- 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://ibn.fm/0WD5t).
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 Postarticle (http://ibn.fm/hWkZ6),
“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://ibn.fm/ENDV
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