The global nerve repair & regeneration market is expected to reach USD 11.6 billion by 2027 from USD 6.5 billion in 2022, at a CAGR of 12.1%. The market is expected to grow with the massive incidence of nerve injuries, high prevalence of neurological disorders, and expanding geriatric population base, are the major factors driving the market growth. Although, there are certain restraints that has hindered the growth of the market including the dearth of skilled professionals and stringent regulatory frameworks.
The nerve repair & regeneration market is consolidated in nature, with a few players offering a variety of products. The major players operating in this market are Medtronic, PLC. (Ireland), Boston Scientific Corporation (US), and Abbott Laboratories (US).
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Medtronic plc (Ireland) ) was one of the leading players in the in the nerve repair & regeneration market in 2021. The company offers diverse range of products for nerve repair and regeneration covering all major technologies of nerve repair and regenerations. The company has a vast presence in various geographies. The company has strengthened its foothold in the market with FDA approval for the Intellis neurostimulator in 2022 and the acquisition of Stimgenics, LLC (US) in 2020.
Boston Scientific Corporation (US) was one of the leading players in the in nerve repair & regeneration market in 2021. The company has a broad product portfolio for nerve repair and regenerations. The company focuses on growing inorganically as it partnered with various companies over the last three years to strengthen its position in the nerve repair and regeneration market. For example, in 2019, Vertiflex, Inc(US) was acquired by the company which helped with the expansion of Boston Scientific’s product portfolio of interventional pain therapies.
Abbott Laboratories (US) was one of the leading players in the in the nerve repair & regeneration market in 2021. The company’s leading position can be attributed to its wide product portfolio and research investments.
Nerve Repair & Regeneration Market by Products (Neuromodulation Devices (Deep Brain Stimulation, Vagus Nerve Stimulation), Biomaterials (Nerve Conduits, Nerve Wraps), Application (Neurorrhaphy, Nerve Grafting, Stem Cell Therapy) - Global Forecast to 2027
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