Perineural Therapy Market size was over USD 346.2 Million in 2023 and is set to cross USD 2.22 Billion by the end of 2036, growing at more than 15.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of perineural therapy is estimated at USD 394.18 Million. The increasing prevalence of different neural disorders is anticipated to propel the growth of the market during the forecast period. As per the data provided by Pan American Health Organization (PAHO), in the U.S., 533,172 individuals lost their lives due to neurological conditions, out of which, 213,129 were men and 320,043 were women in 2019.
The global perineural therapy market is further estimated to witness growth on the back of the increment in approval and launch of more enhanced drugs and other products to repair and regenerate nerves. In a study conducted by the National Library of Medicine in 2020, it was observed that around 82% meaningful recovery (MR) was obtained from mixed, sensory, and motor nerve repair having almost 70 mm gaps. There were no significant differences in MR across the nerve type, age, time to repair, and smoking status, however, significant differences were noted by the injury type. complex injuries had 74% MR as compared to lacerations at 85%, and neuroma resections at 94% recovery.
Growth Drivers
Higher Prevalence of Chronic Pain in Global Population Due to Changing Lifestyle- It was observed that around 10% of the global population is affected by chronic pain summing up to approximately 60 million people. Moreover, about one in every 10 people additionally develop chronic pain every year worldwide. Rising digitalization and technological advancement have brought a major change in the physical health of the modern population. People tend to spend more time sitting in either workplaces or educational institutions and do not indulge in physical activities. Such conditions become accountable to trigger chronic pain and other diseases, which require perineural therapy.
Spiking Cases of Sports Injuries Resulting in Nerve Damage - Sports injuries are a major cause of neural diseases, which require perineural therapy. Data provided by the National Safety Council stated that bicycling is one of the major causes of sports injuries. The prevalence has increased by 44% in the last decade and 1,260 deaths were noticed in 2020 due to bicycle incidents.
Advancement in Modern Medical Technology - As of 2019, the total revenue of global medical technology was estimated to be around USD 450 billion, which is estimated to cross USD 590 billion by the year 2024. Moreover, the total R&D spending on global medical technology was projected to be about USD 30 billion in 2019.
Increment in Global Geriatric Population - According to the data from the World Bank 747.238 million individuals were aged 65 or above in 2021 across the globe. Older adults are more prone to neural disorders and would require immediate treatment.
Escalating Approval and Launches of Products to Regenerate and Repair Damaged Nerves - The growing development and launch of medical technologies and drugs, such as neurostimulator devices, are estimated to boost the market growth. The modern perineural injection has been launched in the market with 85% of effectiveness.
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
15.4% |
|
Base Year Market Size (2023) |
USD 346.2 Million |
|
Forecast Year Market Size (2036) |
USD 2.22 Billion |
|
Regional Scope |
|
Biomaterials (Nerve Conduits, Nerve Wraps)
The perineural therapy market is segmented and analyzed for demand and supply by biomaterials into nerve conduits and nerve wraps, out of which, the nerve conduits segment is set to witness noteworthy growth over the forecast period. The growth of the segment can be ascribed to rising cases of nerve damage on account of multiple causes, such as sports injuries and changing lifestyles. For instance, it has been estimated that over 100 types of nerve damage exist that require significant medical attention.
End-user (Clinics, Hospitals, Ambulatory Surgical Centers)
The perineural therapy market is segmented and analyzed for the demand & supply by end users to Hospitals and clinics, ambulatory surgical centers, and others. Among these, it is estimated that hospitals and clinics have the chance to have the largest market share in the forecast year. People suffering from more nerve disorders and geriatric populations having nerve issues are the actual growth drivers of this segment. The incorporation of new nerve regeneration and nerve repair technologies and investment by the government in the research and development of this technology is also expected to drive the growth of this segment.
Our in-depth analysis of the global market includes the following segments:
|
By Internal Neurostimulation Devices |
|
|
By End User |
|
|
By Biomedicals |
|
|
By External Neurostimulation Devices |
|
North American Market Forecast
The market in the North American region is projected to hold the largest market share by the end of 2036. The market is projected to witness remarkable growth on the back of a higher prevalence of sports injuries. Approximately 30 million teens participate in organized sports, out of which, around 3.5 million get injured annually. Hence, the market is expected to grow exponentially in the region over the forecast period. Also, a lot of technological advancements have taken place in perineural therapy which is expected to drive the market in this region. Nerve grafting and neuropathy are becoming more prominent in this region, which raising the market share in North America.
APAC Market Statistics
Furthermore, the Asia Pacific region is estimated to be the second-largest shareholder in the global perineural therapy market. The growth of the market in the region can be attributed to the skyrocketing cases of Alzheimer’s disease, dementia, and other chronic disorders. For instance, the number of people with dementia is projected to reach around 70 million by the year 2050 in the Asia Pacific region. Additionally, the rising geriatric population with severed nerves is further estimated to drive the growth of the market over the forecast period. As per the data provided by the Asian Development Bank, the elderly population in Asia Pacific is slated to reach around 923 million by the year 2050. Thereby, all these factors are expected to hike the growth of the market during the forecast period.
Abbott Laboratories to enter an agreement with the FDA regarding the reopening of the company’s Mich., Sturgis, and infant formula plants. As per the agreement, Abbott will continue to import formula from an FDA-registered facility in Ireland.
NeuroSigma, Inc. To enter into a strategic digital health partnership with KT to develop and promote the sales of neuroelectric ADHD within and outside of Korean borders.
Author Credits: Radhika Pawar
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?