Report : Asia Pacific Nerve Repair & Regeneration Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product (Neurostimulation & Neuromodulation Devices {Internal Neurostimulation Devices [Spinal Cord Stimulation, Deep Brain Stimulation, Vagus Nerve Stimulation, Sacral Nerve Stimulation, and Gastric Electrical Stimulation] and External Neurostimulation Devices [Transcutaneous Electrical Nerve Stimulation Devices, Transcranial Magnetic Stimulation Devices, Respiratory Electrical Stimulation Devices]} and Biomaterials), and Application (Neurostimulation & Neuromodulation Applications {Internal neurostimulation & neuromodulation, and External neurostimulation & neuromodulation}, and Nerve Repair & Regeneration Applications {Direct Nerve Repair/Neurorrhaphy [Epineural Repair, Perineural Repair, and Group Fascicular Repair], Nerve Grafting [Autografts, Allografts, and Xenografts], and Stem cell therapy})
At 10.2% CAGR, the Asia Pacific Nerve Repair & Regeneration Market is speculated to be worth US$ 2,263.79 million by 2028, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific nerve repair & Regeneration Market was valued at US$ 1,266.83 million in 2022 and is expected to reach US$ 2,263.79 million by 2028, registering a CAGR of 10.2% from 2022 to 2028. Advancements in stem cell therapy in nerve repair & regeneration and product launches and approvals are factors driving the market growth.
The importance of stem cells as crucial actors in the process of nerve regenerative is noticeable. Consequently, cell-based therapy became a significant and evidenced intervention that improves the functional clinical outcome after nerve injury. In recent years, the technology in constructing tissue-engineered nerve grafts has seen great progress. Incorporating stem cells, such as embryonic stem cells, neural stem cells, bone marrow mesenchymal stem cells, adipose stem cells, skin-derived precursor stem cells, and induced pluripotent stem cells have enhanced the therapeutic effects of tissue-engineered nerve grafts. The high effectiveness of stem cells enlightens the optimistic future of the large-scale clinical use of stem cells. Incorporating stem cells as seed cells into the biomaterial-based scaffolds increases the effectiveness of tissue-engineered nerve grafts and boosts the regenerative process. Numerous stem cells that include neural stem cells, embryonic stem cells, adipose stem cells, skin-derived precursor stem cells, induced pluripotent stem cells, and bone marrow mesenchymal stem cells, have been used in neural tissue engineering. Cell-based therapy for treating peripheral nerve injuries (PNIs) has brought a new perspective to regenerative medicine. Capability to differentiate into glial and neural cells, stem cells improve neural regeneration after PNIs. Augmenting axonal regeneration, remyelination, and muscle mass preservation are the main mechanisms underlying stem cells' valuable effects on neural regeneration. Thus, the advances in stem cell therapy in nerve repair & regeneration is likely to offer growth opportunities for the nerve repair & regeneration market players operating in the region.
On the contrary, dearth of trained professionals is acting as a restraint.
Based on product type, the Asia Pacific nerve repair & regeneration market is segmented into neurostimulation and neuromodulation devices biomaterials. The neurostimulation segment held 64.8% market share in 2022, amassing US$ 821.05 million. It is projected to garner US$ 1,461.78 million by 2028 to expand at 10.1% CAGR during 2022-2028.
Based on application, the Asia Pacific nerve repair & regeneration market is categorized into neurostimulation & neuromodulation applications and nerve repair & regeneration applications. The nerve repair & regeneration applications segment held 60.0% market share in 2022, amassing US$ 759.93 million. It is projected to garner US$ 1,346.15 million by 2028 to expand at 10.0% CAGR during 2022-2028.
Based on country, the Asia Pacific nerve repair & Regeneration Market has been segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. Our regional analysis states that Japan captured 30.9% market share in 2022. It was assessed at US$ 391.45 million in 2022 and is likely to hit US$ 704.95 million by 2028, exhibiting a CAGR of 10.3% during the forecast period.
Key players dominating the Asia Pacific nerve repair & Regeneration Market are Axogen Corporation; Boston Scientific Corporation; Integra LifeSciences; Medtronic; Abbott Laboratories; Stryker Corporation; Neuronetics; LivaNova PLC; Baxter; and Polyganics BV among others.
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