Boston Scientific‘s (BSX) new Clik Anchor has been cleared by the US Food and Drug Administration (“FDA”). The company unveiled the device at the annual meeting of the American Academy of Pain Medicine in Washington on March 24, 2011.
Clik Anchor has been designed for use with Boston Scientific’s novel neurostimulation device Precision Plus Spinal Cord Stimulator (“SCS”) System, the first-of-its-kind rechargeable device for treating chronic back pain. This novel device further improves the Precision Plus system, offering more options to the physicians in treating patients with chronic pain.
Chronic back pain is a debilitating condition affecting roughly 26 million people in the U.S. The cost associated with this condition is huge annually. Chronic pain, which is long lasting or recurring, is common in several back and spine conditions and is often misdiagnosed. Poor prognosis of chronic back/spinal pain typically leads to treatment failure.
SCS, an implantable neurostimulation (stimulation of the spinal cord by electrical impulses) therapy, has a proven track record in providing pain relief to patients and is primarily used for chronic pain management when physical and/or drug therapies are ineffective. Precision Plus working under Boston Scientific’s proprietary SmoothWave Technology, delivers electrical pulses through SCS leads thereby offering relief to patients.
Boston Scientific manufactures medical devices and products used in a broad range of interventional medical specialties. In the neurostimulation devices space, the company faces stiff competition from Medtronic (MDT), St. Jude Medical (STJ) and Cyberonics (CYBX).
The neurostimulation market is growing at a healthy pace, driven by growth in age-related neurological conditions and a significant need for effective alternative therapies. The U.S. market for neurostimulation is projected to grow 16% annually over the next five years, offering a lucrative opportunity for the incumbent players.
As a result, Boston Scientific is trying to expand its product offerings in the neurostimulation market. With the latest FDA approval for Clik Anchor, the company now has six new neurostimulation products in its kitty. Currently, we are Neutral on Boston Scientific.
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