April 24, 2024

Neuroregeneration Therapy Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Neurological Disordersc

Neuroregeneration therapy involves the use of stem cells, drugs or medical devices to stimulate the growth and regeneration of nervous tissue damaged due to diseases or injuries. Neurodegenerative disorders such as Alzheimer’s, Parkinson’s and stroke damage the neural connections in the brain over a period of time leading to loss of motor skills and cognitive abilities. Neuroregeneration helps restore lost connections and induce new neuronal growth to regain functionality. The therapy utilizes stem cell-based approaches, neuronal grafting and biomaterials to aid the natural repair processes in the central nervous system. Further, clinical trials for cell-based and pharmacological neuroregeneration are underway to develop disease-modifying therapies.

The Global Neuroregeneration Therapy Market is estimated to be valued at Us$ 13.45 Bn in 2024 and is expected to exhibit a CAGR Of 16% over the forecast period from 2024 To 2030.

Key Takeaways

Key players operating in the Neuroregeneration Therapy are Boeing, General Atomics, Israel Aerospace Industries Ltd, Northrop Grumman and Lockheed Martin Corporation. With rising R&D investments, these players are developing novel biomaterials, stem cell therapies and devices for neuroregeneration.

Key opportunities in the market include the untapped potential of stem cell therapies and biomaterial-based neuroregeneration. Several clinical trials are exploring the efficacy of stem cells derived from fat tissues, bone marrow and embryonic sources for treating spinal cord injuries, stroke and neurodegenerative diseases. Adoption of tissue-engineered nerve grafts and use of biomaterials that facilitate axonal outgrowth also present lucrative opportunities.

Globally, North America dominates the neuroregeneration therapy market due to presence of major players and advanced healthcare infrastructure. However, Asia Pacific is expected to exhibit fastest growth owing to rising geriatric population, improving access to novel therapies and growing investment in regenerative medicine research in countries like China and India.

Market drivers

The rising prevalence of neurological disorders due to increasing geriatric population and urban lifestyles is a key driver propelling the demand for neuroregeneration therapies. It is estimated that by 2030, over 1.1 billion people globally will be affected by Alzheimer’s or other forms of dementia. Further, improving regulatory approvals and reimbursement policies are encouraging clinical translation of novel neuroregenerative approaches, thereby boosting market growth.

PEST Analysis

Political: Governments across regions are supporting neurodegenerative disease research through strategic funding. Various regulations have also been established to accelerate market growth.

Economic: Rising healthcare spending on neuroregeneration techniques and increasing incidence of neurological disorders are fueling market revenue. However, high treatment costs still remain a key challenge.

Social: Growing public-private initiatives to spread awareness about neurodegenerative conditions have increased the demand for neuroregeneration therapies. Rapid technology adoption in the healthcare industry has further positively impacted the market.

Technological: Significant advances have been made in areas of neural stem cell research, brain imaging, and neurological biomarkers which have facilitated development of newer neuroregenerative treatment options. Adoption of artificial intelligence also aids in expediting drug discovery and clinical trials.

The North American region currently holds the largest share of the global Neuroregeneration Therapy Market in terms of value. This can be attributed to the growing geriatric population, rising prevalence of neurological diseases, and high healthcare spending in the region.

The Asia Pacific region is anticipated to be the fastest growing market during the forecast period. This growth can be credited to factors such as improving healthcare infrastructure, increasing healthcare expenditures, expanding base of neurology centers and hospitals, and rising awareness about neurological disorders in developing countries of the region.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it