The Neuroregeneration Therapy Market Is Estimated To Witness High...

The Neuroregeneration Therapy Market Is Estimated To Witness High Growth Owing To Increasing Incidences Of Neurological Disorders

Posted 2023-11-23 12:57:58

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The neuroregeneration therapy market is estimated to be valued at US$ 11.67 Bn or Mn 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 promote the repair and regeneration of damaged or diseased neurons in the central nervous system through various techniques such as stem cell therapy, neuron transplantation, use of biomaterials, genetic modifications, and pharmacological interventions. It helps to treat various neurological disorders such as Parkinson's disease, Alzheimer's disease, spinal cord injury, stroke, and multiple sclerosis.

Market Dynamics:
The growing incidences of neurological disorders across the globe are projected to drive the growth of the neuroregeneration therapy market during the forecast period. According to World Health Organization (WHO), neurological disorders affect over 1 billion people worldwide each year. The high prevalence can be attributed to risk factors like increased life expectancy, rising aged population, genetic mutations, injuries, infections, and lifestyle changes. Furthermore, increasing research activities and investments in neuroscience are also expected to fuel the market growth. Various biotechnology and pharmaceutical companies are focusing on developing new treatment options for neurological disorders through neuroregeneration therapies. For instance, in March 2022, Stemedica Cell Technologies, Inc. announced the development of Stemedica's StemCell 100 for the treatment of amyotrophic lateral sclerosis. Such ongoing R&D activities are further estimated to boost the adoption of neuroregeneration therapy.

SWOT Analysis
Strength: The neuroregeneration therapy market has witnessed significant advancements over the past decade. Promising research and growing success of clinical trials are poised to revolutionize the treatment of neurodegenerative disorders. Cell therapies are showing potential to restore damaged neurons and help regrow lost connections in the brain or spinal cord. Moreover, supportive government policies and funding for research activities have boosted innovation.
Weakness: High costs associated with R&D and clinical trials continue to be a major challenge. Limited understanding of underlying disease mechanisms poses risks. Commercialization challenges such as regulatory issues and reimbursement policies also restrain market growth to some extent.
Opportunity: Rising prevalence of Alzheimer's, Parkinson's, spinal cord injury, and other neural disorders worldwide presents lucrative opportunities. Growing geriatric population renders neurodegenerative afflictions a healthcare priority. Partnerships between pharma firms, research institutions, and startups can accelerate progress.
Threats: Slow approval timelines can deter investments. Stringent regulations and liability issues related to stem cell therapies act as deterrents. Intense competition from alternative treatment options also impacts market potential.

Key Takeaways
The global Neuroregeneration Therapy Market is expected to witness high growth, exhibiting CAGR of 12.% over the forecast period, due to increasing prevalence of neurological disorders and rising research funding.

Market size
The global Neuroregeneration Therapy Market Share is expected to witness high growth, exhibiting CAGR of 12.% over the forecast period 2023 to 2030, due to increasing prevalence of neurological disorders such as Alzheimer's disease and Parkinson's disease. The market size is estimated to reach US$ 11.67 Bn by 2023 from US$ 8.54 Bn in 2020.

Regional analysis The United States dominates the global neuroregeneration therapy market, accounting for over 30% share in 2020. This is attributable to presence of advanced healthcare facilities, growing aging population, and favorable reimbursement policies. Europe follows in terms of market value, driven by rising neurological disease burden and robust funding for research. Asia Pacific exhibits fastest growth, with China and India emerging as lucrative markets.

Key players
Key players operating in the Neuroregeneration Therapy market include 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.

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