neurostimulation and neuromodulation surgeries
Regional Outlook (Revenue, USD Million, 2013 – 2024)
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Rest of MEA
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.