by Neuroregeneration therapy facilitates the recovery and regeneration of damaged or injured nervous tissue. Techniques such as neural stem cell therapy and biochemical approaches enable the regrowth of nerve cells and connections in patients experiencing neurological issues. Neuroregeneration products include neural stem cell therapy, nerve conduits, nerve protectors, nerve connectors and neural electrode arrays. The demand for these therapies and technologies is anticipated to increase in line with the growing instances of neurological dysfunctions like Alzheimer’s disease, Parkinson’s disease, brain injury and multiple sclerosis across the world.
The global neuroregeneration therapy market is estimated to be valued at US$ 13.45 billion in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the Global Neuroregeneration Therapy Market Size is the rising focus on stem cell research for neurological applications. Stem cell therapy holds potential for repairing damaged neural tissues and replacing lost cells. Studies indicate that stem cells can differentiate into neural cells and facilitate neuroplasticity. Several clinical trials are underway to evaluate the efficacy of neural stem cells in treating neurological disorders. Additionally, the development of biomaterials that can promote nerve regeneration is another trend gaining traction in this market. New biomaterial scaffolds aid remyelination and enhance the regeneration capacity of injured nerves. Research is being conducted to design biomaterials that mimic natural extracellular matrix and facilitate directed regeneration.3D bioprinting is also emerging as an innovative technology for engineering neural grafts and guiding nerve regeneration.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as high capital requirement and established brand names make it difficult for new players to enter the neuroregeneration therapy market.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of alternative treatments. However, the increasing incidence of neurological disorders increases the demand.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many suppliers in the market.
Threat of new substitutes: The threat of substitutes is low as neuroregeneration therapies have limited substitutes for treating conditions like Alzheimer’s, Parkinson’s, amyotrophic lateral sclerosis, and spinal cord injury.
Competitive rivalry: The competitive rivalry is high due to the presence of many global and regional players competing in terms of pricing and new product launches.
Key Takeaways
The global neuroregeneration therapy market is expected to witness high growth. The market size for 2024 is US$ 13.45 Bn and projected to grow at a CAGR of 16% during the forecast period of 2024 to 2031.
Regional analysis: North America dominates the neuroregeneration therapy market and accounted for over 35% of the global market share in 2023. This is attributed to the increasing research and presence of top players in the region. On the other hand, Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rising medical expenditures, increasing awareness, and presence of untapped opportunities.
Key players: Key players operating in the neuroregeneration therapy market are Boeing, General Atomics, Israel Aerospace Industries Ltd, Northrop Grumman and Lockheed Martin Corporation. These players are focused on gaining approvals for new products and adopt collaboration strategies to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
