May 31, 2026 | The market for peripheral nerve stimulation systems became significantly more prominent this month with the news that Medtronic intends to purchase SPR Therapeutics for $650 million. Coming on the heels of Boston Scientific’s purchase of Nalu Medical for about $600 million last year, this latest deal has raised the hopes for other PNS upstarts seeking to play in the big leagues with strategic medtech firms.
Among the remaining PNS players in the pain neuromodulation market are Curonix, which took over for embattled Stimwave in 2022, and Bioventus, which acquired the StimRouter product line from Bioness in 2021. Despite the fallout from the criminal conviction of Stimwave’s founder, Curonix has largely weathered the new regime of government scrutiny and amassed annual sales not much lower than SPR’s $90 million, with about 4,000 units shipped last year. And the Florida firm broke new ground as the first PNS firm to get FDA clearance for craniofacial pain in 2024. Though some implanters and reps jumped ship after the Stimwave fiasco, Curonix remains a viable player in the PNS market and could be an attractive target for a strategic firm who chooses to look beyond the ghosts of the past.
The same can probably not be said of Bioventus, whose implantable StimRouter product generates sales of maybe $25 million per year. But although the publicly held firm has divested some of its other medtech holdings, the firm is evidently committed to keeping the product line in house and recently brought in a new general manager. Its new TalisMann system exploits the company’s electric field conduction technology and, unlike the StimRouter, incorporates an IPG. Still, we suspect that an offer even one-third of what Nalu and SPR got might tempt the parent company to divest. Mainstay Medical, which does not consider itself a PNS firm, preferring the label “restorative neuromodulation,” is another potential target because of its unique position targeting mechanical back pain.
Two other PNS firms currently on the market bear mentioning, even though the bulk of their sales are from the OAB market. These are Neuspera and BlueWind. It’s not inconceivable that a major medtech without a current OAB product—like maybe Abbott, LivaNova, or Globus—would want to pick up a tibial nerve stim firm whose products are readily adaptable to treating pain of peripheral origin. The fact that Boston Scientific paid close to $100 million for Valencia Technologies earlier this year, even though that firm’s implantable eCoin device is only approved for tibial nerve stimulation for OAB, could be an indicator of things to come.
Among the startup PNS firms not yet on the market, three firms stand out as potential targets because of their unique technologies that could have application in a number of indications. These are Nervonik, ExNeuro/Micro-Leads, and Neuronoff. Each has attracted attention with their unique modalities and each has raised a smattering of both nondilutive and private investment funds. But the fact that strategics seem to have more of an appetite for firms already producing revenue may make them less attractive at the moment. Of course a host of other implantable startups are waiting in the wings so there could well be one or two dark horse candidates in play.
As for who the potential buyers would be, it’s not out of the question that Medtronic could be looking at other acquisitions, just as Boston did with its string of implantable acquisitions of Axonics, Nalu, and Valencia within the span of a couple years. Abbott would seem to have the most ground to catch up on in the OAB and peripheral pain space. Large strategics like J&J and Stryker have largely been on the sidelines in the neuromodulation market, but the current run on PNS firms might get them thinking that one of the aforementioned startups could be the next Inspire Medical.
The Medtronic/SPR transaction consists of an upfront cash payment of approximately $650 million for all the outstanding equity in SPR. The FDA-cleared SPRINT PNS system is a short-term, 60-day therapy designed to provide pain relief through a temporary treatment approach that does not require a permanent implant. The therapy integrates into existing clinical workflows and enables physicians to intervene earlier, expanding patient access.
“Our purpose first and foremost is to serve patients,” said Domenico De Paolis, interim president neuromodulation, part of the Medtronic Neuroscience Portfolio. “That is why we continue to thoughtfully expand our pain intervention therapies. The addition of temporary peripheral nerve stimulation helps broaden access to neuromodulation and supports patients across more stages of the chronic pain journey with a minimally invasive therapy.”
The PNS segment continues to grow, driven by increasing clinical evidence, expanding reimbursement, and demand for non-opioid, less-invasive pain therapies. To date, the largest retrospective review of real-world PNS data, which includes more than 6,100 patients, was conducted using the SPRINT PNS System and showed over 71 percent of study participants demonstrated significant pain relief and/or improvement in quality of life following 60-day percutaneous PNS treatment.
“Guided by our credo to advancing meaningful, patient-centered innovation in pain medicine, our agreement with Medtronic marks a pivotal step forward,” said Maria Bennett, president and CEO of SPR Therapeutics. “Together, we will reach more patients helping them find relief earlier in their care journey to reclaim their lives and get back to what matters most.”
The anticipated close date will fall within the first half of Medtronic’s fiscal year 2027, which officially began on April 25, 2026. Until closing, Medtronic and SPR Therapeutics will continue to operate as separate and independent companies.
