May 21, 2024

Neuroregeneration Therapy Market Is Poised To Rise With Increasing Prevalence Of Neurological Diseases

The neuroregeneration therapy market comprises products that help to restore or repair the damaged central and peripheral nervous system by addressing complicated neurological disorders. Neuroregeneration therapies aim to promote the regrowth or repair of neurons and neural connections in the brain and spinal cord. Products in this market include neural stem cell therapy, nerve conduits, nerve wraps, nerve protectors, neural antibodies, biologics, and nervous tissue rehabilitation equipment.

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 2030.

Key Takeaways

Key players operating in the neuroregeneration therapy market are Boeing, General Atomics, Israel Aerospace Industries Ltd, Northrop Grumman and Lockheed Martin Corporation. These companies have strong presence across various regions and hold significant market share in the overall neuroregeneration therapy industry. Growing incidences of stroke, Parkinson’s disease, spinal cord injuries and other neurological conditions have raised the demand for effective treatment options worldwide. This has positively impacted the growth of the neuroregeneration therapy market. Additionally, increasing funding for research on brain disorders and growing geriatric population susceptible to neurodegenerative diseases will further aid the expansion of this market globally over the coming years.

Market key trends

One of the prominent trends witnessed in the neuroregeneration therapy market is the increasing adoption of neural stem cell therapies. Neural stem cell therapy involves transplantation of stem cells derived from fetal or adult central nervous system into the injured areas of the spinal cord or brain with an aim to replace damaged cells. It promotes neuronal regeneration and has emerged as a promising approach for treating conditions like Parkinson’s disease and spinal cord injuries. Continued advancements in stem cell biology and regenerative medicines will augment the potential of neural stem cell therapy and drive its uptake in the neuroregeneration sector.

Porter’s Analysis

Threat of new entrants: High capital requirement and presence of leading established players pose moderate threat of new entrants. Bargaining power of buyers: Large number of players results in higher buyer power and negotiation on pricing. Bargaining power of suppliers: Suppliers have moderate power due to differentiated products and technologies used by few specialized providers. Threat of new substitutes: Potential threat as research in other regenerative medicine markets offer alternatives. Competitive rivalry: Intense competition among major players constantly enhancing and expanding product portfolios.

Geographical Regions

North America accounts for the largest share in Neuroregeneration Therapy Market owing to presence of advanced healthcare facilities, higher treatment cost and large patient population. The growth is attributed to increasing prevalence of neurological disorders, rising geriatric population and adoption of technologically advanced therapeutics.

Asia Pacific is poised to grow at the fastest pace during the forecast period driven by expanding healthcare sector, rising medical tourism, growing per capita healthcare expenditure and increasing disposable incomes. China, India and Japan are major contributors to the Asia Pacific market due to growing public and private investments to strengthen healthcare systems.

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