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Global Medical Device Industry Bolstering Outstanding Growth Potentials
PALM BEACH, Florida, Feb. 11, 2020 /PRNewswire/ -- There is no doubt that the global medical device market has been showing outstanding growth for the last few years and that it will continue to do so in the near future… and most likely beyond then. It also should see the North American market continue to dominate the global market. One report projects that the global dermatology devices market is expected to reach USD 14.17 Billion by 2021 from USD 8.22 Billion in 2016, at a CAGR of 11.50% during the forecast period. A separate research report projected that Global Dermatology Devices Market was valued at USD 8220.3 Million in 2018 and expected to reach USD $18172.5 Million by 2025 with the CAGR of 12.0% over the forecast period. Both reports see continuing growth for this market. A recent report indicated: "The rising incidence of skin disorders, increasing awareness on aesthetic procedures, technological advancements, and increasing healthcare expenditure are the major factors driving the growth of this market as is the rise in disposable income, growing technological advancements in laser treatments and devices, and increasing consumption of unhealthy food along with the changing environmental conditions causing many skin problems are some major factors driving the market growth. Active Healthcare companies in the markets this week include: Soliton, Inc. (NASDAQ: SOLY), Invacare Corporation (NYSE: IVC), Medtronic plc (NYSE: MDT), Rockwell Medical, Inc. (NASDAQ: RMTI), Abbott Laboratories (NYSE: ABT).
The large share of this segment can be attributed to technological advancements and increasing awareness about the available aesthetic procedures in the market. The dermatology devices market is segmented into hair removal; skin rejuvenation; acne, psoriasis, and tattoo removal; wrinkle removal and skin resurfacing; body contouring and fat removal; vascular and pigmented lesion removal; warts, skin tags, and weight management; and other treatment applications. The other treatment applications segment is expected to account for the largest share of the market during the forecast period, primarily due to the increasing awareness about aesthetic procedures and technological advancements.
Soliton, Inc. (NASDAQ: SOLY) BREAKING NEWS: Soliton Files Special 510(k) with FDA for its Generation II RAP Device - Soliton, a medical device company with a novel and proprietary platform technology licensed from The University of Texas on behalf of the MD Anderson Cancer Center ("MD Anderson"), today announced that it has filed for Special 510(k) Premarket Notification with the U.S. Food and Drug Administration ("FDA") for its Generation II Rapid Acoustic Pulse ("RAP") device.
The Generation II RAP device delivers the same tattoo-removal therapy as the Generation I device, but is slightly modified for improved ease of use in the physician's office. The Generation II RAP device constitutes the underlying technology of the RAP device that will be deployed in the limited U.S. commercial launch planned for mid-year 2020. Although, similar technology was utilized in the Company's pivotal cellulite and proof of concept keloid scar trials, only the tattoo removal indication will be reviewed by the FDA in this submission and enabled during this initial launch.
The Special 510(k) filing states the device is indicated as an accessory to the 1064 nm Q-Switched laser for tattoo removal on the arms, legs and torso in Fitzpatrick Skin Type I-III individuals. Clinical trials have demonstrated that using the Company's RAP device, in conjunction with a Q-switched laser, allows for multiple passes of laser treatment in a single treatment session, resulting in accelerated fading in comparison to stand-alone laser treatment. Read this and more news for SOLY at: https://www.financialnewsmedia.com/news-soly/
Recent developments in the healthcare, biotech industries:
Medtronic plc (NYSE: MDT) the global leader in medical technology, recently announced it and the Medtronic Foundation are committing approximately $1.2M to coronavirus relief efforts across the globe. These contributions encompass Medtronic Foundation cash contributions and product donations from the company.
"As a global healthcare leader, Medtronic is committed to helping support impacted communities across the globe," said Omar Ishrak, Medtronic chairman and chief executive officer. "Our longstanding Mission calls on us to maintain good citizenship as a company as we aim to alleviate pain, restore health, and extend life for people around the world. This guides our work every day and we are determined to do everything we can to care for our employees, their families, and their local communities as we address this global health crisis collectively."
Invacare Corporation (NYSE: IVC) recently announced its financial results for the fourth quarter and year ended December 31, 2019. Reflecting on 2019, Matt Monaghan, chairman, president and chief executive officer, commented, "As we celebrate the 40th anniversary of Invacare this year, it is a fitting time to reflect on our transformation and how we are positioning the company for sustainable, long-term success. I am very pleased with Invacare's progress over the past five years and, in particular, what we accomplished last year. In 2019, we significantly improved operating results and free cash flow, achieved our annual guidance, and strengthened our balance sheet. In particular, we substantially streamlined our business which reduced constant currency SG&A expenses by nearly $15 million, mitigated the significant majority of the impact of tariffs, re-invigorated our product pipeline and are preparing to introduce innovative new products in every category in the coming year.
Rockwell Medical, Inc. (NASDAQ: RMTI) recently announced that it has entered into license and supply agreements with a wholly-owned subsidiary of Sun Pharmaceutical Industries Ltd. (together, "Sun Pharma"), for the rights to commercialize Triferic (ferric pyrophosphate citrate) in India.
Under the terms of the agreements, Sun Pharma will be the exclusive development and commercialization partner for Triferic in India and Rockwell Medical will supply the product to Sun Pharma. In consideration for the license, Rockwell Medical will receive an upfront fee, and will be eligible for milestone payments and royalties on net sales.
Abbott Laboratories (NYSE: ABT) recently announced that the U.S. Food and Drug Administration (FDA) has approved a new trial designed to assess its Amplatzer™ Amulet™ Left Atrial Appendage Occluder for people with atrial fibrillation (AF) – a condition in which the normal rhythm of the heart's upper chambers is disrupted and becomes erratic – who are at risk of stroke. The CATALYST trial is the first-ever clinical trial comparing the effectiveness of a left atrial appendage (LAA) closure device to a newer class of blood thinners, known as non-vitamin K antagonist oral anticoagulant (NOAC) drugs, which are currently the standard treatment option for AF.
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