Implantable Pulse Generator

Implantable Pulse Generator Market Outlook

The global Implantable Pulse Generator (IPG) market is projected to reach approximately $8 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of around 7.5% during the forecast period of 2025-2035. This growth can be attributed to the rising prevalence of chronic pain and neurological disorders, an increasing aging population, and advances in medical technology that facilitate the development of more sophisticated and effective implantable devices. Additionally, the growing acceptance of minimally invasive surgeries and the rise in healthcare expenditure globally further contribute to driving the demand for IPGs. Furthermore, improved reimbursement policies and increased awareness among patients regarding treatment options are expected to enhance the growth trajectory of the market.

Growth Factor of the Market

The Implantable Pulse Generator market is experiencing significant growth primarily due to the escalating incidence of chronic pain and neurological disorders, which require effective long-term management solutions. Increasing awareness and acceptance of advanced therapeutic interventions by both healthcare professionals and patients have led to a higher adoption rate of IPGs. Technological advancements, such as the development of rechargeable and MRI-compatible devices, have also played a crucial role in expanding the market. Furthermore, the aging population is more susceptible to conditions that necessitate implantable devices, leading to an increased patient base for IPG manufacturers. Government initiatives promoting healthcare innovations and improved reimbursement schemes are additional factors fueling the market growth. Overall, the combination of clinical needs and technological advancements is expected to drive the Implantable Pulse Generator market forward.

Key Highlights of the Market

• The global market is anticipated to reach $8 billion by 2035 with a CAGR of 7.5%.
• Technological advancements are paving the way for newer generation IPGs, enhancing patient outcomes.
• Chronic pain management remains the largest application area for IPGs, driving significant market share.
• North America is expected to dominate the market due to advanced healthcare infrastructure and high expenditure.
• Rising prevalence of neurological disorders is leading to increased adoption of implantable devices in clinical practice.

By Product Type

Single-Chamber IPGs:

Single-chamber Implantable Pulse Generators (IPGs) are designed primarily for pacing needs, where stimulation is delivered to a single chamber of the heart or another targeted area. These devices are often simpler, offering a cost-effective solution for patients requiring basic stimulation. The lower complexity of single-chamber IPGs makes them both easier to implant and maintain, contributing to their widespread adoption, particularly in hospitals and outpatient surgical centers. As the demand for efficient and less invasive treatment modalities continues to rise, single-chamber IPGs are likely to retain a significant share of the market due to their effectiveness in treating various conditions.

Dual-Chamber IPGs:

Dual-chamber Implantable Pulse Generators are designed to stimulate both the atrium and ventricle of the heart and are often used in more complex cases where synchronization between the two chambers is crucial. These devices facilitate more advanced cardiac pacing therapies and are particularly useful in managing patients with specific types of arrhythmias. The increasing burden of cardiac diseases worldwide is driving the demand for dual-chamber IPGs, as they provide a comprehensive solution for patients needing sophisticated pacing. As technological advancements continue to enhance the efficacy and reliability of these devices, their market share is expected to grow significantly.

MRI-Compatible IPGs:

The introduction of MRI-compatible Implantable Pulse Generators marks a significant milestone in the field of neurology and cardiology. These devices allow patients to undergo Magnetic Resonance Imaging (MRI) scans safely, which is vital for diagnosing and monitoring various conditions. As awareness grows about the importance of imaging for patient care, the demand for MRI-compatible IPGs is increasing. These devices not only expand treatment options for patients but also enhance the quality of care, thereby boosting their adoption across different healthcare settings. Manufacturers are focusing on enhancing the safety and effectiveness of these devices, anticipating a robust growth trajectory in the coming years.

Rechargeable IPGs:

Rechargeable Implantable Pulse Generators offer a significant advantage over traditional non-rechargeable models by reducing the frequency of surgeries needed for battery replacement. Patients benefit from prolonged device life and reduced procedural risks, making these devices more appealing for long-term management of chronic conditions. The technological innovation behind rechargeable IPGs is a game-changer, as it addresses one of the major concerns associated with the longevity and maintenance of implantable devices. As the market shifts towards patient-centric solutions, rechargeable IPGs are gaining traction, catering to a growing patient base looking for effective and durable treatment options.

Leadless IPGs:

Leadless Implantable Pulse Generators represent a groundbreaking advancement in the field of cardiac pacing. These devices eliminate the need for traditional leads, which can be a source of complications and discomfort for patients. Leadless IPGs are inserted directly into the heart via a catheter, offering a minimally invasive solution with a reduced risk of lead-related issues. The growing awareness of patient safety and comfort is driving the adoption of leadless technologies in the market. As clinical evidence supporting their efficacy continues to mount, leadless IPGs are expected to capture a larger market share, appealing to both healthcare providers and patients seeking innovative treatments.

By Application

Chronic Pain Management:

Chronic pain management remains one of the primary applications for Implantable Pulse Generators, offering a viable therapeutic option for patients suffering from persistent pain conditions. IPGs used in this context function by delivering electrical impulses to modulate pain signals before they reach the brain, effectively reducing the perception of pain. The increasing prevalence of chronic pain disorders, such as neuropathic pain and post-surgical pain, drives demand for these devices. As healthcare providers seek effective, long-term solutions, the integration of IPGs into standard pain management protocols continues to expand, positioning chronic pain management as a key growth driver in the market.

Parkinson's Disease:

Implantable Pulse Generators are increasingly being utilized in the management of Parkinson's disease, where deep brain stimulation (DBS) is employed to alleviate motor symptoms. Research indicates that electrical stimulation applied to specific brain regions can significantly improve patients' quality of life by reducing tremors, rigidity, and other debilitating symptoms associated with the disease. As the global prevalence of Parkinson's continues to rise, the demand for effective treatment options, such as IPGs, has surged. The ongoing advancements in DBS technology and clinical studies reinforcing its efficacy are expected to bolster the market for IPGs dedicated to managing Parkinson's disease.

Urinary and Fecal Incontinence:

Implantable Pulse Generators are also making a significant impact on the treatment of urinary and fecal incontinence, where neuromodulation techniques provide an effective means of controlling involuntary bladder and bowel functions. These devices work by stimulating nerves responsible for bladder and bowel control, leading to improved patient outcomes and quality of life. With an increasing awareness of incontinence and a growing aging population, the demand for IPGs in this application is expected to rise substantially. As healthcare providers are encouraged to explore innovative treatment modalities for incontinence, the market for these devices is projected to expand significantly in the coming years.

Epilepsy:

For patients suffering from epilepsy, Implantable Pulse Generators can serve as a crucial intervention, particularly in cases where traditional pharmacotherapy fails to control seizures effectively. Vagus nerve stimulation (VNS) therapy, administered through IPGs, has shown promising results in reducing the frequency and severity of seizures. As awareness regarding the potential of neuromodulation in epilepsy management increases, more clinicians are likely to incorporate IPGs as part of their treatment plans. With ongoing research and advancements in device technology, the market for IPGs dedicated to epilepsy treatment is set for considerable growth, benefiting a significant patient population globally.

Cardiac Arrhythmia:

Implantable Pulse Generators are a critical component in the management of cardiac arrhythmias, providing essential pacing to maintain proper heart function. These devices monitor the heart's rhythm and deliver electrical impulses when necessary, ensuring that patients maintain a stable heartbeat. As the prevalence of cardiac arrhythmias continues to rise with aging demographics, the demand for effective pacing solutions is expected to increase. Innovations in device design, including features that enhance patient monitoring and comfort, are likely to fuel the growth of this segment further as healthcare professionals increasingly turn to IPGs for arrhythmia management.

By Implantation Site

Spinal Cord:

Implantable Pulse Generators designed for spinal cord stimulation are particularly effective in managing chronic pain conditions. These devices work by sending electrical impulses to the spinal cord, interrupting pain signals before they reach the brain. This method has become increasingly popular due to its effectiveness in treating conditions such as failed back surgery syndrome and complex regional pain syndrome. The growing awareness among healthcare professionals about the benefits of spinal cord stimulation is driving the demand for IPGs in this area, leading to innovation and enhancements in device technology aimed at improving patient outcomes.

Brain:

Implantable Pulse Generators that target brain regions are utilized primarily in the treatment of neurological disorders such as epilepsy and Parkinson's disease. Deep brain stimulation (DBS) has emerged as a viable therapeutic option, allowing for the modulation of abnormal brain activity associated with these conditions. The increasing recognition of the role of neuromodulation in neurology has propelled the growth of IPGs designed for brain implantation. As clinical evidence continues to support the effectiveness of DBS, the market for IPGs targeting the brain is expected to expand, addressing the needs of a growing patient population.

Sacral Nerves:

Implantable Pulse Generators targeting sacral nerves are particularly effective in treating urinary and fecal incontinence. These devices work by stimulating the sacral nerves, which play a crucial role in bladder and bowel control. With the rising prevalence of incontinence, especially among the aging population, the demand for IPGs that can address these issues is increasing. As clinical outcomes improve and more patients seek effective treatment options, the market for sacral nerve stimulation devices is expected to grow significantly, providing much-needed relief to those suffering from these conditions.

Vagus Nerve:

Vagus nerve stimulation via Implantable Pulse Generators has gained traction as an innovative treatment for conditions such as epilepsy and depression. By delivering electrical impulses to the vagus nerve, these devices can help modulate brain activity and alleviate symptoms associated with these disorders. The increasing recognition of the vagus nerve's role in regulating various bodily functions has led to an uptick in demand for IPGs designed for this purpose. As research continues to highlight the efficacy of vagus nerve stimulation, the market for these devices is poised for substantial growth, catering to a diverse range of patients.

Cardiac:

Implantable Pulse Generators for cardiac applications are essential for managing arrhythmias and other heart conditions. These devices ensure that the heart maintains a proper rhythm by delivering electrical stimuli as needed. With the increasing incidence of cardiac diseases worldwide, the market for cardiac IPGs is experiencing robust growth. Technological advancements, such as remote monitoring features and improved battery life, are enhancing the appeal of these devices. As healthcare systems recognize the importance of timely intervention in cardiac health, the demand for implantable cardiac devices is expected to continue rising, ensuring better patient outcomes.

By User

Hospitals:

Hospitals remain the largest end-users of Implantable Pulse Generators, as they serve as the primary setting for surgical procedures and patient management. With a focus on providing comprehensive care, hospitals typically invest in advanced medical technologies, including IPGs, to enhance treatment options for patients with chronic conditions. The rising patient volume and the increasing complexity of cases are driving hospitals to adopt more innovative solutions. As healthcare providers strive to improve patient outcomes and streamline workflows, the demand for IPGs in hospital settings is expected to grow significantly.

Specialty Clinics:

Specialty clinics focusing on pain management, neurology, and cardiology are also becoming significant users of Implantable Pulse Generators, as they offer targeted treatments for specific conditions. These clinics often provide personalized care and advanced therapeutic options, making them an attractive choice for patients seeking specialized treatment. As the trend towards outpatient care continues to rise, specialty clinics are increasingly adopting IPGs to cater to patients looking for effective management solutions. The growing recognition of the importance of specialized care will likely drive the demand for IPGs within these facilities.

Ambulatory Surgical Centers:

Ambulatory Surgical Centers (ASCs) are emerging as a vital segment for the adoption of Implantable Pulse Generators due to their focus on outpatient procedures. These centers offer the advantage of reduced costs and enhanced patient convenience, making them an appealing option for both patients and healthcare providers. With the growing trend of minimally invasive surgeries, ASCs are increasingly incorporating IPGs into their treatment offerings. The shift towards outpatient care models is expected to bolster the demand for IPGs in ASCs, providing patients with effective solutions while minimizing hospital stays.

By Region

The North American region dominates the Implantable Pulse Generator market, accounting for over 40% of the global market share in 2023. This can be attributed to the advanced healthcare infrastructure, high rates of chronic pain conditions, and an increasing aging population. The United States, in particular, has a well-established market for medical devices, supported by a robust regulatory framework and a high level of healthcare expenditure. Furthermore, the rising prevalence of neurological disorders and cardiac diseases in this region is expected to sustain growth in the market throughout the forecast period, with a projected CAGR of around 8% through 2035.

Europe stands as the second-largest market for Implantable Pulse Generators, driven by a growing focus on healthcare innovations and an increasing acceptance of advanced medical technologies. The region accounts for approximately 30% of the global share in 2023. Various European countries are also witnessing an increase in the prevalence of chronic pain, neurological disorders, and cardiac diseases, contributing to the rising demand for effective treatment options. Additionally, government initiatives aimed at enhancing healthcare services and improving patient access to innovative treatments are expected to further stimulate market growth in Europe over the forecast period.

Opportunities

The Implantable Pulse Generator market is poised for significant opportunities as advancements in technology continue to reshape the landscape of medical devices. One of the most promising areas is the development of next-generation IPGs that incorporate remote monitoring, data analytics, and connectivity features. With the growing emphasis on personalized medicine, the ability to remotely monitor patient outcomes and adjust settings accordingly can lead to improved efficacy and enhanced patient satisfaction. Moreover, as telehealth gains traction, the integration of IPGs with remote care models provides a unique opportunity to expand their applications and reach a broader patient population.

Furthermore, the rising demand for minimally invasive surgical procedures presents an opportunity for growth in the Implantable Pulse Generator market. As healthcare professionals increasingly prioritize less invasive treatment options, IPGs that can be implanted through smaller incisions are likely to gain popularity. This trend is evidenced by the growing interest in leadless and rechargeable devices, which offer significant advantages in terms of patient comfort and recovery times. Manufacturers who focus on developing innovative and minimally invasive solutions are well-positioned to capitalize on these opportunities, driving market expansion and success in the coming years.

Threats

Despite the promising outlook for the Implantable Pulse Generator market, various threats could hinder growth and pose challenges to manufacturers and healthcare providers. One of the primary concerns is the potential for regulatory hurdles and stringent compliance requirements associated with the development and approval of new medical devices. As regulatory bodies continue to increase scrutiny on safety and efficacy, the lengthy approval processes may impede the timely introduction of innovative products to the market. Furthermore, the potential for product recalls due to safety issues or adverse events can damage brand reputation and erode consumer trust, posing a significant threat to market players.

Another prevailing threat in the market is the increasing competition from alternative treatments and therapies that may affect the demand for IPGs. As advancements in pharmaceutical therapies and non-invasive treatments are made, there may be a shift in patient preferences towards these alternatives. For instance, new medications that effectively manage chronic pain or neurological conditions could reduce the reliance on implantable devices. Consequently, manufacturers must continuously innovate and demonstrate the value of IPGs to maintain market relevance and competitiveness.

Competitor Outlook

• Medtronic plc
• Abbott Laboratories
• Boston Scientific Corporation
• St. Jude Medical, a subsidiary of Abbott
• Stryker Corporation
• NeuroPace, Inc.
• Bioelectronic Medicines
• Nuvectra Corporation
• Zynex, Inc.
• Saluda Medical
• Stimwave Technologies Incorporated
• Impulse Dynamics
• Elekta AB
• Cleveland Medical Devices, Inc.
• Medigus Ltd.

The overall competitive landscape of the Implantable Pulse Generator market is characterized by a mix of established players and emerging companies striving to innovate and capture market share. Major companies such as Medtronic, Abbott Laboratories, and Boston Scientific are leading the field, leveraging their extensive research and development capabilities to introduce cutting-edge products. These companies invest significantly in clinical trials and technological advancements to ensure their devices meet evolving patient needs and regulatory standards. Additionally, collaboration with healthcare professionals and institutions plays a pivotal role in gaining insights and developing products that address specific medical requirements, thereby enhancing their market positions.

Furthermore, the competitive landscape is marked by the ongoing push for innovation, with companies focusing on developing new features and functionalities that enhance the efficacy and usability of Implantable Pulse Generators. For instance, the introduction of leadless technologies and MRI-compatible devices has sparked interest among healthcare providers and patients alike, leading to increased investment in research and partnerships. As the market continues to evolve, companies are increasingly exploring mergers and acquisitions to expand their product portfolios and capabilities, ensuring they remain competitive in a fast-changing environment.

Key players like Medtronic plc and Abbott Laboratories are not only known for their robust product offerings but also for their commitment to improving patient outcomes through innovation. Medtronic, for instance, has established itself as a leader in spinal cord stimulation and cardiac pacing, with a diverse range of IPGs catering to various medical conditions. Their investment in digital health solutions further enhances their appeal, allowing for remote patient monitoring and data analytics, which are becoming increasingly important in modern healthcare. Meanwhile, Abbott Laboratories is recognized for its pioneering work in neuromodulation and advanced cardiac devices, offering innovative IPGs that address both pain management and cardiac conditions.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Elekta AB
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Zynex, Inc.
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Medigus Ltd.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Medtronic plc
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Saluda Medical
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 NeuroPace, Inc.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Impulse Dynamics
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Abbott Laboratories
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Stryker Corporation
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Nuvectra Corporation
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Bioelectronic Medicines
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Boston Scientific Corporation
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Cleveland Medical Devices, Inc.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Stimwave Technologies Incorporated
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 St. Jude Medical, a subsidiary of Abbott
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Implantable Pulse Generator Market, By User
    • 6.1.1 Hospitals
    • 6.1.2 Specialty Clinics
    • 6.1.3 Ambulatory Surgical Centers
  • 6.2 Implantable Pulse Generator Market, By Application
    • 6.2.1 Chronic Pain Management
    • 6.2.2 Parkinson's Disease
    • 6.2.3 Urinary and Fecal Incontinence
    • 6.2.4 Epilepsy
    • 6.2.5 Cardiac Arrhythmia
  • 6.3 Implantable Pulse Generator Market, By Product Type
    • 6.3.1 Single-Chamber IPGs
    • 6.3.2 Dual-Chamber IPGs
    • 6.3.3 MRI-Compatible IPGs
    • 6.3.4 Rechargeable IPGs
    • 6.3.5 Leadless IPGs
  • 6.4 Implantable Pulse Generator Market, By Implantation Site
    • 6.4.1 Spinal Cord
    • 6.4.2 Brain
    • 6.4.3 Sacral Nerves
    • 6.4.4 Vagus Nerve
    • 6.4.5 Cardiac

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Implantable Pulse Generator Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Implantable Pulse Generator market is categorized based on

By Product Type

• Single-Chamber IPGs
• Dual-Chamber IPGs
• MRI-Compatible IPGs
• Rechargeable IPGs
• Leadless IPGs

By Application

• Chronic Pain Management
• Parkinson's Disease
• Urinary and Fecal Incontinence
• Epilepsy
• Cardiac Arrhythmia

By Implantation Site

• Spinal Cord
• Brain
• Sacral Nerves
• Vagus Nerve
• Cardiac

By User

• Hospitals
• Specialty Clinics
• Ambulatory Surgical Centers

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Medtronic plc
• Abbott Laboratories
• Boston Scientific Corporation
• St. Jude Medical, a subsidiary of Abbott
• Stryker Corporation
• NeuroPace, Inc.
• Bioelectronic Medicines
• Nuvectra Corporation
• Zynex, Inc.
• Saluda Medical
• Stimwave Technologies Incorporated
• Impulse Dynamics
• Elekta AB
• Cleveland Medical Devices, Inc.
• Medigus Ltd.