Market Overview: Neuroregeneration therapy is a promising field involving stem cell therapy and tissue engineering techniques to treat neurodegenerative diseases and injuries to the nervous system like spinal cord injuries, multiple sclerosis, stroke, and brain tumors. Neuroregeneration therapy utilizes living human cells to regenerate or repair damaged brain and spinal cord tissues. The aim is to renew the connections between neurons that were lost due to injury or disease. This process involves the transplantation or transplantation of cells like stem cells and neural progenitor cells into the damaged part of the central nervous system to stimulate new cell growth and remyelination.
The Global Neuroregeneration Therapy Market is estimated to be valued at US$ 13.45 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Neuroregeneration Therapy are Boeing, General Atomics, Israel Aerospace Industries Ltd, Northrop Grumman and Lockheed Martin Corporation. The growing prevalence of neurological disorders and increasing investment in stem cell research is boosting the demand for neuroregeneration therapy. For instance, according to WHO estimates, over 1 billion people worldwide are affected by neurological disorders, with an annual global cost of over US$ 1 trillion in treatment costs and lost productivity.
The growing demand for cell therapy is also attributed to the growing geriatric population prone to neurodegenerative diseases. Furthermore, increasing investment in the development of new drugs and products for Neuroregeneration Market Growth. For instance, in 2021 the NIH funded over US$ 2.6 billion for neurological disorders research.
Major players are expanding globally to strengthen their market position and tap the emerging markets. For instance, in 2022 Cognito Therapeutics, a UK-based biotech firm focused on neurodegenerative disorders, raised US$ 121 million in funding to advance its cell therapy programs and expand clinical trials globally.
Market Key Trends
Cell-based therapy is a key trend gaining popularity in the neuroregeneration therapy market. Cell therapy utilizes living human cells like stem cells, neural stem cells, glial cells, Schwann cells, olfactory ensheathing cells, and mesenchymal stem cells to treat central nervous system injuries and neurodegenerative diseases. The cell-based therapy promotes neuroplasticity and neuroprotection by stimulating the regrowth of axons and myelin sheaths and by protecting neurons from more damage. With ongoing clinical research, cell therapy is emerging as a promising treatment approach for conditions previously considered untreatable like spinal cord injuries.
Porter’s Analysis
Threat of new entrants: High capital requirements for R&D and regulatory approvals create barriers for new entrants.
Bargaining power of buyers: Large customer base in pharmaceutical industry limits bargaining power of individual buyers.
Bargaining power of suppliers: Established global supply chains and relationships with partners and suppliers reduces their bargaining power.
Threat of new substitutes: Limited substitutes for neuroregenerative therapies makes threat of substitution relatively low.
Competitive rivalry: Fragmented market results in intense competition among existing industry players.
Geographical Regions
North America currently holds the largest share of the neuroregeneration therapy market in terms of value owing to supportive regulatory environment and increased healthcare expenditure. The developed economies in the region have significantly contributed to the growth of the market over the past few years.
Asia Pacific is expected to witness the fastest growth over the forecast period attributed to rising geriatric population, increasing incidence of neurological disorders, growing healthcare spending, and developing healthcare infrastructure. The emerging economies in Asia Pacific offer substantial opportunities for market players in neuroregeneration therapy.