Editors’ Choice: Q2 2024 in MedTech 

In the second quarter of 2024, the MedTech sector witnessed remarkable advancements, marked by breakthroughs in AI-driven diagnostics, wearable health technology, and minimally invasive surgical devices. According to a report by MarketsandMarkets, the sector saw a 12% increase in market value, reaching $450 billion. These innovations promise improved patient outcomes, streamlined workflows, and reduced healthcare costs, solidifying the sector's investment appeal. In our editors’ recap, we are celebrating the notable milestones reached by some of the key players in the industry.  

Funding   

In April, Prothea Technologies, The University of Edinburgh and Bath spin-off, has closed €12m ($13m) in Series A financing to develop cancer diagnostics and therapeutics, with the hope to address two challenges – inaccurate biopsies and limited interventional treatment options for small lesions. 

Later in April, the Oxford-based start-up gaitQ and Swiss MedTech company machineMD were awarded a $1m grant from InnovateUK and Innosuisse to kickstart a study on movement in Parkinson’s disease patients.   

May saw Allez Health, which develops a CGM biosensor platform with novel sensor technology, raising $60 million in a Series A financing round. The Korean in-vitro diagnostics company, Osang Healthcare, led the financing as a strategic investor.   

In June, Axena Health, a company dedicated to advancing female pelvic health, successfully raised an additional $9.4 million in its Series A fundraising round to bolster the company’s growth and development initiatives. 

Innovation 

The quarter started with an announcement that Exo launched its FDA-cleared cardiac and lung AI applications for the Iris handheld ultrasound device, which enable immediate answers at the point of care for physicians, nurses, EMTs and clinicians in emergency, acute care, outpatient and home settings. 

This was followed by SS Innovations, whose team of surgeons completed its first telesurgery procedure using its SSI Mantra surgical robotic system.  

Another innovation involved Molli Surgical, which launched its OncoPen surgical tool for breast cancer imaging. The company said the precision of the OncoPen and Molli system allows for more targeted lesion removal, smaller surgical incisions, conservation of healthy tissues, and potentially improved cosmesis. 

Mergers, Acquisitions & Partnerships 

April saw Laborie Medical Technologies announcing an investment in I-O Urology, the developer of the CarePath uroflow device. Designed for direct-to-patient, the CarePath device features embedded cellular connectivity, and aims to improve the diagnosis and management of LUTS conditions such as benign prostatic hyperplasia (BPH).   

In May, Stereotaxis purchased the Minneapolis-based electrophysiology catheter maker Access Health Technologies to further enhance its minimally invasive endovascular surgical robotics technology. 

Another notable highlight included UltraSight, which announced a collaboration with Mayo Clinic to enhance cardiac care through using AI in point-of-care ultrasound. The partnership involves both companies jointly developing algorithms for analysing and interpreting cardiac ultrasound images. 

Regulatory Approvals 

At the end of May, Spineart was granted a clearance for its Scarlet AC-Ti anterior cervical cage, which are interbody devices used in spinal fusion surgeries to act as a space holder between vertebrae to help decompress the spinal cord and nerve root.   

In June, InnoVoyce’s VYLO Laser System has received 510(k) clearance from the FDA. The 455nm blue light laser system is designed to offer up to 30W across four emission modes and is developed for surgical incision/excision, vaporisation and ablation. 

Another FDA approval was received by the pre-clinical MedTech company Microbot Medical to proceed with its pivotal human clinical trial for its LIBERTY robotic endovascular surgical system. 

More recently, Indica Labs has received 510(k) clearance for its enterprise digital pathology platform, HALO AP Dx, which can be used for primary diagnosis of surgical pathology slides. 

Clinical Trials 

In May, Dopavision has announced positive results from its MyopiaX-1 proof-of-concept clinical trial examining its smartphone app designed to advance the recovery of children who have had photobiomodulation treatment for myopia. 

Soon after, Caristo has announced that a study demonstrating that its AI CaRi-Heart technology can predict cardiac events due to coronary inflammation at least ten years in advance has been published.   

Q2 also saw Askel Healthcare, a Finnish MedTech pioneering the treatment and repair of focal knee cartilage defects, presenting results from its first-in-human Pilot Clinical Trial. The primary endpoint of the trial: safety, was successfully met in all initial ten patients.  

Recently, Utah-based heart valve firm, Foldax has reported favorable early safety results in a trial of its TRIA mitral surgical heart valve designed using a novel polymer material for the treatment of conditions including rheumatic heart disease. 

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