The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Peripheral Nerve Injuries Global Market Report 2024, the peripheral nerve injuries market is expected to show significant growth in the forecast period.

The peripheral nerve injuries market has experienced significant growth recently. From $3.49 billion in 2023, it is projected to reach $3.93 billion in 2024, reflecting a compound annual growth rate (CAGR) of 12.5%.

• Historical Growth Drivers:
  • Increased age-related disorders like osteoporosis and arthritis.
  • Higher prevalence in aesthetics, orthopedics, trauma, cardiology, and geriatric care.
  • Rising instances of traumatic nerve injuries.
  • Growing adoption of surgical interventions for precise and direct repair of damaged nerves.
  • Older populations more susceptible to injuries such as neuropathy.

Future Market Projections

The peripheral nerve injuries market is expected to continue its rapid expansion, growing to $6.34 billion by 2028 at a CAGR of 12.7%.

• Forecast Growth Drivers:
  • Increasing incidence of trauma, accidents, and sports injuries.
  • Rising chronic conditions like diabetes.
  • Aging population leading to more cases of nerve injuries.
  • Improved patient compliance and quality of life.
  • Growing global prevalence of peripheral nerve injuries (PNI).

View More On The Peripheral Nerve Injuries Market Report 2024 – https://www.thebusinessresearchcompany.com/report/peripheral-nerve-injuries-global-market-report 

Technological Advancements and Emerging Trends

The forecast period will see several major trends driving market growth:

• Technological Advancements:
  • Innovations in nerve repair technologies.
  • Progress in diagnostic technologies.
  • Development of artificial nerve implants.
  • Emergence of new therapies.
  • Focus on personalized medicine.

Rising Incidence of Accidents

The increasing incidence of accidents is a significant factor propelling market growth.

• Factors Contributing to Increased Accidents:
  • Urbanization leading to higher traffic volumes.
  • Lifestyle and environmental changes.
  • Distracted behaviors.
• Comprehensive Treatment Strategies:
  • Investigational treatments such as stem cell therapy, growth factor administration, and gene therapy.
• Example:
  • According to The Road Safety Charity, the UK saw 1,766 road deaths in 2022, a 10% increase since 2021, highlighting the need for effective treatment for nerve injuries resulting from accidents.

Leading Companies and Innovation

Major companies in the peripheral nerve injuries market are driving innovation through substantial investments in research and development.

• Key Players:
  • Abbott Laboratories
  • Medtronic Plc
  • Stryker Corporation
  • Boston Scientific Corporation
  • Integra LifeSciences Holdings Corp.
  • AxoGen Inc.
  • Bioness Inc.
  • SPR Therapeutics Inc.
  • Stimwave Technologies Inc.
  • SetPoint Medical Inc.
  • NeuroMetrix Inc.
  • Polyganics BV
  • Orthocell Ltd.
  • NeuraLace Medical Inc.
  • MyndTec Inc.
  • Epineuron LLC

Research and Development Investments

Companies are investing in therapeutic research to enhance nerve regeneration and improve patient outcomes.

• Example:
  • In October 2022, NervGen Pharma Corp. received up to $1.5 million from the US Department of Defense to evaluate NVG-291-R for peripheral nerve injury treatment, supporting preclinical research for nerve regeneration.

Expanding Pipelines and Acquisitions

Companies are expanding their pipelines and acquiring other firms to bolster their capabilities.

• Example:
  • In September 2021, Novaremed acquired Metys Pharmaceuticals, enhancing its pipeline with innovative non-opioid treatments for chronic pain related to peripheral nerve injuries.

Market Segmentation

The peripheral nerve injuries market is segmented as follows:

1. By Product:
   • Nerve Conduit
   • Nerve Protector
   • Nerve Connector
   • Nerve Wraps
2. By Injury:
   • Traumatic Injuries
   • Compression Injuries
   • Surgical Injuries
3. By Surgery:
   • Direct Nerve Repair
   • Nerve Grafting
   • Stem Cell Therapy
4. By Application:
   • Upper Extremities
   • Lower Extremities
5. By End-User:
   • Hospitals and Clinics
   • Rehabilitation Centers
   • Home Care Settings

Regional Insights

North America was the largest region in the peripheral nerve injuries market in 2023, reflecting significant market potential and growth opportunities.

The peripheral nerve injuries market is poised for continued growth, driven by technological advancements, increased incidence of injuries, and substantial investments in research and development.

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