The neurostimulation sector, derived from technology that uses electricity to treat myriad of neurological conditions ranging from paralysis to pain to depression, is poised for significant growth, and Northeast Ohio is positioned to take advantage of the opportunities. NeuroInsights and the Neurotechnology Industry Organization recognized the Cleveland-Akron region as a “neurotechnology region to watch worldwide,” and ranked Northeast Ohio #5 in the world for neurotech healthcare and #6 for neurodevice companies.
The Northeast Ohio neurostimulation industry can be traced to a hotbed of activity in the early 1990s involving dozens of experiments using electrical stimulation of paralyzed muscle at the Cleveland Functional Electrical Stimulation Center (FES Center), a collaboration among Case Western Reserve University, the Louis Stokes Veterans Administration Medical Center and the MetroHealth Medical System.
A majority of the neurostimulation companies in Northeast Ohio derive from Case Western Reserve University, including Neuros Medical, Synapse Biomedical, and NDI Medical and its multiple spin outs – Deep Brain Innovations, Checkpoint Surgical, SPR Therapeutics, and MEDSTIM. Cleveland Clinic, a global powerhouse in deep brain stimulation, has spun out several neurostimulation companies as well, including CardioNomic and Intelect Medical.
Northeast Ohio is home to a thriving start-up ecosystem housing multiple neurostimulation companies that have received the attention of recognized investors. Two of these companies, Intelect Medical and NDI Medical’s MEDSTIM, have exited for a combined $120 million.