U.S. Peripheral Nerve Injuries Market Size to Exceed USD 827.39 Million by 2033

U.S. Peripheral Nerve Injuries Market Size and Growth

The U.S. peripheral nerve injuries market size was exhibited at USD 407.85 million in 2023 and is projected to hit around USD 827.39 million by 2033, growing at a CAGR of 7.33% during the forecast period 2024 to 2033.

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The growth of the market is attributed to factors such as a rising geriatric population coupled with increasing demand for minimally invasive procedures, technological advancements in surgical techniques and tools, and growing awareness among healthcare professionals and patients about peripheral nerve injuries.

Key Takeaways:

• Based on products/therapies, nerve grafting captured the largest market share of 65.94% in 2023.
• The biomaterial segment is anticipated to grow at the fastest CAGR during the forecast period.
• Based on surgery, direct nerve repair captured the largest market share of 42.67% in 2023.?
• However, the stem cell therapy segment is expected to expand at the fastest CAGR during the forecast period.
• Based on the application, the upper extremities segment captured the largest market share of 81.22% in 2023.
• However, the lower extremities segment is expected to grow at the fastest CAGR during the forecast period.
• Based on end use, the hospitals segment captured the largest market share of 61.0% in 2023.
• However, the ambulatory surgical centers segment is expected to grow at the fastest rate during the forecast period.

Increasing funding by both private and public organizations is expected to play an important role in market growth. For instance, in September 2019, Renerva, LLC, a medical device company focused on innovating various techniques and technologies for Peripheral Nerve Injuries, received funding of USD 500,000 from the National Institute of Health (NIH), and the National Science Foundation (NSF). Similarly, in October 2023, NervGen Pharma Corp. was awarded up to USD 1.5 million in Department of Defense funding from MOMRP/JPC-5 to evaluate NervGen’s NVR-291-R for enhanced restoration and enable the accelerated function for peripheral nerve injuries.

Peripheral nerve damage is estimated to affect around 20 million people in the U.S., causing symptoms that may range from mild discomfort to severe disability. It may go undiagnosed or untreated. Moreover, current procedures can be associated with limitations that impact the quality of life. Thus, to address the issue, there have been some technological advancements in this market. For instance, Axogen is focused on the development and commercialization of technology for peripheral nerve repair & regeneration. Axogen’s platform for nerve repair & regeneration is built of complex portfolio of products such as biologically active, off-shelf processed human nerve allograft. This can serve as a bridge between severed peripheral nerves with up to 70 mm without any associated comorbidities.

Furthermore, COVID-19 has highlighted the importance of minimizing hospital stays and reducing the risk of complications associated with invasive procedures. This could result in an increasing emphasis on minimally invasive procedures for peripheral nerve injuries, such as endoscopic techniques, nerve decompression procedures, and ultrasound-guided interventions. These procedures may offer shorter recovery times, reduced hospital stays, and potentially lower costs, which could impact the market for traditional open surgical interventions.

Some of the prominent players in the U.S. peripheral nerve injuries market include:

• Axogen Corporation
• Stryker/Collagen Matrix/Polyganics BV
• Integra Lifesciences Corporation
• Toyobo Co., Ltd.
• Alafair Bioscience
• Synovis Micro Companies Alliance, Inc. (Baxter International, Inc.)?

The U.S. Peripheral Nerve Injuries (PNI) market is influenced by several key growth dynamics. These include:

1. Increasing Incidence of Peripheral Nerve Injuries: The rising number of trauma cases, sports injuries, and accidents contribute significantly to the prevalence of peripheral nerve injuries. The increased occurrence of conditions like carpal tunnel syndrome and diabetic neuropathy also plays a role.
2. Advancements in Surgical Techniques and Technologies: Innovations in microsurgery and nerve repair techniques, including nerve grafting and nerve transfer, have improved patient outcomes and recovery times. The development of neurostimulation devices and minimally invasive procedures further drives market growth.
3. Aging Population: An aging population is more prone to conditions leading to peripheral nerve injuries, such as diabetes and osteoporosis. As the elderly population grows, the demand for treatment options for nerve injuries increases.
4. Growing Awareness and Diagnosis: Improved diagnostic techniques and increased awareness among healthcare professionals and patients lead to earlier and more accurate diagnoses of peripheral nerve injuries. This early intervention can enhance treatment success rates.
5. Rising Healthcare Expenditure and Insurance Coverage: Increased healthcare spending and broader insurance coverage make advanced treatments for peripheral nerve injuries more accessible to a larger segment of the population.
6. Research and Development Initiatives: Ongoing R&D activities aimed at discovering new treatments, improving existing therapies, and developing novel biomaterials and neurostimulation devices contribute to the market's expansion.
7. Increasing Prevalence of Lifestyle-Related Disorders: Conditions such as obesity and diabetes, which are prevalent in the U.S., are associated with a higher risk of peripheral nerve injuries. Managing these underlying conditions helps in reducing the incidence of nerve injuries but also highlights the need for effective treatment options.
8. Improved Rehabilitation and Post-Treatment Care: Advances in rehabilitation techniques and post-surgical care improve patient recovery rates, encouraging more patients to opt for surgical treatments and other interventions.
9. Collaborations and Partnerships: Collaborations between medical device companies, research institutions, and healthcare providers foster innovation and facilitate the introduction of new products and therapies into the market.
10. Government Initiatives and Funding:

• Government funding for medical research and support for healthcare infrastructure development also positively impacts the peripheral nerve injury treatment market.

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the U.S. peripheral nerve injuries market

Products/Therapies

• Nerve Grafting

• Autograft
• Allograft
• Stem Cell Therapy

• Biomaterial

• Nerve Conduit
• Nerve Protector
• Nerve Connector
• Nerve Wraps

Surgery

• Direct nerve repair
• Nerve Grafting
• Stem Cell Therapy
• Carpal Tunnel Release
• Internal Neurolysis
• Neurorrhaphy

Application

• Upper Extremities
• Lower Extremities

End-use

• Hospitals
• Clinics
• Ambulatory Surgical Centers
• Others

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