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| Neuroregeneration Therapy Market |
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.
Read More,
https://www.trendingwebwire.com/neuroregeneration-therapy-market-trends-size-and-share-analysis/
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