The global Neuroregeneration Therapy Market is estimated to be valued at US$ 11.67 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Neuroregeneration therapies aid in repairing or replacing neurons and glia that get damaged due to injuries or neurological diseases. These therapies help regenerate damaged tissue and restore nerve function by stimulating growth and remyelination of neurons.
Market key trends:
One of the key trends in the neuroregeneration therapy market is the increasing number of clinical trials focusing on stem cell-based therapies. These therapies involve the use of stem cells to repair or regenerate damaged or diseased tissues and cells. For instance, stem cell therapy is being evaluated for its potential to treat strokes, spinal cord injuries, amyotrophic lateral sclerosis, and other neurodegenerative conditions. The growing number of clinical trials signifies increased research activity and offers hope that regenerative therapies may provide effective treatment options for currently incurable neurological conditions in the future.
Market key trends:
The Neuroregeneration Therapy Market has been witnessing significant growth due to rising prevalence of neurological disorders and increasing R&D investments from key players for developing novel regenerative therapies. Some of the key advancements include stem cell therapies, gene therapies, and biologics that can help repair or replace damaged neurons. Stem cell therapy in particular holds potential to treat chronic neurological conditions by supporting growth of new nerve cells.
SWOT Analysis
Strengths: Growing prevalence of neurological disorders, rising healthcare expenditure
Weaknesses: High costs associated with R&D, regulatory hurdles for new therapies
Opportunities: Increasing research in regenerative medicine, growing geriatric population
Threats: Limited understanding of disease mechanisms, alternative treatment options
Key Takeaways
The global Neuroregeneration Therapy Market Share is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing investment in neuroscience research and growing focus on stem cell therapies.
North America dominated the global market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to growing neurological patient pool, presence of sophisticated healthcare infrastructure and availability of research funding in the region.
Asia Pacific is anticipated to exhibit the fastest growth over next few years owing to improving healthcare standards, rising medical tourism, and growing prevalence of various neurological disorders in the region.
Key players operating in the Neuroregeneration Therapy Market are Biogen Inc., AstraZeneca PLC, Pfizer Inc., Novartis International AG, Merck & Co., Inc., Sanofi S.A., F. Hoffmann-La Roche Ltd., Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, Ceregene Inc., BioTime Inc., Stemedica Cell Technologies, Inc., Neuralstem, Inc., and StemCells Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it