St. Jude's Newly Approved Axium Stimulator Could Be Market Game-Changer
This article was originally published in The Gray Sheet
St. Jude followed through on its 2015 acquisition of start-up Spinal Modulation with an FDA approval of the Axium neurostimulator for chronic intractable pain. It's the first such device to target the dorsal root ganglion and could expand the overall size of the spinal cord stimulation market.
You may also be interested in...
As public-health officials continue to fight the opioid epidemic, a top executive at St. Jude Medical says neuromodulators can play a central role in providing better treatment options.
In the $3.2 billion market for neuromodulation devices, competition is heating up in the spinal cord stimulation (SCS) segment as device manufacturers armed with new clinical trial data and next-generation technologies disrupt the status quo of standard tonic SCS systems and begin to expand the market, shift market share and boost the revenues of companies both large and small. Innovation is fueling healthy growth in this market, particularly in the US, where the market is projected to grow from around $1.13 billion in 2014 to almost $1.62 billion in 2019, a CAGR of 7.5%.
In the market for neuromodulation devices, the largest opportunity is in the treatment of chronic pain, a condition that affects more than 1.5 billion people worldwide. Innovation is driving growth in this sector as companies develop next-generation neuromodulation technologies designed to improve outcomes, and resolve some of the problems with existing devices; these technologies will significantly expand the treatable population, and will allow companies both large and small to capture market share based on device efficacy and the strength of clinical evidence.