- A rapidly aging population and technological advances are contributing to the fast growth of the global pain management device market
- The market is currently dominated by neurostimulation devices, which accounted for half the revenue reported in 2018 – a trend that’s likely to continue over the next few years
- Endonovo Therapeutics is already establishing a leading position in the niche; the company’s SofPulse(R) pain management device has been rolled out in a national network of hospitals, clinics and pain management centers for thorough evaluation
The global pain management device market is anticipated to grow rapidly through 2026, expanding at a CAGR of 13.8 percent to reach $14.55 billion, according to Grand View Research’s recent ‘Pain Management Devices Market Size, Share & Trends Analysis Report’ (http://nnw.fm/3ZitQ).
Endonovo Therapeutics Inc. (OTCQB: ENDV), a commercial-stage developer of noninvasive Electroceutical Therapeutic devices that target patient pain and inflammation while supporting wound recovery, has already developed its proprietary bioelectronics pain management device called SofPulse. The FDA-cleared device is proven to decrease pain by reducing swelling (edema) to address multiple medical conditions and help the recovery of patients after surgery.
Several factors will contribute to the sustainable growth of the global pain management device market, such as the rapidly aging population worldwide and the fact that a growing part of the population has started showing a preference for pain management devices over oral drugs administered in the aftermath of a surgical intervention.
Technological advancements in the field will also contribute to the market’s growth by enabling the development of more effective devices. There are multiple types of pain management devices. The market is currently dominated by neurostimulation devices, which accounted for over 50 percent of the sector’s revenue generated in 2018. This segment is anticipated to maintain its industry dominance over the forecast period.
Recently, Endonovo announced the rollout of SofPulse in hospital and medical centers across the U.S. The company plans to be in the evaluation stage with 600 hospitals within the next 18 months. “We believe, based on numerous meetings with doctors and hospital administrators, the level of acceptance of our SofPulse device supports our plans to be in hospitals throughout all 50 states by 2020,” Endonovo CEO Alan Collier said in a news release.
The public is demanding pain management options that offer an alternative to opioids. According to a recent Washington Post article (http://nnw.fm/c6CAX), “Forty-eight states plus around 2,000 local and tribal governments have sued companies in the drug industry, arguing those that make, distribute and sell the drugs are partly responsible for a crisis that has killed more than 400,000 people across the country since 2000, according to the U.S. Centers for Disease Control and Prevention.” However, Collier emphasizes that there are currently very few products that can meet the demand. SofPulse is thus positioned to offer a safe and reliable pain management alternative.
The device works by delivering targeted pulse electromagnetic therapy. Targeted microcurrents deliver gentle pulses to affected tissues, reducing post-surgical pain and decreasing the need for the administration of pharmaceuticals by 2.2 times.
Endonovo’s proprietary technology is an effective treatment for inflammatory conditions, cardiovascular diseases and central nervous system disorders. The device has Federal Drug Administration (FDA) clearance for the treatment of post-surgical pain and edema and has also received CE marking in Europe for the promotion of wound healing and the palliative treatment of post-surgical pain and edema.
For more information, visit the company’s website at www.Endonovo.com
NOTE TO INVESTORS: The latest news and updates relating to ENDV are available in the company’s newsroom at http://nnw.fm/ENDV
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