The U.S. peripheral nerve injuries market is currently valued at $406.23 million, but it's expected to grow significantly over the next few years, reaching a compound annual growth rate of 7.32% from 2023 to 2030. Several factors are driving this growth, including the increasing number of elderly people, a preference for minimally invasive surgeries, advancements in surgical techniques and tools, and greater awareness about peripheral nerve injuries among both healthcare professionals and patients.
Investment from both private and public organizations is also playing a crucial role in market growth. For example, in 2019, Renerva, LLC, a company specializing in peripheral nerve injury treatments, received $500,000 in funding from the National Institute of Health and the National Science Foundation. More recently, in 2022, NervGen Pharma Corp. was awarded up to $1.5 million from the Department of Defense to evaluate their NVR-291-R treatment for peripheral nerve injuries. These investments demonstrate the growing interest and support for research and development in this area.
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Product/Therapies Segmentation Insights
Nerve Grafting: A Dominant Market Share
Nerve grafting, a surgical procedure to repair damaged nerves, holds the largest market share of 65.94% in the products/therapies segment. This technique is essential when a patient experiences complete loss of sensation or muscle function due to nerve injury. It involves replacing or bridging the injured nerve portion with another unrelated nerve. The segment is expected to grow significantly due to strategic activities like product launches, partnerships, and collaborations. For instance, Axogen, Inc. released the results of a clinical study comparing their RECON product to Avance Nerve Graft. The study's positive outcomes could lead to a Biologics License Application (BLA) submission in the second half of 2023.
Biomaterials: A Promising Future
The biomaterial segment is projected to experience the fastest growth during the forecast period. Peripheral nerve injuries are a global issue causing long-term disability and reduced quality of life. These injuries often require complex surgeries due to their severity. While autografts are the current standard, they have limitations like donor site morbidity and limited availability of donor neural tissue. Nerve conduits (NGCs) offer a promising alternative for treating peripheral nerve damage. Biomaterials provide a protective layer over injured nerves, facilitating nerve repair through a semipermeable, resorbable sheath.
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