by The global Neuroregeneration Therapy Market is estimated to be valued at US$ 11.67 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Neuroregeneration therapy involves stimulating the regeneration of central and peripheral nervous system tissues, cells, and neurons to reinstate structure and function after nerve damage. Neuroregeneration aims to repair the injured nervous system using cell-based therapies, neurostimulation devices, tissue engineering, and medication. It has the potential to treat various neurological disorders and injuries such as amyotrophic lateral sclerosis, multiple sclerosis, Alzheimer’s disease, Parkinson’s disease and spinal cord injuries. By promoting the regrowth of neurons and myelin sheaths, neuroregeneration therapy enhances patient mobility and recovery.
Market key trends:
One of the key trends in the neuroregeneration therapy market is the adoption of stem cell therapy. Mesenchymal stem cells have shown potential to treat spinal cord injuries and other neurodegenerative conditions. Several ongoing clinical trials are evaluating the application of neural stem cells, umbilical cord stem cells and other types of stem cells for neuroregeneration. Another major trend is increased research on nerve guiding conduits, growth factors and biocompatible scaffolds for spinal cord injury repair. Novel delivery systems to precisely deliver regenerative molecules to the site of injury are also being developed. Advances in tissue engineering and regenerative medicine will continue reshaping the neuroregeneration market landscape over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as neuroregeneration therapy market requires extensive R&D and clinical trials for new therapies. Established players have significant resources for investment.
Bargaining power of buyers: The bargaining power of buyers is moderate as the treatments available are limited and buyers have to rely on major manufacturers. However, increasing awareness may increase bargaining power over time.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of substitute raw materials and dominance of few major players in the market.
Threat of new substitutes: The threat of new substitutes is moderate as research in alternative therapies like stem cell therapies pose competition. However, consistency and effectiveness is still a challenge for newer approaches.
Competitive rivalry: High due to presence of major global and local players offering innovative products.
Key Takeaways
The global Neuroregeneration Therapy Market Share is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing prevalence of neurological disorders.
The North America region currently dominates the market owing to advancing healthcare infrastructure and increasing R&D investments for new treatment options. Asia Pacific is expected to exhibit fastest growth over the forecast period backed by rapidly developing economies, increasing healthcare awareness and government initiatives.
Key players operating in the neuroregeneration therapy market are Biogen Inc., AstraZeneca PLC, Pfizer Inc., Novartis International AG, Merck & Co., Inc., Sanofi S.A., F. Hoffmann-La Roche Ltd., Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, Ceregene Inc., BioTime Inc., Stemedica Cell Technologies, Inc., Neuralstem, Inc., and StemCells Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
