The Remarkable Power of Neurostimulation
The current primary application of neurostimulation medical device platform technology is to treat chronic pain. Despite advances by medical device companies, the pain market still has many medical device unmet needs, is underserved and has significant room for growth. Other neurostimulation implantable medical device markets cross a broad spectrum of disease states. This medtech market has enormous potential and should be on the radar of every company with a broad medical device market strategy.
Current indications for these devices include (but are not limited to) chronic pain (spinal cord stimulation-SCS), Parkinson’s disease, epilepsy and obsessive-compulsive disorder (deep brain stimulation-DBS), and urinary and fecal incontinence (sacral nerve stimulation – SNS). Many companies in the medical device space that seek competitive advantage are aggressively targeting this market. As always, there are typical medtech barriers to entry. Because the neurostimulation medical device value proposition serves a high unmet need; high device costs, difficulty in gaining reimbursement, and low knowledge levels among referring physicians (mostly primary care physicians and neurologists), will not stop this market from growing. Medical device marketing people know that this space will be significant and that the market for the three device types mentioned above is projected to increase from ~$4.5 billion in 2015 to $13.7 billion in 2023.
Future applications for neurostimulation address many disease states such as… Read More