Axonics Receives TGA Approval for R20 Rechargeable SNM System in Australia
Axonics, Inc. (AXNX) has received regulatory approval from the Therapeutic Goods Administration (TGA) to market its R20 rechargeable sacral neuromodulation (SNM) system in Australia. This device boasts a 20-year lifespan and requires recharging only once every 6 to 10 months for a single hour. The R20 builds on Axonics' commitment to improving incontinence care.
The Axonics R15 treats bladder and bowel dysfunctions, providing effective and lasting relief. Axonics began commercial activities for its SNM systems in Australia in March 2023 and received TGA approval for its F15 recharge-free SNM system in May 2024.
Market Response and Global Neuromodulation Devices Market
Despite a slight decline in share price, the TGA approval reflects a positive sentiment for Axonics. The global neuromodulation devices market is expected to reach $10.4 billion by 2030, driven by the rise in lifestyle diseases and neurological disorders.
Other Stocks in the Medical Space
Universal Health Services (UHS), ATI Physical Therapy (ATIP), and Aveanna Healthcare (AVAH) are better-ranked stocks in the medical space. UHS has an estimated long-term growth rate of 19%, while ATIP and AVAH have surpassed earnings estimates in recent quarters.