Nerves in human body are susceptible to different forms of injuries. The subtle structures of the peripheral nerves, brain, and spinal cord collectively make up the nervous system. Peripheral nerves help link the spinal cord and brain to the other parts of the body such as the skin and muscles. These nerves are highly fragile and can get easily damaged causing interference with the brain's ability to communicate with organs and muscles. Such injuries and damage to nerves are often a result of neurodegenerative disease. Nerve repair biomaterials are used to help nerve stimulate and cause their regeneration.
COVID-19 Impact Analysis
COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing a shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected to witness significant growth in the future, owing to the demand for vaccines and treatment drugs for COVID-19.
However, with COVID-19 the supply chain of raw materials required to manufacture nerve repair biomaterials has been disrupted in many countries. In addition, the market growth of pharmaceuticals is declining, as manufacturers of drugs have slowed down their production due to the pandemic. This, in turn, is expected to have a significant impact on the nerve repair biomaterials market.
Top Impacting Factors
The geriatric population is more prone to develop neurological disorders. Therefore, the rising geriatric population worldwide is one of the factors that has aided in the growth of the nerve repair biomaterials market.
With increasing road accidents, the cases of nerve injuries have increased simultaneously. As these injuries might require nerve repair biomaterials during treatment, this factor has helped grow the nerve repair biomaterials market over the years.
Increasing research in the field of neurology and the investments of public and private sector players in this research acts as the key growth drivers of the nerve repair biomaterials market.
In addition, stem cell therapies show high potential in helping repair and regenerate nerves. Hence, the ongoing research and development in this field can offer crucial growth opportunities for the nerve repair biomaterials market.
However, the problems in treating repair of large nerve gaps and the shortage of nerve repair biomaterials in developing nations impede the growth of the market.
Key Market Trends
North America holds the major share of the nerve repair biomaterials market, due to the growing prevalence of neurological disorders in the geriatric population. Furthermore, the strong presence of key players in the nerve repair biomaterials market in this region contributes to market growth.
Europe holds a major market share of the nerve repair biomaterials market, due to rapid research and development in the field of biomaterials.
Asia-Pacific is anticipated to exhibit a high growth rate in the nerve repair biomaterials market, due to the growing alertness among patients regarding treatment of neurological disorders and the ever-rising elderly population.
Key players of the nerve repair biomaterials market are focusing on mergers and collaborations with other players to develop and launch advanced nerve repair biomaterials for nerve regeneration.
Key Benefits of the Report
- This study presents the analytical depiction of the nerve repair biomaterials industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis depending on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Nerve Repair Biomaterials Report
- Which are the leading players active in the nerve repair biomaterials market?
- How is each segment of the market expected to grow during the forecast period?
- What are the adoption trends for the nerve repair biomaterials market in emerging economies and established economies across the world?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps in the market?
- What are the impacts of COVID-19 on the industry?
- What are nerve repair biomaterials?
- What are the current and predicted trends of the market?
Nerve Repair Biomaterials Market, by Application Report Highlights
| Aspects | Details |
 By Application |
|
 By Injury Type |
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 By End User |
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 By Region |
|
 Key Market Players | Medtronic Plc., Integra LifeSciences, NeuroPace, Inc., Baxter International, Inc.,, Axogen Corporation., Alliance, Inc., Boston Scientific, Aleva Neurotherapeutics, Cyberonics, Inc., LivaNova PLC, Abbott |
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