LONDON, Aug. 30, 2016 /PRNewswire/ -- The global nerve
repair and regeneration market is expected to reach USD 15.7 billion by 2024, according to a new
report by Grand View Research, Inc. The demand for neurological
disorder devices and therapies is expected to exhibit an upsurge
over the forecast period owing to the rising awareness, the
increasing incidence rate, the favorable government funding and
reimbursement policies, and the continual technological advances
offered by the key players of the industry. According to the
American Physiological Society, approximately 12,000 spinal Cord
Injuries (SCI) are recorded every year in the U.S. The majority of
these injuries take place due to sporting accidents, gunshot
wounds, car accidents, and falls.
In January 2016, The EU Horizon 2020
program funded a research project 'AUTOSTEM' launched by the NUI
Galway's Regenerative Medicine Institute (REMEDI) amounting to
USD 6.73 million. This project is to
develop a robotic stem cell production factory, involved in fully
automated manufacturing of stem cells in large volumes; thus,
having an edge over the old traditional techniques. Also, this
technique will treat a range of therapies pertaining to
cancer,arthritis, diabetes and other complications.
Further key findings from the report suggest:
The neurostimulation and neuromodulation segment dominated the
product segment of the market due to the increasing awareness about
the devices coupled with the surgingnumber of central nervous
system disorders in the population
North America dominated the market
in 2015 owing to the technological advancements in the region and
the introduction of new devices by the manufacturers. In 2015, U.S
proved to be the most potential market. The rise in number of cases
with injuries in the Central Nervous System (CNS), including
injuries to the spinal cord and the brain,and increase in the
government initiatives and funding,as well as funding from various
other agencies were some of the major reasons responsible for the
growth.
According to the report published by the Florida University, annually,more than 2 million
people suffer from traumatic injuries of the brain in the US and a
minimum of 10,000 people suffered with spinal cord injuries.The CNS
injuries are a consequence of incompletely elucidated biochemical
pathological phenomenon. This lack of complete understanding in the
field drives the urgency for ramping up R&D efforts to develop
novel neurotherapeutic approaches.
In March 2016, Baxter International,
Inc. completed the CE marking, the indication for marketing of
'HEMOPATCH', the ready-to-use surgical patch in the European
market. This patch was approved for use in dural defect repair, for
treating traumatic injuries of the brain, CNS, and as a surgical
sealant to contain leakage of bodily fluids in other body parts, or
as a hemostatic device to prevent the loss of blood.
APAC is expected to be the fastest growing region of the nerve
repair and regeneration market. Aging population, technological
advancements, and unmet medical needs in this region are some of
the reasons for the growth of the market
In February 2016, Indian scientists
working for Revita Life Sciences and Bioquark, Inc. gained
permission to conduct clinical trials in 20 clinically dead
patients to bring specific parts of their central nervous system
back to life. Combination of therapies are to be applied including
injecting the brain with stem cells, cocktail of peptides, use of
lasers and nerve stimulation techniques that have been proven
successful in reviving comatose patients.A blend of regenerative
medicine tools and treatment devices are to be employed to achieve
success with such a complex undertaking.
Manufacturers are collaborating with the aim of combining the use
of innovative devices and therapies to improve treatment efficiency
and provide better therapy outcomes
In November 2012, UCB (Euronext
Brussels) and NewBridge Pharmaceuticals entered into an agreement
to engage in geographical expansion of its core products (Neupro,
Vimpat, and Cimzia)to include majority of the African and Middle
east countries in its distribution channels. On the other hand,
Newbridge Pharmaceuticals is to focus on product commercialization,
gaining regulatory approvals from local bodies, and perform
pharmacovigilance. This agreement is estimated to elevate the
uptake of products related to CNS and immunologic diseases in the
Middle-east and Africa region.
Some key players of this market include Polyganics B.V., St. Jude
Medical, Inc., Stryker Corporation, AxoGen, Inc., and others
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