The global nerve repair market is estimated to be valued in excess of US$ 145 Mn in the year 2017 and is projected to be valued at nearly US$ 430 Mn by 2027, registering a CAGR of 11.3% over the forecast period.
Increasing ageing population leading to neurological problems is fuelling the global nerve repair market
Due to the decreased activity of the motor reflexes of geriatric patients, they are prone to trauma and minor accidents owing to age. Increasing geriatric population is eventually increasing the number of patients with nerve injury. According to an article presented by Ademola Adewale, approximately 40% of people older than 65 years report at least one fall per year, which increases to 50% in those older than 80 years. In long-term care facilities, the risk of falls increases to more than 50%-60% per year. Ageing is one of the major factors leading to an increased incidence of nerve damage due to trauma, and this factor is fuelling revenue growth of the global nerve repair market during the assessment period.
Increasing number of neurosurgeons creating awareness about nerve repair procedures
Even though the global opportunity of the nerve repair market is more than US$ 3 Bn, the market penetration of nerve repair procedures is less than 2% worldwide. Nowadays, it has been observed that a growing number of neurosurgeons is creating scope for nerve repair procedures in developing countries like India and South Africa. The market penetration is also expected to increase during the forecast period due to an increase in the number of neurosurgeons, which is creating awareness in developing countries – which in turn is leading to a growth in the sales of nerve repair procedures.
Use of alternate techniques hampering the growth of the nerve repair market
Even though nerve auto graft technique is a gold standard treatment in the realm of nerve repair, there are several other treatments available in the market. One of the techniques is the regeneration of the damaged nerve using stem cell therapy. In this procedure, the adult stem cells are processed and are directly administered to the damaged part of the nerve, eventually regenerating the damaged nerve. These alternative techniques are likely to hinder sales revenue growth of the nerve repair market during the assessment period.
Tapping emerging markets can lead to an immense growth opportunity in the worldwide nerve repair market
As per the current market scenario, it is clear that the nerve repair market is predominately lucrative in the developed regions of the world like North America, Europe, etc. Many of the developing countries like India, Mexico, Indonesia and few of the Middle Eastern countries have a less market penetration of the nerve repair biomaterial products. Hence, there is an immense scope in promoting nerve repair procedures in these emerging markets and this would immensely benefit companies.
Global Nerve Repair Market Attractiveness Analysis, By Nerve Repair Type
The Epineural Nerve Repair segment dominated the global nerve repair market in revenue terms in 2016 and the trend is projected to continue throughout the forecast period with the segment estimated to record an attractiveness index of 1.5. Revenue from the Epineural Nerve Repair segment is anticipated to exhibit a CAGR of 12.1% over 2017–2027, to reach a market valuation in excess of US$ 285 Mn by 2027. The Fascicular Nerve Repair segment is expected to remain the least attractive segment in the global nerve repair market in revenue terms with an attractiveness index of 0.4 over the forecast period.
“North America and Japan are the most lucrative regions in the global nerve repair market
The North America nerve repair market is estimated to account for the largest revenue share of 41.0% in 2017 and grow at a CAGR of 12.9% during the forecast period. Increasing geriatric population and growing demand for advanced medical technology in the United States represents key growth opportunities for manufacturers of nerve repair products. The Japan nerve repair market is expected to register the second highest CAGR of 10.8% over the forecast period due to rising healthcare awareness and demand for advanced medical technology.”
--- Analyst – Healthcare, Pharmaceuticals and Medical Devices, Future Market Insights
Future Market Insights in its latest report titled ‘Nerve Repair Market: Global Industry Analysis and Opportunity Assessment 2017-2027’ gives a comprehensive assessment of the global nerve repair market. The report starts with an executive summary that gives a concise overview of the nerve repair market along with key market numbers and most important segments and regions. Also, important trends and drivers governing the global nerve repair market are given so that the report audiences get an overview of the market dynamics operating in the market. In addition, a list of key market players in the nerve repair market is given, and these are profiled individually in the competitive landscape section. In the executive summary, there is also a section devoted to the global nerve repair market split by product type, by end user, by nerve repair type and by region for the year 2016. Also, in the executive summary, there is an informative yet short Future Market Insights analysis of the overall market approach adopted by leading market players, target geographies that are most important in the global nerve repair market and the differentiating strategy of the top market players that helps them stand out in the market. After the executive summary, there is a section of the report devoted to explaining the market definition of nerve repair procedures. The next section of the report covers the market taxonomy of the global nerve repair market.
Nerve Repair Type
Subsequent to market taxonomy, there is a section of the report totally devoted to studying in detail the market dynamics operating in the global nerve repair market. These market dynamics are in the form of macroeconomic indicators, supply side drivers, demand side drivers, restraints, opportunities and trends. This is an important section of the report as it gives the report audience a clear and comprehensive picture regarding the direction where the market is heading, what are the main opportunities in the market, which factors are encouraging the expansion of the market and which factors are hampering the growth of the market. Subsequently, there are sections of the report that explain the global nerve repair market analysis and forecast by product type, by nerve repair type, by end user and by region. These important sections of the report list the Basis Point Share analysis, year-on-year growth analysis, absolute dollar opportunity and market attractiveness analysis.
In addition to the above mentioned sections, there is an entire section of the report devoted to study the competition landscape of the global nerve repair market. Global nerve repair market company share analysis is presented in this section of competition landscape, which identifies the companies commanding a leading market share in the global nerve repair market. This type of information is important for both established players and new entrants in the nerve repair market to identify their main source of competition and study such companies deeply in order to assess their strong points and learn from them so that they can emulate their success. After this, each of the important players operating in the global nerve repair market is discussed individually and key information regarding these selected companies is given. The information includes insights on company details, company overview, business overview, etc. Key financial information and revenue, operating and net margins of these companies is also presented in the competition landscape. Last but not the least, a SWOT analysis of all the companies is provided in the competition landscape that discusses the strengths, weaknesses, opportunities and threats that the companies are facing in the global nerve repair market. In addition, key developments related to the companies and their strategic overview is also given, which provides readers with a deep insight regarding the direction where important companies in the nerve repair market are headed.
Overall market size has been analysed through historical data, primary responses, and public domain data. Revenue of companies operating in the global nerve repair market has been benchmarked to ascertain the market size for the base year. Macroeconomic indicators such as GDP and end-use industries’ growth have been considered to forecast the market size over the forecast period. The historical growth trend of end-use industries, market participants’ performance, as well as the present macro-economic outlook has been taken into consideration for estimating the overall market trend forecast. This data is then validated using the triangulation method and is extensively scrutinised using advanced tools to garner quantitative and qualitative insights into the global nerve repair market.