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Nerves are delicate and can be injured by pressure, stretching, or cutting. Any Injury to a nerve can stop signals to and from the brain, causing muscles not to work correctly. Nerve repair biomaterial products are used through surgical interventions to rebuild normal function in nerves. Factor such as rising incidences of nerve injuries will help grow the nerve repair biomaterials market. For instance, as per National Center for Biotechnology Information (NCBI), peripheral nerve injuries (PNIs) are present in approximately 3% of trauma patients. The most common cause of this injury is motor vehicle crashes.
The rising incidences of neurological disorders like Alzheimer’s, acute spinal cord injuries, etc., are anticipated to drive the nerve repair biomaterials market over the forecast duration. For instance, in 2019, according to the Neurological Alliance, there were around 14.7 million neurological cases. It associates with at least 1 in 6 people living with one or more neurological conditions. For example, according to WHO, in September 2020, Alzheimer's disease is the most common form of dementia, contributing nearly 60–70% of cases.
However, the higher price associated with nerve repair biomaterials and the procedural cost of neurological surgeries is predicted to hamper the growth in the projected timeframe. Additionally, the lack of skilled medical professionals is also hindering the industry's growth.
Key Market Driver -
Rising Incidences of the Neurological Disorders
Key Market Restraint -
High Procedural Cost and Unavailability of Trained Medical Professionals
Globally, the nerve repair biomaterials market can be segmented into product type, injury type, application, end-user, and region. Based on product type, the market is segmented into nerve repair, nerve conduits, nerve grafts, nerve protector, nerve wrap, others. Based on injury type, the market has been divided into epineural, perineural, and group fascicular. On the basis of application, the market can be segmented into direct nerve repair, nerve grafting, and others. Based on end-user segmentation, the market can be categorized into hospitals & clinics, ambulatory surgery centers, and others. Geographically, the nerve repair biomaterials market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.
Major companies present in the Nerve Repair Biomaterials market are Medtronic Plc., Boston Scientific, Abbott, Baxter International, Inc., Axogen, Inc., Polyganics, B.V., Checkpoint Surgical, Inc., Synovis Micro Companies Alliance, Inc, and other prominent players.
Based on the segmentation of the region, the global nerve repair biomaterials market can be divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is projected to retain its leading position over the forecast duration. Factors such as higher funding in neurology's research and development field increased healthcare infrastructure, and a rise in the senior population are attributed to the market's growth in North America. For instance, as per Rural Health Information Hub, the older adults age 65 and older are around 46 million living in the U.S. and projected to increase by almost 18 million. The European and APAC regions are estimated to secure the second and third leading positions in the market, respectively, owing to the increasing unmet medical requirements and advancement in technologies. These factors combined with others are estimated to augment the market growth in Europe and APAC regions for the coming years.
The governments are undertaking more significant initiatives, and the presence of various large population bases is boosting Asia Pacific's growth. Latin America, Middle East, and Africa are anticipated to grow slower than other regions due to limited awareness among patients
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