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Description
Peripheral Nerve Repair Market size was valued at USD 7,172.9 million in 2021 and is poised to grow at a significant CAGR of 8.3% over 2022–2028. In contrast to other tissues in the body, peripheral nerve regeneration is a slow and often imperfect process. Trauma, neurological condition, and accidents can induce peripheral nerve injury, which affects the nerves’ functional and structural state and necessitates surgical intervention for recovery. The harm to the peripheral nerves can be moderate or severe. Damage to the insulation and fibers of the nerve causes severe nerve injury, which is challenging to treat and recover from. Mostly the radial nerve is the most considerable injured, and it usually happens when the humerus bone is fractured. The severity of the neuronal injury is divided into five categories. The treatment method is determined by the size of the gap or any defect in the nerves and the severity of the condition. Recent surgical breakthroughs have shown encouraging results in proximal nerve damage. Furthermore, molecular and bioengineering techniques are being developed to circumvent the biological obstacles that are preventing patients from recovering. The peripheral nerve repair market is predicted to be driven by product innovations and technological advancements in nerve healing and axonal growth. The rising prevalence of extremities damage, breast neurotization, and carpal and cubital tunnel revision procedures are all boosting demand for peripheral nerve restoration devices. This has resulted in a greater need for peripheral nerve repair devices in a variety of applications, including extremities damage, breast neurotization, carpal tunnel revision surgery, and cubital tunnel revision surgery. The worldwide peripheral nerve repair market is predicted to rise significantly over the forecast period. Mergers and acquisitions by prominent industry players are also likely to drive market expansion. For example, AxoGen, a leading nerve regeneration firm based in the United States, teamed with LifeNet Health, a leading allograft bio-implants company, to produce advanced nerve grafts. This collaboration is projected to improve patient access to therapy for peripheral nerve disorders, driving growth in the worldwide peripheral nerve repair market.
Recent Market Developments:
In 2020, Medtronic received CE approval for InterStim Micro neurostimulator and InterStim SureScan MRI leads clearing the technologies for commercial sale and clinical use in Europe.
