Dr. Kingsley R Chin and engineers granted wireless sensor patent for the AxioMed viscoelastic total disc replacement which they plan to leverage to gain market share in the growing smart medical device market estimated to be valued at $23.50 billion.
MALDEN, Mass., Sept. 14, 2022 /PRNewswire-PRWeb/ -- On September 29, 2017, Dr. Kingsley R Chin and engineers working at KICVentures Group quietly submitted their patent application to add remote sensing capabilities to their AxioMed viscoelastic total disc replacement. On September 8, 2020 they were awarded patent # US 10,765,527 B2. This was a seismic accomplishment since it means AxioMed can now be marketed as a smart device with an integrated sensor that can communicate with an external device to report and store data such as spinal motion, track forces, disc function and any physiologic condition programmed within the sensor.
Market Research Future (MRFR) estimated the smart medical devices market to reach $23.50 billion by 2027 at a compound annual growth rate (CAGR) of 23.5 percent. Smart medical devices are game changing inventions at the forefront of digital healthcare providing life changing information that leads to diagnoses and treatments. Smart devices are wireless linked to smartphones making the patient and doctor more connected and able to store and retrieve data seamlessly.
"A data sensing circuit on the AxioMed disc adds to the other desirable and unique features such as multiple lordotic angles and the compressibility of the viscoelastic core," says Vito Lore, VP of Innovations at KICVentures.
In a recent publication in Becker's healthcare (Implantable sensors, advanced navigation could be next step for disc replacement) Dr. Michael Goldsmith was quoted as saying, "the next step with TDR will be to integrate sensors in the implant that can communicate motion, wear and possible loosening. This information will help alert the patient and the surgeon at an early stage when there may be a problem that warrants a visit to the surgeon." Another surgeon Dr. Adam Kanter stated, "what I would really love is if the implant was able to communicate its movement and mechanistic 'health' through bluetooth or some other wireless/imageless mechanism."
The patent provided a sensing artificial disc core having a top surface, a bottom surface, and at least one sidewall: at least one sensor disposed in or on the resilient core and a wireless transmitter configured to transmit signal representative of a sensed condition. The disc can include at least one mechanism configured to control, influence, or alter conditions of the resilient core.
"Our intuition told us the future will require the world to have more smart wireless devices with artificial intelligence (AI) so we moved quickly to start with AxioMed and we are grateful the US Patent Office rewarded us with this historic patent," said Dr. Kingsley R Chin, the co-inventor on the patent and a board-certified professor of orthopedics and spine surgery as well as chief executive officer of KICVentures Group who owns AxioMed LLC.
"We have organically built AxioMed with no institutional funding which allows us to make out-of-the-box decisions like spending the cash to invest in a wireless smart AxioMed device," said Aditya Humad, former JP Morgan Investment Banker and current CFO and Co-founder at KICVentures Group.
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About AxioMed
AxioMed was founded in 2001 by surgeons at Cleveland Clinic and engineers who previously worked with Dr. Art Steffee and Acroflex viscoelastic disc replacement. The current AxioMed disc comprises of a proprietary silica-based viscoelastic material proven in extensive biomedical/biocompatible testing to mimic the human disc in all planes and 50+ years of longevity testing. The viscoelastic material is radiolucent and thus X-ray and MRI compatible. Over 800 discs have been implanted worldwide with zero failures or revisions. It is the only viscoelastic lumbar disc to complete a USA IDE clinical study with 10+ years of follow-up.
http://www.AxioMed.com
About KICVentures Group
Our founders have been investing in spine surgery 2000 makes us the most experienced healthcare investment holding company with the largest portfolio of medical device technologies focused on solutions for less invasive outpatient spine surgery. Our investment strategy is to acquire or invent disruptive technologies using our own capital or partner with private individual investors. This allows us the freedom to make quick and nimble decisions such as when we acquired AxioMed Viscoelastic Disc Technologies while other companies invested in spinal fusion.
http://www.KICVenturesGroup.com
Media Contact
Aditya Humad, KICVentures Group, 267-342-3968, [email protected]
SOURCE AxioMed
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