Global Neurology Devices Market Could Exceed $17 Billion By 2026
Palm Beach, FL – June 22, 2020 – Ongoing research and development activities in the field of rare neurological disease treatments are proliferating and rapid developments in healthcare and dramatic socioeconomic changes resulting in modified lifestyles is also giving opportunities to manufacturers to expand their footprint within the rare neurological disease treatment market. A recent report from Allied Market Research projected that the global Neurology Devices Market was valued at $9,242 million in 2018, and is expected to reach $17.410 Billion by 2026, registering a CAGR of 8.1% from 2019 to 2026. It stated: “Neurology is a branch of science that deals with the disorders of the nervous system, which majorly comprise the brain, blood vessels, muscles and nerves. The neurovascular devices such as cerebrospinal fluid management devices, interventional devices, and others used for the treatment of neurological disorders such as Alzheimer’s, tumors, and Parkinson’s disease… Moreover, various other devices or instruments are available in the market, which are used for the treatment of neurological devices such as catheters, stents, ultrasonic aspirators, and stereotactic systems.” Active biotech companies with recent developments include: NeuroOne Medical Technologies Corporation (OTCQB: NMTC), Zimmer Biomet Holdings, Inc. (NYSE: ZBH), Medtronic plc (NYSE: MDT), Baxter International Inc. (NYSE: BAX), Co-Diagnostics, Inc. (NASDAQ: CODX).
The report continued: “The major factors driving the global neurology devices market growth include rise in geriatric population across the globe, high demand for minimally invasive surgeries, rise in disposable income, improvement in healthcare infrastructure, and development of advanced devices. In addition, significant increase in the prevalence of neurological disorders across the globe propels the market growth. For instance, as per the estimates of the Centers for Disease Control and Prevention, more than 795,000 people in the U.S. suffer from stroke every year. In addition, rise in geriatric population poses risk for increase in incidence of neurovascular disorders (such as stroke). For instance, according to the Internet Stroke Center, o an average, nearly 75% of people aged over 65 years are reported to suffer from stroke every year. Moreover, the risk of having a stroke doubles after the age of 55, which propels the adoption of neurology devices, thereby supplementing the market growth. However, implementation of stringent government regulations toward the approval of neurology devices and dearth of skilled neurosurgeons are the key factors anticipated to hamper the market growth. On the contrary, the introduction of new products and technological advancements in the neurology devices to make disease diagnosis easier have aided in the efficient treatment of neurovascular disorders, which is expected to provide lucrative opportunities for market expansion during the forecast period.”
NeuroOne Medical Technologies Corporation (OTCQB: NMTC) BREAKING NEWS: NeuroOne Medical Technologies Corporation Enters into Exclusive Development and Distribution Agreement for Commercialization of Diagnostic EVO Cortical Electrode – NeuroOne Medical Technologies, a medical technology company focused on improving surgical care options and outcomes for patients suffering from neurological disorders, today announces the execution of an Exclusive Development and Distribution Agreement with Zimmer Biomet. Under the terms of the agreement, Zimmer Biomet will acquire exclusive global rights to distribute NeuroOne’s Evo™ (Evo) patented electrode technology.
This partnership is expected to provide an upfront payment to NeuroOne and may provide back-end milestone payments to NeuroOne if certain milestones are met.
Evo cortical electrodes, intended for recording, monitoring and stimulating brain tissue for up to 30 days, have the potential to change the landscape of neurosurgical procedures. The technology, utilizing sophisticated automated manufacturing processes, offers a thin-film lightweight design, high resolution capabilities, reduced immunological response—as demonstrated in pre-clinical studies—and the potential to be placed in a minimally invasive manner. The Evo electrode product line is expected to be complementary to Zimmer Biomet’s ROSA One platform.
Dave Rosa, president and CEO, NeuroOne, says, “We are extremely proud to partner with Zimmer Biomet, one of the world’s most highly respected medical device manufacturers and a worldwide leader in robotic technology used for a variety of orthopedic and minimally invasive neurosurgical procedures. I believe this collaborative partnership will allow us to more quickly and efficiently penetrate the market while focusing our resources on the pursuit of additional applications of our technology. Despite the current challenges with the COVID-19 pandemic, we are confident that our suppliers will be able to meet our initial launch order requests so that we can initiate commercialization efforts.” Read this entire press release and more news for NMTC at: https://www.financialnewsmedia.com/news-nmtc
Other industry developments from around the markets include:
Zimmer Biomet Holdings, Inc. (NYSE: ZBH), a global leader in musculoskeletal healthcare, recently announced new features of mymobility with Apple Watch, creating a first-of-its-kind remote care management system. These new features expand upon the existing work between Apple and Zimmer Biomet, who together launched the mymobility care management system in October 2018 to transform the pre- and post-operative joint replacement experience.
With the addition of new mobility metrics to measure gait quality, mymobility will provide healthcare professionals with even more virtual touchpoints and real-time patient information to enhance their decision-making process, while patients will continue to receive a connected and customizable experience throughout their episode of care. Apple is demonstrating these features to developers during this year’s virtual Worldwide Developers Conference (WWDC), June 22 to 26, 2020.
Medtronic plc (NYSE: MDT) recently announced it received Food and Drug Administration (FDA) approval for the Percept™ PC Deep Brain Stimulation (DBS) system. BrainSense™ technology makes Percept the first and only DBS neurostimulation system with the ability to chronically capture and record brain signals while delivering therapy to patients with neurologic disorders associated with Parkinson’s disease, essential tremor, dystonia, epilepsy or obsessive-compulsive disorder (OCD). Physicians can now track patient brain signals and correlate these with patient-recorded actions or experiences, such as symptoms, side-effects, or medication intake. This enables more personalized, data-driven neurostimulation treatment.
Mayo Clinic in Rochester, Minn., will be the first in the United States to implant the newly approved device. “Our goal is for patients to regain independence, and we know that DBS can significantly improve motor function in people with Parkinson’s disease compared to standard medication alone,” said Bryan Klassen, M.D., neurologist, Mayo Clinic. “We can now more precisely tailor therapy to the individual needs of each patient based on data from neuronal activity.”
Baxter International Inc. (NYSE: BAX) recently announced U.S. Food and Drug Administration (FDA) clearance of Altapore Shape Bioactive Bone Graft, the latest addition to the company’s next-generation bone graft substitute product line. Altapore Shape is designed to enhance bone growth and help achieve fusion, which can lead to reduced pain and other improved clinical outcomes for patients.
“We are introducing this new format in our Altapore product line to give surgeons versatile tools as they work to advance the art of healing and improve clinical outcomes in the operating room,” said Wil Boren, president of Baxter’s Advanced Surgery business.
Altapore Shape is used as a standalone bone graft substitute or as an autograft extender to fill bony voids or gaps in the skeletal system, including in the pelvis, extremities and posterolateral spine, that are surgically created or result from trauma. Altapore Shape resorbs and is replaced with bone during the healing process and comes in four configurations – three cylinders of differing sizes (1.6 ml, 2.6 ml and 8 ml) and one strip (15.8 ml) – to aid surgeons in molding the product to fit various surgical needs.
Co-Diagnostics, Inc. (NASDAQ: CODX) recently announced that it is expected to join the Russell 2000® Index at the conclusion of the annual Russell US Indexes reconstitution after the close of equity markets on June 26, 2020.
Annual Russell indexes reconstitution captures the 4,000 largest US stocks as of May 8, 2020 ranking them by total market capitalization. Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. FTSE Russell, a leading global index provider, determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
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