Neuralace Medical, a California-based innovator in pain management technology, has recently received the FDA clearance for its Axon Therapy, a non-invasive, magnetic peripheral nerve stimulation (mPNS) treatment for chronic painful diabetic neuropathy (PDN). The approval marks a significant turning point in the neuromodulation field. It reflects the industry’s commitment to developing innovative, patient-centric solutions that address a range of complex medical conditions, according to GlobalData, a leading data and analytics company.

The International Diabetes Federation (IDF) estimated that there were approximately 537 million people living with diabetes globally in 2021. GlobalData projects global diabetes prevalence rate as 11.3% for 2030 and the number of people with diabetes to be 642.7 million. This increasing prevalence underscores the growing need for effective treatments like Axon Therapy.

The neuromodulation market, of which Axon Therapy is a part, is expanding rapidly. Valued at $6.8 billion globally in 2021, it is projected to reach $10.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.2%. This market is not only growing but also diversifying, with a shift towards targeting various medical indications, including depression.

Neurostimulation technologies are being targeted for various indications in the medical field. Some of these indications include chronic pain, neurological disorders, depression, migraines, and urinary incontinence.

Cynthia Stinchcombe, Medical Devices Analyst at GlobalData comments: “With the growing prevalence of diabetes and related neuropathic conditions globally, treatments like Axon Therapy are not just advancements; they are necessities. As the neuromodulation market continues to grow and diversify, GlobalData anticipates a broader range of applications for these technologies, potentially transforming the landscape of medical treatment.

“The recent advancements in neuromodulation, exemplified by Neuralace Medical’s Axon Therapy and supported by GlobalData’s insights, signal a transformative shift towards tailored therapies. With the expanding neuromodulation market and breakthrough designations for diverse indications, neuromodulation technologies are set to reshape medical treatments, extending beyond traditional neurological disorders into personalized healthcare solutions.”