In a bid to expand its territory in the multibillion dollar neuromodulation devices market, Medtronic plc MDT recently launched its NURO percutaneous tibial neuromodulation (PTNM) System in the U.S. Notably, the FDA 510(k) approved NURO System is used to treat patients suffering from overactive bladder (OAB) and associated symptoms of urinary urgency, urinary frequency and urge incontinence.
Interestingly, this device is originally a product of Tennessee-based privately-held Advanced Uro-Solutions – a developer of neurostimulation products that address bladder control issues. Medtronic bought this company in Feb 2015 and had planned, back then, to launch the device in the following 12 months.
We believe this product launch will allow Medtronic to overcome the issues it has been facing in its Neuromodulation business division over the past couple of quarters and generate meaningful revenue for the division, going ahead.
Although not a fatal one, OAB is a common health condition affecting more than 37 million adults in the U.S. alone. Unfortunately the number is increasing and is projected to reach 546 million globally by 2018. Moreover, although this condition impacts one’s social, personal as well as professional lives; only 33% of OAB patients seek treatment; mostly to avoid embarrassment.
Of the ones resorting to treatment, again, every 7 in 10 patients stop taking medications within 6 months due to intolerable side effects or unsatisfying results.
Amid such challenges to treat OAB with medication, Medtronic’s NURO PTNM facilitates a minimally invasive, periodic, office-based procedure that utilizes neurostimulation to reduce urinary frequency or urinary incontinence episodes.
Physicians can treat their patients with the NURO System to restore bladder function and improve one’s quality of life, without having to do with any of the intolerable side effects of medicines. This therapy comes with temporary side effects only and includes mild pain or skin inflammation at or near the stimulation site.
Per management, PTNM has significantly reduced the number of incontinence episodes, voids per day, number of urgency and urge incontinence episodes and increased voiding volume, as evident from clinical trial outcomes. Medtronic believes that through consistent therapy adherence, its NURO System can offer long-term relief for OAB patients.
Moreover, in order to make the system more beneficial for its customers, Medtronic offers NURO patients the Support Link program that educates and helps patients track their treatment and encourages compliance throughout the therapy procedure.
In recent times, a rise in ageing population, technological advancement, general awareness and favorable government policies have made the U.S. the leader in neuromodulation devices. With the global neuromodulation devices market projected to reach $6.20 billion by 2021, we expect the aforementioned launch of the NURO System will enable Medtronic to fetch higher profits in this space, going forward.
Medtronic currently retains a Zacks Rank #3 (Hold). Some well-ranked stocks in the medical sector are Hill-Rom Holdings, Inc. HRC, OraSure Technologies, Inc. OSUR and Orthofix International N.V. OFIX. All the three stocks sport a Zacks Rank #1 (Strong Buy).
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