SAN FRANCISCO, July 21, 2022 /PRNewswire/ -- The global peripheral nerve injuries market size is anticipated to reach USD 2.58 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 7.65% over the forecast period due to the ongoing clinical trials focused on peripheral nerve repair, technological advancements, an increase in R&D activities, and a rise in awareness among people about different regenerative medicines.
Key Industry Insights & Findings from the report:
- The nerve conduit product segment accounted for the largest share in 2021. This is because 3D bio-printing applications are becoming more and more popular
- This method delivers nerve conduits with 3D complex and personalized spatial structures to increase the effectiveness of peripheral nerve regeneration
- The direct nerve repair surgery segment dominated the global space in 2021owing to a rise in the preference for minimally invasive surgery, a high geriatric population, and increased healthcare spending to treat the PNI effectively
- The upper extremities application segment held the maximum revenue share in 2021 due to technological advancements and increased cases of PNIs
- Asia Pacific is expected to witness the fastest growth rate over the forecast period due to the increasing awareness and rising investments by key players in the developed and emerging nations
- The industry is highly competitive due to the presence of key companies
Read 110-page full market research report for more Insights "Peripheral Nerve Injuries Market Size, Share & Trends Analysis Report By Product (Nerve Conduit, Nerve Wraps), By Application (Upper Extremities, Lower Extremities), By Surgery, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Peripheral Nerve Injuries Market Growth & Trends
COVID-19 has had a negative impact on the market, affecting the demand and production directly, disrupting the supply chain, and increasing the financial burden on businesses. During the pandemic, a number of surgeries were regularly postponed and/or canceled to prevent the spread of COVID-19. Neurosurgical procedures decreased by 55% in the worst-hit countries, including the U.S., Russia, India, Brazil, France, the U.K., Italy, and Spain.
Furthermore, manufacturing activities, supply chain, delivery schedules, and sale of biomaterials were disrupted due to nationwide lockdowns. Moving forward, as industry players are introducing new and better technologies, the industry is expected to grow over the forecast period. For instance, in May 2022, the topline results of Clinical Study Axogen's RECON comparing conduits to Avance Nerve Graft in digital nerve injuries were disclosed by Axogen, Inc., a global pioneer in marketing and developing revolutionary surgical solutions for PNIs. The primary target for the recovery of sensory function, as defined by static two-point discrimination, was fulfilled in Phase 3 pivotal research, and the safety profile was comparable with previously reported data. This information will help the company submit a Biologics License Application (BLA) in the second half of 2023.
Peripheral Nerve Injuries Market Segmentation
Grand View Research has segmented the global peripheral nerve injuries market based on product, surgery, application, and region:
Peripheral Nerve Injuries Market - Product Outlook (Revenue USD Million; 2017 - 2030)
- Nerve Conduit
- Nerve Protector
- Nerve Connector
- Nerve Wraps
Peripheral Nerve Injuries Market - Surgery Outlook (Revenue USD Million; 2017 - 2030)
- Direct Nerve Repair
- Nerve Grafting
- Stem Cell Therapy
Peripheral Nerve Injuries Market - Application Outlook (Revenue USD Million; 2017 - 2030)
- Upper Extremities
- Lower Extremities
Peripheral Nerve Injuries Market - Regional Outlook (Revenue, USD Million; 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
List of Key Players of Peripheral Nerve Injuries Market
- AxoGen, Inc.
- Stryker
- Baxter International, Inc.
- Polyganics BV
- Integra Lifesciences Corp.
- Renerva, LLC.
- Medovent GmbH
- Toyobo Co., Ltd.
Check out more related studies published by Grand View Research:
- Nerve Repair And Regeneration Market - The global nerve repair and regeneration market size is expected to reach USD 20.5 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 12.16% from 2022 to 2030. Demand for neurological disorder therapies owing to the increasing incidence and rising awareness regarding the same will drive the market. Moreover, government funding and reimbursement policies and uninterrupted technological advances are projected to boost market growth.
- Transcutaneous Electrical Nerve Stimulation Market - The global transcutaneous electrical nerve stimulation market is anticipated to reach USD 419.48 million by 2030, and is expected to expand at a CAGR of 3.84% from 2022 to 2030 according to a new report by Grand View Research, Inc. Rising cases of chronic pain, sports injuries, along with an increasing geriatric population base are some of the major factors driving transcutaneous electrical nerve stimulation market growth.
- Continuous Peripheral Nerve Block Catheters Market - The global continuous peripheral nerve block (cPNB) catheters market is expected to reach USD 292.8 million by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 6.2% during the forecast period. Growing orthopedic surgery volumes resulting from the rising prevalence of osteoarthritis and increasing preference for ambulatory surgical centers are the key growth stimulants for the cPNB catheters market.
Browse through Grand View Research's Medical Devices Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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