(PharmaNewsWire.Com, February 06, 2018 ) The Asia Pacific Nerve Repair and Regeneration Market was worth USD 1.2 billion in 2017 and estimated to be growing at a CAGR of 13.35%, to reach USD 2.24 billion by 2022. Nerve Repair and Regeneration refers to the regrowth or repair of nervous tissues, cells or cell products. Such mechanisms may include generation of new neurons, glia, axons, myelin, or synapses. Neuroregeneration differs between the peripheral nervous system (PNS) and the central nervous system (CNS) by the functional mechanisms and especially the extent and speed.
Nervous system injuries affect almost 100000 people every year with almost a 10th of this being spinal cord injuries. As a result of this high incidence of neurological injuries, nerve regeneration and repair, a subfield of neural tissue engineering, is becoming a rapidly growing field dedicated to the discovery of new ways to recover nerve functionality after injury. The nervous system consists of the central nervous system, which consists of the brain and spinal cord, and the peripheral nervous system, which consists of cranial and spinal nerves along with their associated ganglia. It is only the peripheral nervous system has an intrinsic ability for repair and regeneration, whereas the central nervous system is, for the most part, incapable of self-repair and regeneration. This leaves it vulnerable and if any damage were to occur to it, there is currently no treatment for recovering human nerve function after injury to the central nervous system.
The major factors affecting the Asia Pacific Nerve Repair and Regeneration Market include as mentioned before the high incidence of neurological injuries. Other major factors bolstering the nerve repair and regeneration market include favourable reimbursement policies, technological advancements, willingness to spend on research and development and increasing consumer awareness. As for the restraints of the market, the exorbitant costs of the procedure continue to be the major deterrent along with the technical proficiency required from practitioners.
The Asia Pacific Nerve Repair and Regeneration Market is broadly classified into Internal Neurostimulation Devices such as Spinal Cord Stimulation, Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, Gastric Electrical Stimulation and External Neurostimulation Devices such as Transcutaneous Electrical Nerve Stimulation and Transcranial Magnetic Simulation by Product, based on Application into Neurostimulation and Neuromodulation Surgeries, Direct Nerve Repair/Neurorrhaphy, Nerve Grafting and Stem Cell Therapy. Based on geography, the Asia-Pacific market is divided into India, China, South Korea, Japan and Australia. Asia-Pacific is expected to grow rapidly in the coming years as is evident from the high CAGR value for the region. In addition to having the highest growth rate, the region also has the third highest market share. The rapid growth of the region can be attributed to the developing stature of countries such as India and China.
The Asia Pacific Nerve Repair and Regeneration Market is highly competitive with a large number of players. Key market players dominating the market with their products and services are AxoGen, Baxter International, Boston Scientific Incorporation, Cyberonics, Integra Lifesciences Corporation, Medtronic, Orthomed S.A.S., Polyganics B.V., St. Jude Medical, and Stryker Corporation.
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