The North America nerve regeneration and repair market has accounted to USD 4.0 billion in 2016, growing at the CAGR of 11.7% in the forecast period 2017 to 2024.
The exponentially rising incidence of peripheral nerve injuries and neurological disorders is a major growth driver for this market. Also, technological development in nerve repair and favorable reimbursement policies will drive the market in the forecast period 2016 to 2024.
The nerve regeneration and repair market is segmented into based on product type, indication, end-user and geography.
On the basis of product types the market is segmented into 2 type’s biomaterial and neurostimulation segments. The neurostimulation segment dominates the market and is further classified into internal and external neurostimulation devices. Internal neurostimulation devices is further segmented into spinal cord stimulator (SCS), deep brain stimulator (DBS), vagus nerve stimulator (VNS), sacral nerve stimulator (SNS) and gastric nerve stimulator (GNS). External neurostimulation devices market is further segmented into transcutaneous electrical nerve stimulation (TENS), transcranial magnetic stimulation (TMS) and respiratory electrical stimulation (RES). Internal neurostimulation dominates the market owing to its greater acceptance in the clinical field and more success in pain management. The biomaterials segment is further categorized based on product types into nerve conduits, nerve protectors, nerve wraps and nerve connectors.
The market is further segmented based on indications into failed back surgery syndrome, conditional regional pain syndrome, eschemia, Parkinson’s disease, Alzheimer’s, urinary incontinence, faecal incontinenece, epilepsy, gastroparesis, nerve repair, nerve grafting and others. Nerve repair segment is further segmented based on repair type into epineural repair, perineural repair and group fascicular repair. Nerve grafting segment is also further segmented based on graft types into autograft, allograft and xenograft.
Based on country the nerve regeneration and repair market is segmented into 3 countries, U.S., Canada and Mexico. U.S. is the largest market in North America and is expected to account a market share of 91.7% in 2016 owing to increased population with insurance coverage after the launch of Obama Care and Patient Protection & Affordable Care Act (PPACA). The number of elderly insured people in U.S. is expected to reach 30 million and above by 2024. This is expected to drive the growth of this market in the forecast period.
The North America nerve regeneration and repair market report contains an in-depth profiling of the key market players, along with the recent developments (New product launches, partnerships, agreements, collaborations, and joint ventures) and strategies adopted by them to sustain and strengthen their positions in the market. Some of the major players operating in this market are Medtronic, AxoGen Inc., Boston Scientific Corporation, Baxter International, Checkpoint Surgical Inc., St. Jude Medical, Inc., Integra Lifesciences Corporation, Nevro Corporation, Orthomed S.A.S., Collagen Matrix, Inc., Cyberonics, Inc. Polyganics B.V. and Stryker Corporation among other companies.