Peripheral Nerve Injuries Global Market Report 2024

The peripheral nerve injuries market size has grown rapidly in recent years. It will grow from $3.49 billion in 2023 to $3.93 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The historical period's growth can be attributed to several factors, including the heightened prevalence of age-related disorders such as osteoporosis and arthritis, an increased incidence in areas such as aesthetics, orthopedics, trauma, cardiology, and geriatric care, a rise in traumatic nerve injuries, a greater adoption of surgical interventions for precise and direct repair of damaged nerves, and an increased susceptibility to peripheral nerve injuries such as neuropathy with advancing age.

The peripheral nerve injuries market size is expected to see rapid growth in the next few years. It will grow to $6.34 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing incidence of trauma, accidents, and sports injuries, the rising prevalence of chronic conditions such as diabetes, the growing aging population, increasing patient compliance, and improvements in quality of life. Additionally, there is a rising prevalence of peripheral nerve injuries (PNI) globally. Significant trends expected in the forecast period include technological advancements in nerve repair, progress in diagnostic technologies, the development of artificial nerve implants, emerging therapies, and a focus on personalized medicine.

The growing occurrence of accidents is anticipated to drive the expansion of the peripheral nerve injuries market in the foreseeable future. This rise in accidents can be attributed to various factors, including shifts in urbanization resulting in increased traffic flow, lifestyle changes, environmental factors, and behaviors that lead to distraction. Peripheral nerve injuries often require comprehensive treatment approaches to mitigate their effects and facilitate recovery. Experimental treatments such as stem cell therapy, administration of growth factors, or gene therapy show potential in enhancing nerve regeneration and aiding functional recovery for accident-induced injuries. For instance, in October 2023, according to Bake, The Road Safety Charity, there were 1,766 road fatalities in the UK in 2022, with 1,711 recorded in Britain and 55 in Northern Ireland. Moreover, the number of road fatalities increased by 10% compared to 2021. Hence, the rising incidence of accidents is a driving force behind the peripheral nerve injuries market.

Key players in the peripheral nerve injuries market are channeling investments into research and development of nerve injury therapeutics, aiming to improve nerve regeneration, enhance functional outcomes, and address the unmet medical needs of affected patients. These investments fuel progress and innovation in the peripheral nerve injuries market, leading to the creation of advanced therapies, better patient outcomes, and improved quality of life for individuals grappling with nerve injuries. For instance, in October 2022, NervGen Pharma Corp., a Canadian pharmaceutical company, secured funding of up to $1.5 million from the US Department of Defense (DoD) to assess its investigational therapeutic NVG-291-R for peripheral nerve injury (PNI) treatment. This funding would support preclinical research to demonstrate the efficacy of NVG-291-R in enhancing nerve regeneration post-PNI.

In September 2021, Novaremed, a Switzerland-based pharmaceutical firm, acquired Metys Pharmaceuticals for an undisclosed sum. This acquisition expands Novaremed's existing pipeline by incorporating clinical and preclinical development projects focused on an innovative approach to non-opioid chronic pain treatment, which aligns with the company's strategic focus. Metys Pharmaceuticals, based in Switzerland, specializes in developing treatments for peripheral nerve injuries (PNI), with a particular emphasis on conditions such as painful diabetic peripheral neuropathy (PDPN) and chemotherapy-induced peripheral neuropathy (CIPN).

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.

North America was the largest region in the peripheral nerve injuries market in 2023. 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.

The countries covered in the peripheral nerve injuries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Peripheral nerve injury encompasses any damage or impairment affecting the peripheral nerves, which are the nerves situated outside the brain and spinal cord. These nerves play a vital role in transmitting signals between the central nervous system (CNS) and the rest of the body, facilitating sensation, movement, and motor coordination.

The primary product categories for addressing peripheral nerve injuries include nerve conduits, nerve protectors, nerve connectors, and nerve wraps. Nerve protectors are medical devices or materials utilized to shield and safeguard nerves from harm or injury during surgical procedures. Various types of injuries, such as traumatic, compression, and surgical injuries, are treated through diverse surgical interventions such as direct nerve repair, nerve grafting, and stem cell therapy. These interventions find application in a range of areas such as upper extremities and lower extremities, catering to diverse end-users including hospitals and clinics, rehabilitation centers, and home care settings.

The peripheral nerve injury market research report is one of a series of new reports that provides peripheral nerve injury market statistics, including peripheral nerve injury industry global market size, regional shares, competitors with a peripheral nerve injury market share, detailed peripheral nerve injury market segments, market trends and opportunities, and any further data you may need to thrive in the peripheral nerve injury industry. This peripheral nerve injury market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The peripheral nerve injuries market consists of sales of nerve injury medications, gene therapies, and stem cell therapy. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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