NEW YORK, December 7, 2016 /PRNewswire/ --
Pain management has always been an important segment of the healthcare industry, yet medical devices designed to relieve pain have struggled to break into mainstream. This is primarily due to low awareness regarding the availability and use of such devices. Yet research reports suggest that this industry maybe gaining ground. According to a recent research by Markets and Markets the global pain management devices market is expected to grow at CAGR of 8.5% from 2016 to 2021, and reach a value of USD 4.64 Billion. Among the factors that contribute to the growth are the increasing demand for long-term pain management among the geriatric population, large patient population base, and new innovative technologies. Medovex Corp. (NASDAQ: MDVX), Abbott Laboratories (NYSE: ABT), St. Jude Medical Inc. (NYSE: STJ), Medtronic (NYSE: MDT), Zimmer Biomet Holdings Inc. (NYSE: ZBH)
Pain management devices are applied into various segments including neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, and more. According to the research, as of 2016, North America held the largest share of this market followed by Europe. However, the Asia-Pacific markets are expected to grow at the highest CAGR from 2016 to 2021. This is due to the continuously improving healthcare infrastructure in emerging markets of those regions.
Medovex Corp. (NASDAQ: MDVX) is biomedical device company with the mission of acquiring and developing a portfolio of potentially ground breaking medical technology products. According to the company, they focus on products with potential for significant improvement in the quality of patient care combined with cost effectiveness. The Company's first pipeline product, the DenerveX device, is designed to provide long lasting relief from pain associated with facet joint syndrome (osteoarthritis) at a much lower cost than currently available treatments.
Earlier this month, a Form 4 was filed disclosing publicly that Steve Gorlin, a Director of Medovex Corp. purchased shares at a $1.75, a premium to yesterday's closing price. Previously before that in November, Medovex Corp. named Jill Schweiger as its new Senior Vice President of Regulatory, Clinical and Quality. She has previously served as a Vice President and Director in at least six early stage medical device companies, as well as multinational med tech organizations such as Baxter Healthcare Corporation and Eli Lilly & Company.
Most recently, Schweiger served as Vice President, Clinical Studies & Regulatory Affairs for Flowonix Medical, Inc., a company focused on the development of implantable infusion pumps designed to deliver therapeutic drugs to relieve a variety of chronic disorders, such as spasticity and chronic intractable pain. While there, she was responsible for the development and execution of US and European regulatory and clinical strategies, that achieved PMA Approval in the US and CE Mark in Europe.
Patrick Kullmann, Medovex President and COO, stated, "We're pleased to have Jill join Medovex at such an exciting time in its evolution. As we seek CE Marking for the DenerveX System in the first half of 2017, her vast clinical studies and regulatory affairs background makes her ideally suited to fit this new role within our organization."
St. Jude Medical Inc. (NYSE: STJ) Spinal cord stimulation, a neurostimulation therapy proven to be effective for many chronic pain sufferers, helps mask pain by blocking or changing pain signals before they reach the brain. The company offers a stimulation in a new form of neurostimulation therapy, called BurstDR™. Doctors created this new therapy by understanding how the brain manages pain. The way it works is by mimicking natural patterns found in the brain and is believed to address both physical pain and the way it affects the patient emotionally.
Abbott Laboratories (NYSE: ABT) is engaged in the discovery, development, manufacture and sale of a line of healthcare products. The Company operates in four business segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Recently, the company's innovative handheld blood testing platform, i-STAT Alinity, received a CE mark, meaning the product is allowed to be commercialized in Europe and other countries. The company's core therapeutic areas include Gastroenterology, Women's Health, Cardiovascular, Pain/Central Nervous System, Respiratory and Influenza Vaccine.
Medtronic (NYSE: MDT) offers medical devices, such as Medtronic neurostimulators or drug pumps, which are surgically placed devices that modify pain signals before they reach the brain. Neurostimulators disrupt the pain signals traveling between the spinal cord and the brain so patients may feel relief and drug pumps deliver pain medication directly into the fluid surrounding the spinal cord. These treatments are reversible and a doctor is able to turn off or surgically remove the system.
Zimmer Biomet Holdings Inc. (NYSE: ZBH) is involved in designing, manufacturing and marketing orthopedic reconstructive products; sports medicine, biologics, extremities and trauma products; spine, bone healing, craniomaxillofacial and thoracic products; dental implants, and related surgical products. The company's spine sector is a global leader in spine innovation, dedicated to enhancing the quality of life for spine patients worldwide by delivering comprehensive thoracolumbar, cervical, biologics, and implantable solutions, along with training and clinical support that support surgeons. The company offers solutions in MIS, Anterior Cervical, Posterior Cervical, Anterior/Lateral Thoracolumbar, Posterior Thoracolumbar, Biologics, and Implantable Stimulation.
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