There is an enormous need for migraine treatments. About 110 to 170 million people worldwide suffer from chronic migraines, meaning they experience crippling headaches for fifteen days or more each month, with at least eight days of migraine episodes. Migraines reportedly affect about 15-18% of adult women and 6-8% of men. Consequently, the 2017 GlobalData health report estimates that the migraine drug market will grow by 10% in the seven major markets and be worth around 84 billion Swedish kronor ($8.5 billion) in revenues by 2026.
Chronic migraines cause great personal suffering and force many to take sick leave, which, when you aggregate it, leads to substantial production loss and healthcare costs.
Most treatments are currently based on drug medication, which, in many cases produce none or limited lasting results, and often cause unwanted side effects. Here lies a potential market for Chordate since our Kinetic Oscillation Stimulation (K.O.S.) is a drug-free alternative with limited or no side effects.
Botox is also a drug-free alternative, but has side effects and can be costly for patients, which is why we believe K.O.S. is a strong alternative for this target group. Botox treatment is performed four times a year, with 30-40 injections per session in the face and around the head. The market for Botox treatment is expected to grow to approximately 7 billion kronor ($700 million) by 2023. We therefore operate with the assumption that we can take market shares in that segment relatively quickly, especially since K.O.S. has few or no unexpected side effects.
The K.O.S. treatment for chronic migraine is currently the subject of a clinical study at nine clinics in Germany and Finland that was finalized in July, 2022. A scientific article is expected to be completed and submitted for scientific review no earlier than the end of the third quarter of 2022.
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