Digital health is booming. Many medical device startups companies are making huge strides with modern technology. These medical startups are finding creative and unique ways to solve challenges relating to better patient care. As healthcare becomes more complex, new medical devices will be instrumental in curing diseases and helping many people live better lives with chronic diseases.
To understand what the market of medical devices looks like in 2019, it’s a good idea to check out medical device startups and how they are evolving healthcare.
Here are nine medical device startups to watch.
4C Medical Technologies
The world of transcatheter aortic valve replacement is exploded and expected to be worth $5 billion by 2021. Many companies are investing a lot of money into this specialty. However, 4C Medical Technologies has an alternative solution. Instead of replacing a patient’s mitral valve, the 4C Medical AltaValve device is different. It is positioned in the supra-annular to the leaking native mitral, which then prevents the leak from escaping into the left atrium.
The startup raised over $8 million in 2018 and won first place in the Cardiovascular Research Technologies (CRT) competition last year as well.
Aspect Biosystems was founded in 2013 and focuses on 3-D bioprinting, which is a category in medicine that has so much potential. Its proprietary Lab-on-a-Printer platform enables advances in research for diseases, therapies, and regenerative medicine. The printer has multiple disposable and microfluidic printhead cartridges, each with tissue design features. Many different cell types can be combined seamlessly during printing. It’s seen investments from Endure Capital, Pallasite Ventures, and Relentless Pursuit Partners.
Axonics is in the field of neuromodulation, which is “the alteration of nerve activity through targeted delivery of stimulus.” They are developing implantable sacral nerve neuromodulation tech that can treat those with urinary or bowel diseases. The Axonics r-SNM has a rechargeable implantable stimulator that has a remote control and programming interface. The company says they can last as long as 15 years. The system is currently approved in Europe for the treatment of overactive bladder, fecal incontinence, and urinary retention.
Imagine brain biopsies that don’t require a needle! That’s exactly the product that Brainspec has created. Being as noninvasive as possible when diagnosing brain ailments has been hard to do until now. The company has cloud-based software designed to make MRS technology accessible to physicians and researchers. Currently, they are working with scanner manufacturers GE, Philips, and Siemens.
Medical device startup company Cam Med is bringing new solutions to the world of medicine with its flexible, bandage-like patch pump that delivers precise doses of medications to patients. It would replace the current comparable products that are bulky and complicated.
The Evopump has a multi-reservoir, electrochemically design which allows the patch to hold and deliver multiple medications at the same time.
In 2018, Cam Med partnered with JDRF, a funding and advocacy group for diabetes research, developing a thin insulin patch pump usable with automated insulin delivery systems.
Cognito Therapeutics focuses on the treatment of neurodegenerative diseases such as Alzheimer’s. It is testing brainwave oscillations to treat symptoms associated with Alzheimer’s. Their pioneering gamma simulation therapy could be key to finding a cure for brain disorders. With one in nine adults over the age of 65 living with Alzheimer’s in the U.S., the need for a new approach with medical devices is being well received.
Eyenovia has developed a device to deliver small doses of drugs to the eye. It went public in January of 2018 with an IPO of $35 million. It uses a piezo-electric dispensation technology to administer microdoses of medicines to the eye. It can also track patient compliance with medication and was designed to eliminate the adverse side effects that were most common in treating eye diseases. Their theory is that traditional eye droppers are the problem in delivering medication.
Reportedly, they are pursuing a 505(b)(2) pathway with the FDA, as only the medical component of the device comes into contact with the patient.
Medineering Surgical Robots
Medical robots have been part of the OR for some time. However, Medineering Surgical Robots, a German-based company, is creating more diverse, procedure-focused robotics. These are being designed to work in minimally invasive procedures, specifically of the head and neck.
The seven-jointed positioning arm is the “base” for a “plug-and-play” robotic system. It can be directly attached to an OR’s table rail system. With the system, clinicians can control exact positioning, and it also has a mechanical interface for non-motorized instruments.
Most everyone hates needles, but there are necessary to administer certain drugs. However, Portal Instruments, founded in 2012, has developed a needle-free drug delivery device to deliver highly-viscous biologic drugs.
The product, which the company in-licensed from MIT, dispenses the injection in a stream the size of a strand of hair by using precise pressure to control the jet.
The company has an exclusive deal with Takeda for $100 million in a partnership to combine the device with their pharmaceuticals.
The Future of Medical Device Startup Companies
The world of medical devices is changing rapidly. New medical device startups are popping up every day to capitalize on new technology and how it can enable the next-generation of care. If you are in the medical sales and marketing field, it’s vital to keep up-to-date with the market. So, take some time to check out these medical device startup companies to watch.
About the Author
Carevoyance contributor Beth Osborne is a professional writer and content marketer with multiple years of experience in healthcare IT marketing. Learn more about her by visiting her website.