The prevalence of neurological disorders and chronic pain is increasing rapidly at the present time across the globe. Depression, fecal incontinence, epilepsy, Parkinson’s, and Alzheimer’s are the different kinds of neurological disorders. As per the Alzheimer’s Association, about 5.35 million people aged 65 years and above were suffering from Alzheimer’s diseases in the U.S. in 2015. Apart from this, as per the Parkinson’s Diseases Foundation, nearly 60,000 new cases of Parkinson’s disease are reported each year in the U.S. Attributed to these reasons, the demand for efficient medical technologies, such as neuromodulation and neurostimulation devices, is increasing rapidly.
Furthermore, the nerve repair and regeneration market is witnessing significant growth due to the surging geriatric population. The generation of new axon, glial cells, neurons, and myelin is referred to as nerve repair and regeneration. The process helps in the replacement of damaged nerve cells, cellular products, and tissues. Neurostimulation & neuromodulation devices and biomaterials are the products that are utilized for reversing the damage caused to the nerve. Between these two, the largest demand is expected to be created for neurostimulation and neuromodulation devices in the coming years, which is ascribed to the rising incidence of peripheral nerve injuries, favorable reimbursement policies, and technological advancements.
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The different applications of the nerve repair and regeneration devices are stem cell therapy, neurostimulation and neuromodulation surgeries, nerve grafting, and direct nerve repair/neurorrhaphy. Out of these, the largest demand for different nerve repair and regeneration devices was created for neurostimulation and neuromodulation surgeries in the past. Ambulatory surgery centers and hospitals & clinics are the major end users of the nerve repair and regeneration devices. Between these two, the hospitals & clinics category is predicted to witness the fastest growth in the coming years because of the surging patient pool, increasing geriatric population, and improving healthcare infrastructure.
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The rising incidence of nerve injuries is resulting in the increasing demand for different nerve repair and regeneration products. According to industry experts, approximately 250,000 peripheral nerve injuries occur every year in the U.S., which account for about 42% of the global peripheral nerve injuries. Furthermore, it has been found that 87% of the peripheral nerve injuries are caused because of trauma, while the rest are caused because of tumor and non-tumor-related injuries. Nerve injuries can also be caused because of surgical manipulation or transection during tissue removal. Ascribed to these factors, the requirement for different biomaterials, such as nerve wraps, nerve connectors, nerve conduits, and nerve protectors, is growing around the world.
The potential of stem cell therapy in the field is predicted to create wide opportunities for players operating in the nerve repair and regeneration market. Stem cell therapy is an emerging branch of medicine which has the potential of restoring tissue and /or organ function in patients suffering from critical injuries or chronic diseases. According to clinical research findings, stem cell therapy provides better quality as compared to nerve graft surgeries. Moreover, research is going on in the field of stem cell therapy for its application in the treatment of Alzheimer’s disease and Parkinson’s disease. This is further expected to drive the market in the near future.
