How Is Elderly Population Driving Nerve Repair and Regeneration Market Growth?
The nerve repair and regeneration market is expected to exhibit a CAGR of 11.9% during the forecast period (2017–2023), owing to the surging geriatric population and increasing incidence of neurological disorders. Nerve repair and regeneration refers to the generation of new myelin, neurons, axon, and glial cells, which help in the replacement of damaged tissues, nerve cells, and cellular products. Nerve repair and regeneration is facilitated through neurostimulation and neuromodulation devices, which are surgically implanted in the brain to help in paresthesia generation at regular intervals in the nervous system.
The increasing cases of neurological disorders, such as depression, epilepsy, Parkinson's disease, fecal incontinence, and Alzheimer's, are creating a huge demand for nerve repair and regeneration products, worldwide. For instance, according to the Parkinson's Foundation, the number of Parkinson's disease patients in the U.S. will rise to 1.2 million by 2030. Furthermore, the World Health Organization (WHO) states that around 10 million new cases of dementia are recorded every year and Alzheimer's disease is the most common form of this disorder, accounting for nearly 60–70% of dementia cases.
At present, the nerve repair and regeneration market is extremely consolidated with the presence of a few key players such as Medtronic Plc, St. Jude Medical Inc., Boston Scientific Corporation, Axogen Inc., Stryker Corporation, Polyganics B.V., Integra Lifesciences Holdings Corporation, Baxter International Inc., Orthomed S.A.S., and Cyberonics Inc. Among these, Medtronic Plc accounted for the largest market share in 2016. The company produces implantable neurostimulation and targeted drug delivery systems, such as SNS, SCS, DBS, and GES, for the management of common movement disorders, chronic pain, spasticity, and urological and gastrointestinal disorders.
According to P&S Intelligence, North America accounts for the largest share in the nerve repair and regeneration market, wherein the U.S. generates the higher revenue. The dominance of North America can be attributed to the growing prevalence of peripheral nerve injuries and the increasing availability of technologically advanced products, in the region. Whereas, the Asia-Pacific (APAC) market is expected to witness the fastest growth during the forecast period, due to the surging incidence of neurological diseases and burgeoning aging population.
Thus, the rising cases of neurological disorders and the soaring elderly population will augment the demand for nerve repair and regeneration devices in the forecast years.
Source: P&S Intelligence
The mushrooming population of geriatric people is ...
The European Union (EU) point-of-care ultrasound ( ...
Sie haben keine Gruppen, die auf Ihre Suche passen