What’s Driving Growth in the Peripheral Nerve Injuries Market? Insights into Key Trends and Opportunities
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How has the peripheral nerve injuries market grown in recent years?
The market size for peripheral nerve injuries has seen a robust expansion in the past few years. The market, which is set to increase from $3.93 billion in 2024 to $4.44 billion in 2025, will experience a compound annual growth rate (CAGR) of 12.9%. Factors like the rise in age-related disorders including osteoporosis and arthritis, contribute significantly towards the growth experienced during the historic period.
How is the peripheral nerve injuries market size expected to evolve during the forecast period?
Anticipated rapid expansion is forecasted for the peripheral nerve injuries market in the forthcoming years. Projected to escalate to $7.12 billion by 2029 with a compound annual growth rate (CAGR) of 12.5%, this growth over the predicted period is attributed to various factors. Prominent factors include the rise in incidents involving trauma, accidents, sport-related injuries, increase in chronic diseases like diabetes, a growing elderly population, improved patient compliance, and an enhancement in quality of life. Additionally, the escalating occurrence of peripheral nerve injuries (PNI) across the globe contributes to this upward trend. Key trends observed for this forecast period encompass technological progression in nerve repair, diagnostic technological advancements, artificial nerve implant development, emerging therapies, and a heightened focus on personalized medicine.
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Which key drivers are propelling the peripheral nerve injuries market’s growth?
The rise in accident rates is anticipated to bolster the growth of the peripheral nerve injuries market in the future. The elevated accident frequency can be ascribed to a blend of aspects including urbanization alterations leading to increased traffic, lifestyle changes, environmental factors, and distracting behaviors. Peripheral nerve injuries typically require extensive treatment options to alleviate their effects and hasten recovery. Groundbreaking treatments like stem cell therapy, growth factor application, or gene therapy could potentially improve nerve regeneration and functional recovery in accident victims. For instance, the Department for Transport, a UK-based government entity, reported in May 2023 that the fatality rate on UK roads had risen from 1,695 in 2022 to 1,560 in 2021. Hence, the surge in accident rates stimulates the peripheral nerve injuries market. The escalating practice of minimally invasive surgeries is also projected to drive the peripheral nerve injuries market’s growth. Minimally invasive surgeries are medical methods involving small cuts, specialist tools, and state-of-the-art imaging techniques to lessen patient recovery duration, pain, and complication risks. The rising practice of minimally invasive surgeries can be credited to various factors including diminished recovery duration, decreased complication risks, and better patient outcomes. Peripheral nerve injuries demand precise, focused methods to avoid harming nearby tissues, promoting the creation of sophisticated surgical devices such as robotic systems, endoscopic instruments, and precision-guided technologies. These tools facilitate more accurate procedures with minimal incisions, minimizing nerve damage risk and enhancing recovery durations. For instance, The Aesthetic Society, a US-based plastic surgery and cosmetic medicine organization, stated in August 2023 that Americans spent over $11.8 billion on aesthetic procedures overall, a 2% rise from the preceding year. Thus, the upswing in minimally invasive surgeries propels the peripheral nerve injuries market.
What are the market segments in the peripheral nerve injuries industry?
The peripheral nerve injuries market covered in this report is segmented –
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
Subsegments:
1) By Nerve Conduit: Collagen Nerve Conduits, Silicone Nerve Conduits, Polymeric Nerve Conduits
2) By Nerve Protector: Nerve Guarding Agents, Nerve Protecting Gel And Films
3) By Nerve Connector: Nerve Suture Connectors, Nerve Stitching Connectors
4) By Nerve Wraps: Collagen Nerve Wraps, Tubular Nerve Wraps, Bioabsorbable Nerve Wraps
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Which leading companies are shaping the growth of the peripheral nerve injuries market?
Major companies operating in the peripheral nerve injuries market are Abbott Laboratories, Medtronic Plc, Stryker Corporation, Boston Scientific Corporation, Integra LifeSciences Holdings Corp., Bioventus LLC, MicroPort Scientific Corporation, Nevro Corp., AxoGen Inc., Bioness Inc., SPR Therapeutics Inc., Stimwave Technologies Inc., SetPoint Medical Inc., NeuroMetrix Inc., Polyganics BV, Regenity Biosciences, Renerva LLC, Aleva Neurotherapeutics SA, Neuraptive Therapeutics Inc., Neuros Medical Inc., Synapse Biomedical Inc., Orthocell Ltd., NeuraLace Medical Inc., MyndTec Inc., Epineuron LLC
Which trends are expected to transform the peripheral nerve injuries market?
Leading companies in the peripheral nerve injuries market are channeling their resources towards the research and development of therapies for nerve damage, with the goal of advancing nerve repair, optimizing functional results, and meeting the pressing medical requirements of patients suffering from such injuries. The investments made by these companies propel advancements and innovation in the peripheral nerve injuries market, resulting in the creation of cutting-edge therapies, better patient results, and an improved quality of life for those individuals impaired by nerve damages. For instance, NervGen Pharma Corp., a pharmaceutical corporation based in Canada, was granted up to $1.5 million by the US Department of Defense (DoD) in October 2022. This funding is intended to evaluate the potential of their experimental therapeutic NVG-291-R for peripheral nerve injury (PNI) treatment. The financial support will facilitate preclinical research designed to confirm proof-of-concept for using NVG-291-R to enhance the pace and scope of nerve restoration post-PNI.
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Which geographic areas are influencing the growth of the peripheral nerve injuries market?
North America was the largest region in the peripheral nerve injuries market in 2024. The regions covered in the peripheral nerve injuries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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