Global Peripheral Nerve Injuries Market is valued at approximately USD 1.43 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 7.65% over the forecast period 2023-2030. Peripheral nerve injury includes a broad range of clinical conditions that may present as peripheral nervous system dysfunction. Peripheral nerve injuries are a common condition that can result in a variety of symptoms depending on the severity and nerves affected. Peripheral nerve injuries can cause patients to experience anything from minor discomfort to complete paralysis. Peripheral nerve damage frequently presents with symptoms of weakness, numbness, and discomfort. However, the global peripheral nerve injury therapeutics market is likely to be driven by increased awareness of peripheral nerve injury and its treatment through drugs and therapies to manage the illness. Furthermore, the rising incidence rate of PNIs influences the revenue growth of the treatment market.
The market for peripheral nerve injuries is growing in terms of value due to the rising prevalence of chronic disorders. According to the National Institute of Health, In 2022, peripheral nerve issues impact 2.4% of the population among which 8.0% belongs to the elderly populations. In 2021, it was projected by the International Diabetes Federation that there would be approximately 537 million adults worldwide affected by diabetes, and one out of every ten individuals would also experience other forms of diabetes. Diabetic neuropathy, which is nerve damage associated with both type 1 and type 2 diabetes, affects around 50% of people with these chronic conditions. Peripheral nerve damage from leprosy is still a widespread problem worldwide. Additionally, elderly individuals and those who are obese are more prone to developing chronic illnesses. According to the World Bank Group, the global elderly population stood at 727 million in 2020, and it is expected to triple in the next 30 years, reaching 1.5 billion by 2050. The market’s revenue growth is being driven by an increase in research and development activities for focused treatment of peripheral nerve injury as well as the vital requirement for more education for doctors and nurses to enable them to provide prompt diagnoses and appropriate patient care. However, doctors and patients may both still be unaware of the syndrome’s prevalence is one of the factors limiting growth. The availability of physical therapy for the disorder’s treatment also hinders the market’s expansion throughout the forecast period of 2023-2030.
The key regions considered for the Global Peripheral Nerve Injuries Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022. North America is expected to account for the largest revenue share over the forecast period. This is due to the introduction of new treatment options in the region. Furthermore, increased healthcare expenditures, as well as the availability of treatment choices, would help drive revenue growth of peripheral nerve injuries market in the region. Moreover, rising awareness of the disease has led to revenue growth in the market. These factors are expected to drive revenue growth of the peripheral nerve injury market in the region over the forecast period. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as the number of elderly people has significantly increased in nations such as China and India. Additionally, the presence of generic drug makers and the expansion of healthcare facilities in the area are key factors in the region’s revenue growth.
Major market player included in this report are:
Baxter International, Inc.
Integra Lifesciences Corp.
Toyobo Co., Ltd
Recent Developments in the Market:
Ø In March 2022, Integra LifeSciences Holding Corp. announced the release of the 3D Nerve Guide Matrix, also known as NeuraGen, a resorbable implant for the healing of peripheral nerve discontinuities.
Ø In April 2021, on the Zernike Campus in Groningen, Polyganics, a medical technology company that develops, manufactures, and sells bioresorbable medical devices, constructed a new facility. The facility is designed to support Polyganics’ ongoing development, manufacturing, and sales operations, further advancing their innovative medical device solutions.
Global Peripheral Nerve Injuries Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Product, Application, Surgery, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Direct Nerve Repair
Stem Cell Therapy
Middle East & Africa
Rest of Middle East & Africa