Peripheral Nerve Conduit Market Innovations and Industry Trends
The global peripheral nerve conduit market was valued at approximately USD 140 million in 2023 and is anticipated to reach USD 411.58 million by 2034, representing a compound annual growth rate (CAGR) of 10.3% from 2024 to 2034. This growth is driven by the rising incidence of autoimmune disorders, which are a significant contributor to nerve damage.
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Peripheral Nerve Conduit Market Trends
In April 2024, neuroClues®, a MedTech company focused on the detection of neurodegenerative diseases, successfully closed a €5 million fundraising round. This latest funding adds to their previous investments of €4.7 million in 2021 and €2.5 million from the European Commission’s EIC Accelerator, bringing their total fundraising to €12 million. Furthermore, the company has been approved for up to €9 million in additional funding from the EIC Fund.
In October 2023, BioCircuit Technologies received a $1.9 million grant from the National Institutes of Health (NIH) to support a $2.4 million project aimed at developing and commercializing Nerve Tape®, the first technology for sutureless repair of transected nerves.
Opportunities from Rising Diabetes Cases
Diabetes is a widespread condition affecting millions globally, with increasing cases attributed to unhealthy diets, sedentary lifestyles, alcohol consumption, and occupational hazards. A serious complication associated with diabetes is diabetic neuropathy, which affects up to 50% of individuals with the disease and primarily manifests in the peripheral nerves.
Market Challenge: Surgical Risks and Complications
As with any surgical procedure, nerve graft surgeries carry inherent risks. Potential complications include infection, scarring, and issues with wound healing. Additionally, there is a possibility that patients may not regain their expected level of function post-surgery.
Top Companies in the Peripheral Nerve Conduit Market
- Axogen
- Toyobo
- Regenity
- Synovis
- Jiangsu Eton Biological
- Integra
- Newrotex
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