July 19, 2024
Neuroregeneration Therapy Market

The Neuroregeneration Therapy Market Poised to Open Up New Avenues for Growth

The 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 therapy aims to treat central nervous system diseases and disorders by facilitating the remyelination and regeneration of neurons. Common neuroregenerative therapies include stem cell therapy, nerve grafts, pharmacological therapy, and medical device implants. Stem cell therapy involves transplanting stem cells into the damaged area of the nervous system to help the body heal and regenerate nerve cells and myelin sheaths. Nerve grafts harvest healthy nerve tissues from other parts of the body to replace damaged nerves. Pharmacological therapy uses drugs and biologics to stimulate the regeneration of nerve fibers and reduce inflammation. Medical devices such as neural stimulators and cerebral stimulators are implanted to aid in nerve regeneration. Neuroregeneration therapies offer a promising treatment approach for neurological conditions like Parkinson’s disease, Alzheimer’s disease, spinal cord injury, and stroke.

Market Dynamics:
The increasing prevalence of neurological disorders due to the aging population and growing risk factors is a major driver augmenting the neuroregeneration therapy market growth. According to the World Health Organization, over 50 million people are living with dementia and there are nearly 10 million new cases every year. Advancements in regenerative medicine and stem cell research are also fueling the development of novel neuroregenerative therapies. For instance, regenerative drugs that promote the growth of new nerve cells and myelin sheaths. Additionally, improved healthcare infrastructure and rising healthcare spending in developing nations are expanding access to neuroregenerative treatments. However, the absence of complete understanding of the complexities of the brain and nervous system hinders the development of effective regenerative therapies. High costs associated with R&D and lack of reimbursement policies in some countries also challenge market growth. But partnerships between public and private entities to increase funding and ongoing clinical trials evaluating the efficacy of cell and gene therapies are expected to offer lucrative opportunities over the forecast period.
Segment Analysis

The Neuroregeneration Therapy Market is primarily segmented into neural stem cells, neuron cells and glial cells therapy. Among these, the neural stem cells therapy segment dominates the market and accounted for over 35% of global revenue in 2022. This is because neural stem cells can potentially restore or replace damaged neurons and aid in neuroregeneration after injury or disorders like Parkinson’s disease, Alzheimer’s disease etc.

PEST Analysis

Political: The regulations governing clinical trials and approval processes for new neuroregenerative treatments vary across countries and regions. This impacts the overall market growth.

Economic: Rising healthcare expenditures and increasing cases of neurological disorders are major drivers of market growth. The average annual cost for multiple sclerosis treatment in the US is over US$ 70,000 per patient.

Social: Growing awareness about various neurodegenerative conditions and availability of treatment options is positively influencing the market. However, high treatment costs remain a challenge.

Technological: Significant investments are being made in stem cell research and development of novel drugs/therapies using neural stem cells, biomarkers, gene therapies etc. This is expected to yield more effective neuroregenerative treatments.

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