Medical Devices Offer a Boost to Viable and Cost-Effective Treatment Options
NEW YORK, Jan. 30, 2020 /PRNewswire/ -- Medical devices can be used for a wide variety of applications, from surgical procedures to home health care, in a clinical setting or in the medical office. Generally, a medical device is an instrument, apparatus, implant, in vitro reagent or anything similar which can be used to diagnose, prevent or treat a disease within the body. Some of the factors that are expected to impact the medical device industry and accelerate market growth are a rising geriatric population, prevalence of chronic conditions, as well as the increasing demand for surgical procedures of various complexities. For example, a recent increase in demand for minimally invasive surgeries is consequently expected to further energize the market for medical devices suppliers. Minimally invasive surgeries involve small incisions, short hospital stays, rapid wound healing, less pain and surgical wounds, and a low risk of complications in comparison with open surgeries. In addition, devices that would make minimally invasive surgeries more accessible will also aid in controlling healthcare costs. Consequently, the growing need to reduce these costs is expected to have a positive impact on the market. Overall, the global medical device market size was valued at USD 425.5 Billion in 2018 and is projected to reach USD 612.7 Billion by 2025 while expanding at a CAGR of 5.4%, according to data published by Fortune Business Insights. Endonovo Therapeutics, Inc. (OTC: ENDV), Abbott Laboratories (NYSE: ABT), Smith & Nephew plc (NYSE: SNN), Microbot Medical Inc. (NASDAQ: MBOT), Globus Medical, Inc. (NYSE: GMED)
The prevalence of minimally invasive surgeries in recent years has even influenced how plastic surgeries are conducted. Plastic surgeries and/or cosmetic procedures are performed to restore tissue function and improve the body's appearance in areas such as craniomaxillofacial, skin, breast, musculoskeletal, and the torso. Overall, minimally invasive surgeries and cosmetic procedures that involve usage of newer technologies, such as laser to remove the outer layer of the skin, have led to an increase in the number of plastic or cosmetic surgeries being performed each year. Laser surgery helps ameliorate fine lines, wrinkles, crow's feet, and forehead creasing. Furthermore, an eyelift surgery is one of the most commonly requested procedures, both by women and men. And according to the American Society of Plastic Surgeons, in 2015, 15.9 million minimally invasive cosmetic surgeries were performed in the U.S. alone. Furthermore, data by Grand View Research indicates that the global plastic surgery instruments market size was valued at USD 962.7 Million in 2018 and is expected grow at a CAGR of 8.8% by 2026.
Endonovo Therapeutics, Inc. (OTCQB: ENDV) announced today breaking news that, "sales of SofPulse(®) units to multiple Plastic Surgery Centers.
SofPulse(®) is Endonovo's FDA-Cleared, non-invasive device utilized for the reduction of postoperative pain and edema. SofPulse(®) represents a low-cost drug-free solution for reducing opioid usage, accelerating patient recovery and preventing opioid addiction following surgical procedures. This non-invasive and non-pharmacologic therapy has no known side effects and presents no potential for overdose or dependency as SofPulse(®) is not reliant on any narcotic to produce pain and edema reduction. SofPulse(®) has been effectively utilized and studied extensively in soft tissue postoperative pain management showing significant clinically proven results for the reduction of postoperative pain and edema. Learn more at www.sofpulse.com
Endonovo Therapeutics CEO Alan Collier stated, 'SofPulse(®) main distribution model is marketing to major hospitals throughout the US and is beginning to be viewed as the standard of care for postoperative pain and edema reduction for numerous inpatient hospital procedures. With the expansion of our customer base and recent orders from numerous plastic surgery centers, SofPulse(®) demonstrates different applications for its use.' As SofPulse(®) expands into the out-patient Ambulatory Surgical Center (ASC) market, Collier further states, 'We are quickly becoming the go to pain and edema reduction option for many out-patient surgical procedures preformed at ASC's throughout the US. These centers provide patients with cosmetic and reconstructive procedures resulting in a need for postoperative pain management. Many of the plastic surgery centers have state-of-the-art surgical suites and recovery rooms equipped to hospital standards and we continue working with these centers and completing evaluations. Although in the nascent stages of expanding into fully certified office-based surgery centers, we recognize the large and growing market size allowing us to be well poised to capitalize on this opportunity.'
About Endonovo Therapeutics Inc.: Endonovo Therapeutics is a commercial-stage developer of noninvasive wearable Electroceuticals(®) therapeutic devices. The Company's current portfolio of commercial and clinical-stage wearable Electroceuticals(®) therapeutic devices addresses wound healing, pain, post-surgical pain and edema, cardiovascular disease, chronic kidney disease, and central nervous system (CNS) disorders, including traumatic brain injury (TBI), acute concussions, post-concussion syndrome and multiple sclerosis. The Company's noninvasive Electroceutical(®) therapeutic device, SofPulse(®), which uses pulsed short-wave radiofrequency at 27.12 MHz, has been FDA-cleared and CE marked for the palliative treatment of soft tissue injuries and post-operative pain and edema and has CMS national coverage for the treatment of chronic wounds. The Company's current portfolio of preclinical-stage Electroceuticals(®) therapeutic devices addresses chronic kidney disease, liver disease non-alcoholic steatohepatitis (NASH), cardiovascular and peripheral artery disease (PAD), and ischemic stroke. The Company's noninvasive, wearable Electroceuticals® therapeutic devices work by restoring key electrochemical processes that initiate anti-inflammatory and growth factor cascades necessary for healing to occur."
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Abbott Laboratories (NYSE: ABT) earlier this month announced the U.S. Food and Drug Administration (FDA) approval of a new alternative surgical technique for Abbott's HeartMate 3 heart pump that will allow more advanced heart failure patients to avoid open heart surgery. The new, less invasive approach is designed to provide surgeons a choice in surgical method for patients receiving the HeartMate 3(TM) Left Ventricular Assist Device (LVAD), the industry's leading heart pump. "This is a significant advancement for patients who can now receive a life-saving LVAD through an alternative procedure that can yield shorter hospital stays and a faster recovery," said heart transplant surgeon Igor Gosev, M.D., University of Rochester Medical Center in Rochester, New York. "Heart failure is a crippling and costly disease so being able to offer patients the HeartMate 3 heart pump with this less-invasive approach gives them the opportunity to return to a better quality of life more quickly."
Smith & Nephew plc (NYSE: SNN) a medical technology company, announced earlier last year the launch of its OR3O Dual Mobility System for use in primary and revision hip arthroplasty. Compared with traditional solutions, dual mobility implants have a small diameter femoral head that locks into a larger polyethylene insert - increasing stability and offering improved range of motion. OR3O incorporates Smith+Nephew's latest advanced bearing surface, OXINIUM DH (Diffusion Hardened), for its liner as well as its proprietary VERILAST(TM) Technology for its femoral head and polyethylene inserts. OXINIUM Technology has been shown to deliver significant reductions in wear compared to Cobalt Chrome (CoCr), the material used in most competitive products. "The OR3O Dual Mobility System is truly a fourth-generation dual mobility offering by introducing OXINIUM technologies. This is a solution that allows patients to get back to their lives by providing stability and offers unique advantages compared to other systems," said Stephen Duncan, MD an orthopedic surgeon at the University of Kentucky.
Microbot Medical Inc. (NASDAQ: MBOT) announced last month the revealing of LIBERTYTM, the world's first fully disposable robotic system for use in neurovascular, cardiovascular and peripheral vascular procedures. The LIBERTY robotic system features a unique compact design with the capability to be operated remotely, reduce radiation exposure and physical strain to the physician, as well as the potential to eliminate the use of multiple consumables through its "One & Done" capabilities. Microbot is set to publicly display and demonstrate LIBERTY to investors, journalists and healthcare industry leaders on Monday, January 13, 2020, in San Francisco. "LIBERTY is set to revolutionize the way surgical robotics are being used in endovascular procedures, by eliminating the need for capital equipment, reducing radiation exposure and aiming to streamline the use of disposables during these complex procedures," commented Harel Gadot, Chief Executive Officer, President, and Chairman. "In addition, with LIBERTY's remote operation as well as its "One & Done" capabilities, we believe it has the potential to be the first system to democratize endovascular interventional procedures."
Globus Medical, Inc. (NYSE: GMED), a musculoskeletal solutions company, announced last year the launch of AERIAL(TM), a minimally invasive expandable interspinous fixation system with independent locking plates. The expandable central core of AERIAL(TM) provides continuous distraction for indirect decompression and a customized patient fit. This is Globus Medical's first expandable interspinous fixation system, adding to their industry leading expandable technology portfolio. Dr. David Bomback, an orthopedic surgeon and partner at Connecticut Neck and Back Specialists, and Dr. Sumit Das, founder and neurosurgeon with Brain and Spine Neurosurgical Institute, recently performed the first AERIAL(TM) procedures at Danbury Hospital, Danbury, Connecticut, and Our Lady of Fatima Hospital, North Providence, Rhode Island, respectively. "AERIAL(TM) is a new, minimally invasive option for patients undergoing spinal fusion who need some additional degree of stability," said Dr. Bomback. "It is an improvement over traditional spinous process devices because AERIAL(TM) expands to fit the interspinous space of the patient's spine. We now have the opportunity to help more patients, especially those with spinal instability from previous procedures, scoliosis, or who have poor bone quality due to age."
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