June 18, 2024
Neuroregeneration Therapy Market

Neuroregeneration Therapy Market is Estimated to Witness High Growth Owing to Rising Prevalence of Neurological Disorders

Neuroregeneration therapy involves the use of stem cell and tissue engineering techniques to repair or replace the damaged neurons caused due to various neurological disorders. Neuroregeneration aims to repair or generate new neurons or neural connections in the central nervous system. The neuroregeneration therapy market is witnessing high growth due to the increasing prevalence of neurological diseases such as Parkinson’s disease, Alzheimer’s disease, spinal cord injury, and multiple sclerosis. These therapies can help in repairing brain damage and aid neurological function recovery.

The Global Neuroregeneration Therapy Market is estimated to be valued at US$ 13.45 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Neuroregeneration Therapy are Boeing, General Atomics, Israel Aerospace Industries Ltd, Northrop Grumman and Lockheed Martin Corporation. These players are involved in research and development of new products for neuroregeneration.

The key opportunities in the Neuroregeneration Therapy Market Demand include stem cell therapy and tissue engineering. Stem cell therapy uses stem cells to replace the damaged cells and aid tissue regeneration. Tissue engineering uses scaffolds, growth factors and stem cells for regeneration of neural tissues.

The neuroregeneration therapy market is expanding globally due to rising investment in research and development activities. The major companies are focusing on collaborations and new product launches to strengthen their presence across different geographies. The increasing approval of neuroregeneration therapy products will further support the global expansion of this market during the forecast period.

Market drivers

The major driver for neuroregeneration therapy market is the rising prevalence of neurological disorders. According to WHO, over 1 billion people suffer from neurological disorders globally, with neurological conditions also being a major cause of disability and death. Neurological conditions put immense physical, emotional and financial burden on individuals, health systems and global economy. Neuroregeneration therapies can help in disease modification and improved quality of life, thus driving higher adoption. Furthermore, growing geriatric population which is more susceptible to neurological diseases, also contribute to the high market growth over the forecast period.

PEST Analysis

Political: Changes in regulations and government funding influence research and development activities in the neuroregeneration therapy market.

Economic: The rising healthcare costs have increased the demand for effective and affordable treatment options for nervous system injuries and disorders.

Social: Growing awareness about neurological disorders and the benefits of neuroregeneration therapies is positively impacting the market growth.

Technological: Advances in biomaterials, stem cell therapy and gene therapy have enhanced the therapeutic efficacy of neuroregeneration, driving the market’s expansion. Continuous research to combine technologies will accelerate new product development.

The North American region dominates the global neuroregeneration therapy market in terms of value. The large share is attributed to factors such as increasing healthcare expenditure, rising incidence of neurological disorders, growing geriatric population, and well-established healthcare infrastructure.

The Asia Pacific region is anticipated to be the fastest growing market for neuroregeneration therapy during the forecast period. Rapidly developing economies, increasing healthcare spending, large patient pool, and rising awareness about neurodegenerative conditions are likely to boost the APAC market. In addition, improving research facilities and healthcare infrastructure will support the regional market growth over the coming years.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it