The Global Nerve Repair and Regeneration Market is projected to reach $14.34 billion by 2028, from a value of $6.50 billion in 2022, by registering a CAGR of 14.1% during the forecast period. High incidence of nerve injuries, rising government support for research on neurological disorders, increase in the prevalence of neurological & epidemic disorders, rise in the geriatric population, and technological advancements for nerve repair and regeneration are the major factors propelling the growth of the market. However, dearth of trained professionals and high cost associated with the devices are hampering market growth. Moreover, the research in neurology and potential of stem cell therapy in nerve repair and regeneration are creating ample opportunities across the globe.
Recent Developments
In April 2022, Boston Scientific received approval from The US Food and Drug Administration (FDA) for its Vercise Neural Navigator with STIMVIEW XT, the next-generation image-guided programming software for deep brain stimulation (DBS) therapy. STIMVIEW XT enables healthcare professionals to evaluate real-time lead placement and simulation modeling of brain anatomy for Parkinsons disease or essential tremor patients.
In March 2022, Integra LifeSciences introduced NeuraGen 3D Nerve Guide Matrix, a resorbable implant for the repair of peripheral nerve discontinuities. This product is developed to make an optimized environment, which would enable a more complete functional recovery following mid-gap nerve repair when compared to hollow nerve conduits alone.
In August 2021, Checkpoint Surgical expanded its intraoperative nerve care product line with the launch of the NeuroShield Chitosan Nerve Wrap. This product would mark Checkpoints first product in a planned line of chitosan-based biological implants to support nerve healing. By adding NeuroShield, Checkpoint would take a significant step toward a more comprehensive intraoperative nerve care solution.
In April 2021, Polyganics expanded its geographical footprints by building a state-of-the-art, purpose-built facility on the Zernike Campus, Groningen. The new building would house Polyganics research laboratories, manufacturing and packaging facilities, and its offices. The expansion would make it important to accommodate Polyganics expanding workforce and allow the Company to respond to the rising demand for its commercial and pipeline products.
In November 2020, Abbott launched the IonicRF Generator, a new device recently cleared by the U.S. Food and Drug Administration. This device is used to deliver a non-surgical, minimally invasive treatment for the management of pain in the nervous system. The product is a radiofrequency ablation device, which utilized heat to target specific nerves and block pain signals from reaching the brain.
In February 2020, LivaNova has partnered with Verily to evaluate the effectiveness of Vagus Nerve Stimulation Therapy (VNS Therapy) for difficult-to-treat Depression (DTD). With the help of technology and analytics created by Verily, LivaNova and Verily want to better understand depressive episodes and a patient’s response to treatment through this inaugural research cooperation. The Verily Study Watch, a wearable gadget made to collect environmental and physiological data for clinical research, as well as a Verily mobile phone app, will be available to patients at RECOVER trial sites.
In January 2020, Medtronic acquired Stimgenics, a spinal cord stimulation company. Under this acquisition, Stimgenics developed a spinal cord stimulation waveform known as Differential Target Multiplexed Spinal Cord Stimulation. In addition to this, the therapy is delivered via Medtronics Intellis platform and is a chronic pain treatment option. DTM therapy would improve the treatment of chronic pain, supported by clinical evidence and preclinical research on a neuronal-glial mechanism of action.
In June 2016, St. Jude Medical launched direction DBS lead and Infinity DBS system to support treatments pertaining to movement disorders. It is designed with the aim of enabling Apple mobile devices to be used as wireless controllers with the help of a Bluetooth connection and is the only upgradable DBS system for disorders, such as tremor, dystonia, and Parkinsons disease.
Competitive Landscape
AxoGen, Inc., Abbott Laboratories, Stryker Corporation, LivaNova PLC, St. Jude Medical, Inc., Neuronetics Inc., Baxter International, Inc., Nevro Corp, Polyganics B.V., NeuroPace Inc., Boston Scientific, Inc., GiMer Medical, Integra Lifesciences Corporation, Collagen Matrix Inc., Synapse Biomedical, Inc., OrthoMed, Inc, Medtronic plc., Checkpoint Surgical, Inc., Synovis Micro Companies Alliance, Inc., Soterix Medical, Inc. are some of the major players in the global Nerve Repair and Regeneration market.
