Report : Europe 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 9.9% CAGR, the Europe Nerve Repair & Regeneration Market is speculated to be worth US$ 2,709.29 million by 2028, says Business Market Insights
According to Business Market Insights' research, the Europe nerve repair & Regeneration Market was valued at US$ 1,537.23 million in 2022 and is expected to reach US$ 2,709.29 million by 2028, registering a CAGR of 9.9% from 2022 to 2028. Increasing funding by private and government organizations for research in neurology and extending geriatric population and rising prevalence of age-associated neurological disorders are factors boosting the market growth.
Patients with serious nerve injuries usually require lifelong assistance, which puts a huge burden on patients along with their families and society. Innovative, paradigm-shifting strategies are demanded to advance the treatment of the neurological injury. Scientists, engineers, clinicians, and other specialists in the across the region including Center for Regenerative Medicine are taking a multidisciplinary integrative approach to neuroregeneration for a number of devastating neurological conditions. Private and government organization are funding for the number of research projects going on in the field of nerve repair & regeneration, below are the few instances. In August 2022, Peripheral nerves are responsible for sensing temperatures, moving muscles, and inhaling and exhaling; yet they comprise fragile fibers susceptible to injury and disease. To magnify the healing of the easily damaged nerves, researchers from Penn State are using a five-year, US$ 2.14 million fund from the National Institute of Neurological Disorders and Stroke to develop a biodegradable nerve scaffold that seeks to employ citrate and folate in novel ways. In April 2020, Researchers at Albany Medical College were awarded a $ 1.9 million funding from the National Institute of Neurological Disorders and Stroke to study peripheral nerve repair. In March 2019, The Palaszczuk Government announced more than US$ 5 million to complete the first phase of a world-class ecotourism experience that's listed to create 150 jobs and pump up to US$ 300 million into the economy of Tropical North Queensland economy. The funding increase more than doubles the Queensland Government's investment in this project, which has already led to several promising outcomes relating to nerve repair around the spinal cord. Thus, increasing fundings by private and government organizations for research in neurology is contributing to the growth of nerve repair & regeneration market.
On the contrary, dearth of trained professionals is restraining the growth of the market.
Based on product type, the Europe nerve repair & regeneration market is segmented into neurostimulation and neuromodulation devices biomaterials. The neurostimulation segment held 64.9% market share in 2022, amassing US$ 997.25 million. It is projected to garner US$ 1,752.90 million by 2028 to expand at 9.9% CAGR during 2022-2028.
Based on application, the Europe 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$ 922.23 million. It is projected to garner US$ 1,612.86 million by 2028 to expand at 9.8% CAGR during 2022-2028.
Based on country, the Europe nerve repair & Regeneration Market has been segmented into the Germany, the UK, France, Italy, Spain, and Rest of Europe. Our regional analysis states that Germany captured 23.7% market share in 2022. It was assessed at US$ 364.17 million in 2022 and is likely to hit US$ 636.96 million by 2028, exhibiting a CAGR of 9.8% during the forecast period.
Key players dominating the Europe 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.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com