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Why the Global Pain Management Devices Market Size Could Reach $9 Billion by 2026
PALM BEACH, Florida, Jan. 14, 2020 /PRNewswire/ -- The global pain management devices market size is expected to reach USD 9.3 billion by 2026 registering a CAGR of 7.6%, according to a new study by Grand View Research, Inc. The global prevalence of diabetes is expected to increase to 552 million by 2030. This is expected to increase product demand to manage chronic pain. Moreover, 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. Preference for pain management devices over oral drugs and surgical interventions is also likely to be a high impact rendering driver for the market over the forecast period. According to the Grand View reports, the global market: is expected to witness strong growth as a result of various technological advancements in this field. These advancements include the advent of products such as electrode-based wearable automatic transcutaneous electrical nerve stimulators, which provide peripheral pain management in a 60-minute run cycle. Neurostimulation devices are more efficient than traditional methods as they show a sustained reduction in pain. Additionally, traditional therapy involves intake of medicines that could result in many adverse effects. Such equipment is widely used to manage neuropathic pain as spinal cord stimulators yield the best results. Moreover, these devices offer a customized level of stimulation depending on the activities undertaken by the patient in a day. Active Companies from around the market with current developments this week include: Electromedical Technologies Inc. (OTCPK: ELCQ), Merck & Co., Inc. (NYSE: MRK), GlaxoSmithKline plc (NYSE: GSK), Alphatec Holdings, Inc. (NASDAQ: ATEC), CHF Solutions (NASDAQ: CHFS).
Grand View also reported: "North America was the largest regional market in 2018 and held around half of the global revenue owing to the increased number of people affiliated with pain and thereby requiring management devices. The region is expected to maintain its dominance throughout the forecast years on account of presence of sophisticated healthcare infrastructure and rising adoption of advanced equipment by healthcare professionals and patients over conventional treatment therapies."
Electromedical Technologies Inc. (OTC Pink: ELCQ) BREAKING NEWS: Electromedical Technologies, the developer and manufacturer of WellnessPro Plus™ therapeutic medical device, is pleased to provide this corporate update summarizing its business to date, and its goals for 2020.
The Company develops and manufactures proprietary medical devices targeting physical pain relief. The Company's flagship product is the WellnessPro Plus™, developed in 2007. The WellnessPro Plus™ is a portable device designed to deliver localized pain relief, supplied by its distribution of calibrated electrical energy pulses. The Company's mission is to develop, market and raise awareness of using electronic pulse therapies as a possible effective replacement or possible complement to current drug therapies targeting pain relief.
The Company's proprietary technology in the WellnessPro Plus™ is based on its unique energy delivery system called DeepPulse™. DeepPulse™ delivers a low voltage current to treat localized pain, and the Company believes that it provides longer lasting and more effective pain relief than many drugs and other products on the market.
The WellnessPro Plus™ received FDA clearance on July 6, 2007, as a Class II Medical Device, pursuant to the Company's FDA clearance granted under section 510(K). The intended use of the WellnessPro Plus™ is for the treatment chronic intractable and acute pain, and as an adjunctive treatment for post-surgical and post-traumatic acute pain. The WellnessPro Plus™ is also qualified to be sold and used in Mexico. The WellnessPro Plus™ was found to meet device safety standards for Radiated Emissions, Electrostatic Discharge, Radiated Immunity and device safety. Today, many patients use the WellnessPro Plus™ in a variety of settings by healthcare professionals, athletes, coaches and others.
Commenting on the WellnessPro Plus™, the Company's President and Principal Executive Officer, Matthew Wolfson, observed: "A new era and a new category of medicine is emerging in the way we treat chronic pain. By learning to read and correct the electrical signals that travel between the brain and the body's organs, we believe that a whole new frontier in treating chronic and acute pain will become reality in the not too distant future. By using energy, frequency and vibration, we want to unlock the body's natural ability to achieve wellness, better health and a better quality of life. The WellnessPro Plus™ device provides variable and rotating frequencies that we believe triggers endorphin release, which helps to relieve chronic and acute pain without the use of drugs."
The Company's 2019 Achievements - The Company completed Regulation A+ Tier II offering; filed 15C-211 with FINRA to commence trading; and listed on the OTC Markets Pink Tier under ticker Symbol "ELCQ." The Company completed an independent audit of its financials and filed a registration statement with the Securities and Exchange Commission on November 12, 2019, and is working on addressing comments from the Commission, with the goal of becoming a fully reporting company under the Securities Act.
The Company's Goals for 2020 - The Company is actively engaged in research and development efforts on a new device it is calling the "WellnessPro Pod." The Company envisions this device to provide more portability and features. The Company's research and development's goals for the "WellnessPro Pod" will be to expand the therapeutic uses for the Company's technology, and to determine whether its technology may be helpful in other possible areas of treatment, such as PTSD, insomnia, depression, and anxiety. The Company also intends to pursue research and development to incorporate laser technology into its products that may allow the Company to enter the cosmetic applications market.
The Company also intends to extend its marketing outreach to wellness centers, targeting venues with significant patient traffic. The Company also expects to qualify its products for use in the European Union and Canada, further expanding its available markets. Read this and more news for ELCQ at: https://www.financialnewsmedia.com/news-elcq/
In the industry developments and happenings in the market this week include:
Merck & Co., Inc. (NYSE: MRK) known as MSD outside the United States and Canada and AstraZeneca, this week announced that a supplemental New Drug Application (sNDA) for LYNPARZA in combination with bevacizumab has been accepted and granted priority review by the U.S. Food and Drug Administration (FDA) for the maintenance treatment of women with advanced ovarian cancer whose disease showed a complete or partial response to first-line treatment with platinum-based chemotherapy and bevacizumab. A Prescription Drug User Fee Act (PDUFA) date is set for the second quarter of 2020.
The regulatory submission is based on the results from the pivotal Phase 3 PAOLA-1 trial, which were published in The New England Journal of Medicine. The trial compared LYNPARZA when added to standard-of-care (SoC) bevacizumab versus bevacizumab alone in women with advanced ovarian cancer in the first-line maintenance setting, regardless of their genetic biomarker status or outcome from previous surgery.
ViiV Healthcare, the global specialist HIV company majority owned by GlaxoSmithKline plc (NYSE: GSK), with Pfizer Inc. and Shionogi Limited as shareholders, today announced the submission of a marketing authorisation application (MAA) to the European Medicines Agency (EMA) seeking approval of fostemsavir, an investigational, first-in-class attachment inhibitor for the treatment of HIV-1 infection. This application seeks approval of fostemsavir, used in combination with other antiretrovirals, for the treatment of adults with multidrug resistant HIV-1 infection for whom it is otherwise not possible to construct a suppressive antiviral regimen due to resistance, intolerance or safety considerations.
The EMA's Committee for Medicinal Products for Human Use (CHMP) has granted an accelerated assessment for the fostemsavir MAA. Accelerated assessment reduces the timeframe for review of a MAA and is awarded if the CHMP determines the product is of major interest for public health and therapeutic innovation.
Alphatec Holdings, Inc. (NASDAQ: ATEC), a medical device company dedicated to revolutionizing the approach to spine surgery, announced this week preliminary revenue results for the fourth quarter and full year ended December 31, 2019, and provided revenue guidance for the full year 2020. Preliminary, unaudited full-year 2019 U.S. revenue exceeds guidance and reflects revenue growth of 29% to 30%. Fourth quarter 2019 U.S. revenue reflects growth of 34% to 36% year-over-year and sequential growth of 10% to 11%. Revenue guidance for 2020 reflects expected U.S. revenue growth of 19% to 21% compared to 2019, driven by 8 to10 anticipated new product launches and the continued traction of new products released in 2019, including the SafeOp Neural InformatiX SystemTM, which is designed to seamlessly integrate critical neural information into ATEC procedural solutions. The read the full preliminary results at: https://finance.yahoo.com/news/atec-announces-preliminary-2019-revenue-140010559.html
CHF Solutions (NASDAQ: CHFS) last week announced results from an investigator-initiated retrospective analysis of utilization of the Aquadex FlexFlow aquapheresis system at Lenox Hill Hospital in New York City. The study was presented at the American Society of Nephrology's Kidney Week in Washington, D.C. in November 2019.
"We have found that aquapheresis with Aquadex FlexFlow can be safely utilized in situations other than diuretic resistant heart failure, such as critical care in patients experiencing cardiogenic shock, anasarca, ATN with fluid overload, ESRD with bridge ultrafiltration between hemodialysis treatment, and post-op volume overload," said Dr. Maria V. DeVita, Nephrologist, Lenox Hill Hospital. "Because the Aquadex FlexFlow system is safe and easy to use when compared to more complex hemodialysis systems, these patients were treated in different critical care settings including the cardiothoracic ICU, CCU, medical ICU and the post-op ICU."
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