In addition, prominent producers in the market are investing heavily in streamlining their R&D and improving production for nerve repair products.
Over the forecast period of 2022 to 2032, the global Nerve Repair Market is expected to display an exceptional growth outlook. The global market is predicted to attain a worth of roughly US$ 771.6 Million by 2032 and reach US$ 242.8 Million in 2022. Future Market Insights forecasts that the global market for nerve healing would create a total CAGR of 42.2% in terms of product type by 2021. The global increase in the prevalence of neurological diseases is blamed for the market expansion.
The global market for nerve repair and regeneration was estimated to be worth US$ 7.0 billion in 2021 by Future Market Insights, with the nerve repair market making up around 3.1% of the total. The market for nerve repair saw sales rise at a CAGR of 9.5% between 2015 and 2021. But, in 2022 and beyond, it is predicted that market growth would more than triple. According to estimates from the Pan American Health Organization, neurological illnesses caused approximately 32.9 fatalities per 100,000 persons in 2019. Men died at a rate of 33.1 per 100,000 persons, while women died at a rate of 32.2 per 100,000.
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The prevalence of various chronic nervous system diseases, including Parkinson's and Alzheimer's, is expected to increase throughout the projection period, which is also expected to drive up demand for treatments that heal damaged nerves. Also, it is anticipated that market expansion may quicken as a result of scientific developments in neurological therapies. Recent research indicate that there has been a sharp increase in incidences of nerve damage in industrialised nations, which has fueled the market's demand. According to the American Association for Peripheral Nerve, 1.2 million treatments are carried out annually in the United States alone.
Key Takeaways
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Competitive Landscape
With the establishment of several key nerve repair production companies all over the world, the overall market is anticipated to be highly fragmented. In order to maintain a strong foothold over the entire industry, key players are increasing R&D efforts to expand their novel product portfolios. Various products are still in the pipeline stage as the companies are proceeding toward promoting regularization and licensing of these pipelined products after assessing their efficacy.
More Insights into the Nerve Repair Market
The U.S. held approximately 89.5% share in the global nerve repair market in 2021, opines FMI. Sales in the U.S. are slated to grow at an impressive CAGR of 13.3% during the forecast period.
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Key Companies Profiled
Key Market Segments Covered in Nerve Repair Industry Research
By Product:
By Nerve Repair:
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By Region:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
May 24, 2023