Despite facing a notable downturn in investments during 2023, the MedTech industry demonstrated resilience and adaptability, achieving significant progress and fostering innovation throughout the year. According to a report by EY, this decline amounted to a 27% decrease compared to the year before, still resulting in a total investment of $13.8 billion.
In our yearly Editors’ recap, we celebrate not only the funding success, but also the noteworthy achievements and product milestones. This summary emphasises that, even in the face of economic uncertainties, the MedTech sector remains robust, continuously evolving and thriving.
Funding
The year was off to a strong start with LEM Surgical closing a CHF 8.7 million Series A funding led by the Ypsomed Group CEO, aimed at developing the next generation of surgical robotic solutions for spinal surgery.
Halfway through Q2, Conformal Medical, raised $35M in Series D funding to complete a clinical trial to address unmet clinical needs to improve the way structural heart diseases are diagnosed and treated.
By the end of Q3, the MedTech start-up VitruvianMD has raised a $1.25 million in their recent Seed Extension II funding round. The investment will support VitruvianMD’s solutions, which combine biomedical engineering and advanced artificial intelligence to redefine accessibility in medical laboratory.
In November, the Scotland-based start-up 1nhaler has raised £2m ($2.5m) to develop a single-use dry powder inhaler. The device is cardboard-based and contains a platform technology, including a breathable membrane that can be tailored to deliver individual drugs to patients and has the same dimensions as a credit card.
Innovation
Q1 started with an announcement from LG Electronics, which came up with a wireless earphone that helps users sleep comfortably using brain wave technology. Developed by its independent company, SleepWave, the device called Breeze can also analyse sleep data in real-time and suggest better sleep patterns.
In May, Smith+Nephew introduced two products that close the feedback loop for its robotics and digital surgery portfolio – Personalised Planning powered by AI and RI.INSIGHTS Data Visualisation Platform. These solutions transform data into contextual intelligence by enabling surgeons to see how pre-operative surgical plans and intra-operative decision-making link to postoperative outcomes.
To provide reliable in vitro diagnostics, Siemens Healthineers unveiled the Atellica CI Analyzer in Q3, offering improved turnaround time predictability, advanced reporting functionality, and stringent safety measures. The Atellica CI Analyzer makes it possible for both standalone labs and satellite labs of wider health networks to have the same reagents, consumables, and intelligent software as the company’s flagship Atellica Solution.
Q4 saw GE HealthCare and Masimo teaming up to integrate Masimo’s Signal Extraction Technology pulse oximetry into GE HealthCare’s Portrait Mobile platform. The integration enables real-time continuous monitoring with a personalised view of the patient’s vitals during critical recovery periods, specifically after surgery or discharge from the intensive care unit.
Mergers & Acquisitions
Olympus made a significant announcement in Q1, revealing their acquisition of Taewoong Medical, a Korea-based company, for $370 million. Known for its expertise in manufacturing devices such as gastrointestinal (GI) metallic stents, the company enhances Olympus’ GI endotherapy portfolio capabilities, solidifying its position as a leader in the field.
April saw a new partnership, which incorporates the latest perfusion technology into neurological CT and MR imaging as Cercare Medical brought their neurovascular clinical workflows into ConcertAI’s TeraRecon Eureka clinical AI platform.
In a significant move throughout Q3, Boston Scientific acquired Relievant Medsystems for $850 million. The acquired Minneapolis-based business pioneered the Intracept intraosseous nerve ablation system, designed to address chronic vertebrogenic low back pain.
Just a month ago, soon after the previous buyer failed to complete its purchase deal, the Israeli company CartiHeal was sold for the second time to Smith & Nephew for $330 million. The company is expected to break even by 2027 and that the return on invested capital will exceed the weighted cost of capital.
Regulatory Approvals
At the end of February, RapidAI, has received FDA 510(k) clearance for Rapid RV/LV, the newest addition to the Rapid PE solution. The tool empowers physicians to quickly assess the ratio between the right ventricle and the left ventricle, a key indicator of pulmonary embolism severity.
In the second quarter, the FDA granted clearance to the Intuitive da Vinci surgical robot for performing prostatectomy. Developed by the California-based Intuitive Surgical, this groundbreaking clearance has expanded the range of urologic surgical procedures available with the da Vinci SP (single-port) system.
Another 510(k) clearance was granted in July to the Ohio-based MediView XR for it AR surgical navigation platform, allowing physicians to view a patient’s anatomical structures in 3D for preoperative and intraoperative use. The technology is useful in performing minimally invasive procedures, such as tumour ablations and biopsies.
More recently, Supira Medical has received its FDA breakthrough device designation for its ventricular assist device, intended to provide full hemodynamic support initially for high-risk percutaneous coronary interventions and subsequently for cardiogenic shock patients.
Clinical trials
In January, Inari Medical enrolled its first patient in ClotTriever system trial for treating deep vein thrombosis. Those enrolled in the trial (300 patients total) only have iliofemoral deep vein thrombosis. The trial spans 60 centres around the world.
Soon after, Novadip Biosciences has successfully implanted its investigational tissue regeneration product NVD-003 in the first patient of its clinical trial for congenital pseudarthrosis of the tibia. Dr. Pierre-Louis Docquier, the EU principal investigator, performed the implantation at Saint-Luc University Hospital in Brussels, Belgium.
Q3 saw Cognito Therapeutics presenting new MRI data showing non-invasive gamma stimulation therapy reduces brain atrophy and myelin loss in Alzheimer’s disease. The company presented new imaging data at the Alzheimer’s Association International Conference 2023 from the Phase 2 OVERTURE study.
Earlier last month, the Netherlands-based Medtech Xeltis unveiled trial results for its aXess haemodialysis access graft showing 0% infection rates at 12 months. The data from the aXess-FIH trial was presented at the 50th Annual VEITHsymposium™ in New York.
This whirlwind of progress and activity in the MedTech Industry throughout 2023 laid a robust foundation for a future where technology continues to redefine and enhance healthcare. As we reflect on the milestones and breakthroughs of the past year, it’s evident that the industry is poised for even greater strides in the years ahead, promising a healthier and more advanced tomorrow for patients worldwide.
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