Approximately 100 million Americans suffer from chronic pain at some point in their lives resulting in greater than $500 billion in pain management treatment, with an additional $250 billion in associated healthcare costs. Back pain, osteoarthritis, and rheumatoid arthritis contribute greater than $200 billion in annual costs from lost productivity. At SmartImplantSystems, Inc., a medical device company involved in the development of sensor-integrated, smart spinal implants, we hope to alleviate some of this pain by delivering targeted patient specific therapies.
The U.S. spinal implant market is currently at $5.0 billion and likely to grow to $6.4 billion by 2024. The spinal fusion market will be at $1.6 billion by 2022, tripling in size. Our implant is different, providing greater targeted treatments, which are more predictable in delivering therapy to specific targets.
SmartImplantSystems, Inc. is developing unique, patented technologies that are fully implantable and are capable of sending and receiving patient data, and transmitting radiofrequency waves for pain relief. The product will be comprised of an implantable spinal system and controller software and hardware. The complete system has an integrated radiofrequency receiver, and sensors integrated within the implant. The controller is capable of programming the implant via telemetry. The system is also capable of sensing temperature and providing feedback to the physician.
• Not approved for human use in the United States.