Northbrook, IL -- (SBWIRE) -- 04/05/2021 -- According to the new market research report "Nerve Repair and Regeneration Market by Products (Nerve Conduits, Nerve Wraps, Vagus Nerve Stimulation, Sacral Nerve Stimulation, Spinal Cord Stimulation, TENS, TMS), Application (Neurorrhaphy, Nerve Grafting, Stem Cell Therapy) and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Nerve Repair and Regeneration Market size is projected to reach USD 9.7 billion by 2025 from USD 6.3 billion in 2020, growing at a CAGR of 9.1% from 2020 to 2025.

The growth in this market is driven by high incidence of nerve injuries, growing prevalence of neurological disorders, increasing geriatric population, and rising government support for neurologic disorders

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Growth Driver: Rising geriatric population and subsequent growth in the prevalence of neurological disorders;

The geriatric population is at a higher risk of neurologic disorders such as stroke, neuropathy, Alzheimer's disease, and Parkinson's disease. Their higher susceptibility makes geriatrics a key segment of the overall patient pool. As a result, the growth of this population segment will ensure a continued, intensified demand for nerve repair and regeneration for the treatment of neurological disorders.

According to the WHO, the global population aged 60 years and above was 962 million in 2017 and expected to rise to 2.1 billion in 2050. According to World Population Prospects (2019 Revision), by 2050, one in four persons residing in Europe and Northern America could be of 65 years or above. Consequently:

- According to the Alzheimer's Association (2020 estimates), the number of people above 65 years of age suffering from Alzheimer's could reach 13.8 million by 2050 from 5.8 million in 2020.

- According to the Parkinson's Foundation, disease incidence rises with age; only 4% of total cases are diagnosed before 50 years of age.

- According to Parkinson's UK, in 2018, there were 145,519 people affected by the disease in the country. This is expected to cross 168,000 by 2025.

GROWTH OPPORTUNITY: Emerging markets;

Emerging countries such as India, China, and Brazil are expected to offer potential growth opportunities for market players during the forecast period. The huge population base, especially in India and China, is expected to be a major draw for companies in this market. This is bolstered by the rising incidence of neurological diseases like Alzheimer's, Parkinson's, and epilepsy. According to estimates published in PubMed, by 2030, 4.94 million people in China will be suffering from Parkinson's, accounting for nearly half of the total number of patients globally. Furthermore, according to the World Bank, healthcare expenditure is increasing in these countries, supporting the growth of hospitals and ambulatory surgical centers in these countries. This is considered as a positive indicator for the market growth, as hospitals and ambulatory surgical centers are major end users of nerve repair and regeneration products.

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Key Market Players;

Key players in the nerve repair and regeneration market are Prominent players in the nerve repair and regeneration market include Medtronic, PLC. (Ireland), Boston Scientific Corporation (US), Abbott Laboratories (US), AxoGen, Inc. (US), Baxter International, Inc. (US), LivaNova, PLC. (UK), Integra LifeSciences (US), Polyganics (Netherlands), NeuroPace, Inc. (US), Soterix Medical, Inc. (US), Nevro Corp (US), Synapse Biomedical, Inc. (US), Aleva Neurotherapeutics (Switzerland), Collagen Matrix, Inc. (US), KeriMedical (Switzerland), BioWave Corporation (US), NeuroSigma (US), tVNS Technologies GmbH(Germany), and GiMer Medical (Taiwan).

Medtronic ranked first in the nerve repair and regeneration market in 2019. The company has a wide range of products for nerve repair and regeneration covering all major technologies of nerve repair and regenerations. Medtronic differentiates its products by branding them and launching new products in the field of nerve repair and regenerations. Product innovation is the one of the major goals of the company and the company launched innovative products over the last three years. For example, in 2020, the company received received CE approval for InterStim Micro neurostimulator and InterStim SureScan MRI leads — clearing the technologies for commercial sale and clinical use in Europe