Peripheral Nerve Injuries Market Growth & Trends
The global peripheral nerve injuries market size is anticipated to reach USD 2.58 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 7.65% over the forecast period due to the ongoing clinical trials focused on peripheral nerve repair, technological advancements, an increase in R&D activities, and a rise in awareness among people about different regenerative medicines. COVID-19 has had a negative impact on the market, affecting the demand and production directly, disrupting the supply chain, and increasing the financial burden on businesses. During the pandemic, a number of surgeries were regularly postponed and/or canceled to prevent the spread of COVID-19. Neurosurgical procedures decreased by 55% in the worst-hit countries, including the U.S., Russia, India, Brazil, France, the U.K., Italy, and Spain.
Furthermore, manufacturing activities, supply chain, delivery schedules, and sale of biomaterials were disrupted due to nationwide lockdowns. Moving forward, as industry players are introducing new and better technologies, the industry is expected to grow over the forecast period. For instance, in May 2022, the topline results of Clinical Study Axogen’s RECON comparing conduits to Avance Nerve Graft in digital nerve injuries were disclosed by Axogen, Inc., a global pioneer in marketing and developing revolutionary surgical solutions for PNIs. The primary target for the recovery of sensory function, as defined by static two-point discrimination, was fulfilled in Phase 3 pivotal research, and the safety profile was comparable with previously reported data. This information will help the company submit a Biologics License Application (BLA) in the second half of 2023.
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Peripheral Nerve Injuries Market Report Highlights
- The nerve conduit product segment accounted for the largest share in 2021. This is because 3D bioprinting applications are becoming more and more popular
- This method delivers nerve conduits with 3D complex and personalized spatial structures to increase the effectiveness of peripheral nerve regeneration
- The direct nerve repair surgery segment dominated the global space in 2021owing to a rise in the preference for minimally invasive surgery, a high geriatric population, and increased healthcare spending to treat the PNI effectively
- The upper extremities application segment held the maximum revenue share in 2021 due to technological advancements and increased cases of PNIs
- Asia Pacific is expected to witness the fastest growth rate over the forecast period due to the increasing awareness and rising investments by key players in the developed and emerging nations
- The industry is highly competitive due to the presence of key companies
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