Global Pain Management Devices Market Could Exceed $9 Billion By 2026
Palm Beach, FL – September 15, 2020 – In response to the opioid drug crisis, there has been a intensive research into alternatives, including not just drugs but medical pain treatment devices also. Acute and chronic pain are the targets of these new devices. Chronic pain is a condition that persists for a long duration, which leads to need for its management. Pain management, a branch of therapeutic medical science, is focused on easing the suffering of the patients who have chronic pain. Pain management devices are medical device that are used in management of different types of pain such as neuropathic pain, cancer pain, nociceptive pain, musculoskeletal pain, and others. Industry reports see a rise in the global pain management devices markets. While the reports may not agree in the numbers, they do agree that the revenues will rise significantly. For example, a report from Nova1Advisor said that the global pain management devices market size was valued at $4,017 million in 2018, and is projected to reach $6,777 million by 2026, registering a CAGR of 6.7% from 2019 to 2026, while another report, from Grand View Research supported a higher amount of revenues saying that the global pain management devices market is expected to grow at a compound annual growth rate of 7.6% from 2019 to 2026 to reach USD 9.2 billion by 2026. Active companies in the market this week include Medtronic plc (NYSE:MDT), Electromedical Technologies, Inc. (OTCPK: EMED), Health Catalyst, Inc. (NASDAQ: HCAT), Boston Scientific Corporation (NYSE: BSX), Abbott Laboratories (NYSE: ABT).
Grandview reported that the presently high prevalence of diabetes, coupled with rising geriatric population base, is a high impact rendering driver for this market. The report said: “According to the estimates of the International Diabetes Federation, the global prevalence of diabetes is expected to increase from 366 million in 2011 to 552 million by 2030. This is expected to increase product demand to manage chronic pain. Moreover, the growing geriatric population base suffering from and susceptible to various diseases, including non-communicable diseases like cardiovascular disorders (CVDs), cancer, and diabetes, is likely to boost the demand.
Electromedical Technologies, Inc. (OTC Pink: EMED) BREAKING NEWS: Electromedical Technologies Increases Production Following Continued Sales to Pro Athletes in the NBA, NFL, NHL, PGA, and PBR – Electromedical Technologies (the “Company”), a pioneer in the development and manufacturing of bioelectronic devices, is pleased to announce that it continues to find strong interest for its FDA cleared WellnessPro+ device line as a bioelectronic chronic pain solution from top professional athletes in the NBA, NFL, NHL, PGA, and PBR. As a result, the Company has ordered an additional 1,000 units to enter production to meet rising demand.
“We are excited to see growing demand among some of the world’s top athletes for our proprietary bioelectronic chronic pain solution because it represents validation from those who demand performance in their treatment options,” noted Matthew Wolfson, Founder and CEO of Electromedical Technologies. “They can’t afford the risks associated with opioid-based drugs, but they need results. Word of mouth in locker rooms and team meetings has been a very valuable marketing tool because our device delivers a complete solution to chronic pain without any dangerous or harmful side effects – it helps players get up off the bench and back into the game fast.”
Management notes that the Company has seen interest from top athletes and trainers across the professional sports universe. The Company is in discussions with several individuals about cultivating public endorsements or brand ambassador relationships based on the strong feedback Electromedical Technologies has received from those using the WellnessPro+ device as a pain solution to help drive performance in professional sports competition. Get more information about EMED by visiting: https://electromedtech.com/
Other recent developments in the markets this week include:
Medtronic plc (NYSE:MDT) recently announced U.S. Food and Drug Administration (FDA) approval of an early feasibility study (EFS) of the Intrepid™ Transcatheter Tricuspid Valve Replacement (TTVR) system in patients with severe, symptomatic tricuspid regurgitation, a disease in which the diseased, damaged or malfunctioning tricuspid valve allows blood to flow back into the heart’s upper right chamber causing eventual heart failure or death. The study begins on the heels of a recent Breakthrough Device Designation issued by the FDA for the Intrepid TTVR System. The Intrepid TTVR system is an investigational device worldwide.
“We’re beginning a new journey that we believe will open the door for the potential future treatment of patients with tricuspid valve regurgitation, who constitute a significant, patient population suffering from heart valve disease today,” said Azeem Latib, M.D., section head of interventional cardiology and medical director of structural heart interventions at Montefiore Medical Center in New York Cityand co-principal investigator in the study. “There has been much progress regarding transcatheter replacement of diseased aortic valves, but whether we can replace the tricuspid valve without open heart surgery represents a new frontier in cardiology.”
Health Catalyst, Inc. (NASDAQ: HCAT), a leading provider of data and analytics technology and services to healthcare organizations, recently joined Northwell Health in announcing a long-term strategic partnership to transform the quality of patient care by using data and analytics to better anticipate and respond to the evolving needs of patients, providers and payers in today’s rapidly evolving healthcare ecosystem.
In this partnership, Health Catalyst will provide solutions to allow for increased cloud-based reliance on data and analytics, while sharing insights and best practices from a decade of support to hundreds of other healthcare clients. This will accelerate greater efficiency in data mapping and data storage to/with the Electronic Medical Record (EMR) and the affordable emergence of an enterprise solution for meaningful and measurable clinical, financial and operational improvements. The solutions will be used across the Northwell Health enterprise, which includes the Feinstein Institute and Donald and Barbara Zucker School of Medicine at Hofstra.
Boston Scientific Corporation (NYSE: BSX) recently announced it has received CE Mark and initiated a limited market release of the fourth generation Vercise Genus™ Deep Brain Stimulation (DBS) System in Europe. Featuring full-body MRI conditional1and Bluetooth capabilities across the portfolio, the Vercise Genus System is indicated to treat the symptoms of Parkinson’s disease (PD), essential tremor, and dystonia by delivering precisely targeted electrical stimulation in the brain designed to provide optimal symptom relief.
“With neurodegenerative movement disorders, the ability to deliver the right dose of stimulation where it is needed can make a remarkable difference in controlling an individual patient’s symptoms,” says Veerle Visser-Vandewalle, M.D., Ph.D., Cologne University Hospital, Germany. Vercise Genus adds features for patients, including a low-profile two-in-one extension with the option of abdominal placement. New clinician software optimizes programming with integrated visualization using patient imaging via the company’s exclusive relationship with Brainlab.
Abbott Laboratories (NYSE: ABT) recently announced the start of the LIFE-BTK clinical trial to evaluate the safety and effectiveness of the company’s new Esprit™ BTK Everolimus Eluting Resorbable Scaffold System. This is the first Investigational Device Exemption (IDE) trial in the U.S. to evaluate a fully resorbable device to treat blocked arteries below the knees, or critical limb ischemia (CLI), in people battling advanced stages of peripheral artery disease (PAD). The first patient was enrolled by Danielle Bajakian, M.D., a vascular surgeon at New York-Presbyterian/Columbia University Irving Medical Center.
“Far too many people are impacted by peripheral artery disease, and this new drug-eluting resorbable scaffold is needed to offer meaningful improvements in how this disease is treated,” said Nick West, M.D., divisional vice president, Medical Affairs, and chief medical officer in Abbott’s vascular business. “Patients treated with balloon angioplasty often require repeat procedures on treated arteries, and therefore a drug-eluting resorbable device is ideally-suited to provide mechanical support for the vessel, reduce the chance of vessel re-narrowing and then gradually disappear over time.”
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