Global Medical Device Market Projected to be $595 Billion by 2024

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May 16, 2019, 08:45 ET

PALM BEACH, Florida, May 16, 2019 /PRNewswire/ -- The initial diagnosis and the 2^nd opinions all show that the global medical device markets are projected to have a very healthy revenue prognosis through 2014. In the 2018 edition of the EvaluateMedTech® World Preview they revealed that the global medtech industry is expected to grow at 5.6% per year (CAGR) between 2017 and 2024, culminating in 2024 global sales of $595bn. Another research report echoes that: "The global medical devices market size will grow by USD 119.98 billion during 2018-2022. This industry research report by Technavio provides a detailed analysis of the market based on segmentations such as products (therapeutic and surgical devices, patient monitoring, diagnostic and medical imaging devices, and other medical devices), and geography (the Americas, APAC, and EMEA)…" Active Healthcare companies in the markets this week include: Soliton, Inc. (NASDAQ: SOLY), BioMarin Pharmaceutical Inc. (NASDAQ: BMRN), Pfizer Inc. (NYSE: PFE), PDS Biotechnology Corporation (NASDAQ: PDSB), Cellectar Biosciences, Inc. (NASDAQ: CLRB).

"The increasing market penetration of medical devices in emerging countries is positively impacting the market, as these devices offers significantly high operating margins across the various industry subsectors, which makes medical devices in emerging countries more attractive to investors compared to developed countries. Also, large, growing, and increasingly wealthy middle class of emerging countries are willing to pay for high-quality medical devices that governments have not managed to deliver in the past, leveraging the low manufacturing and labor costs and generate significant profit margins for investors, hence, driving the market. Thus, the increasing market penetration of medical devices in emerging countries is positively impacting the market growth at a CAGR of more than 5% during the forecast period."

Soliton, Inc. (NASDAQ: SOLY) BREAKING NEWS: 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 discussed the use of its Rapid Accoustic Pulse Technology for the removal of tattoos using the capability of the device to clear the vacuoles that result from the use of a laser to ablate tattoo ink.

A problem arises the moment that laser light contacts ink particles within its path. Almost instantly, a plasma event occurs that quickly results in the formation of steam vacuoles in the skin. These vacuoles appear white in color and result in "optical scattering" that immediately blocks any additional laser energy from reaching ink particles below the vacuoles. Biopsies taken shortly after laser treatment reveal that, in addition to surface vacuoles that clear within an hour or less, deeper "dermal vacuoles" have also formed and shield the remaining particles from subsequent laser passes. Our studies have shown that these deep dermal vacuoles persist for up to 48 hours. Until those vacuoles are gone, we believe subsequent laser passes will have very little effect.

"When you apply the RAP device immediately following a laser treatment, histology reveals that both surface vacuoles and the deep dermal vacuoles are dispersed, allowing lasers to again have line of sight access to pigment particles," said Dr. Christopher Capelli, President, CEO and Co-Founder of Soliton, Inc. "Thus, using the Soliton RAP device immediately after a laser treatment allows for a subsequent laser treatment in the same office visit, and this cycle may be repeated multiple times." The RAP device has not been cleared by the FDA.

"On average, a typical black tattoo can require 10 office visits to achieve acceptable removal. Our studies have shown this can now be reduced to just 2-3 visits, and we believe this will have a significant impact on the tattoo removal market, which is predicted to reach $4.3 billion by 2023," said Walter Klemp, Executive Chairman of Soliton, Inc. Read this and more news for SOLY at: https://www.financialnewsmedia.com/news-soly/

Other recent developments in the healthcare, biotech industries:

BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) recently announced that the European Commission (EC) has granted marketing authorization for Palynziq® (pegvaliase injection) at doses of up to 60 mg once daily, to reduce blood phenylalanine (Phe) concentrations in patients with phenylketonuria (PKU) aged 16 and older, who have inadequate blood Phe control (blood Phe levels greater than 600 micromol/L) despite prior management with available treatment options. Palynziq, a PEGylated recombinant phenylalanine ammonia lyase enzyme, is the first enzyme substitution therapy approved in Europe to target the underlying cause of PKU by helping the body to break down Phe. In addition, the EC acknowledged that the Phase 3 trial and extension study is suggestive of an improvement in inattention and mood symptoms.

Pfizer Inc. (NYSE: PFE) recently announced that it will present data across its industry-leading oncology portfolio, covering multiple tumor types and mechanisms of action at the 55th Annual Meeting of the American Society of Clinical Oncology (ASCO) in Chicago from May 31-June 4, 2019. Data will highlight Pfizer's cutting-edge approach, expertise in precision medicine and work in immunotherapy combinations, including company-sponsored and collaborative research studies.

"The data presented at this year's ASCO showcase our continued commitment to follow the science, whether it's expanding our approved medicines for breast and prostate cancers into new populations and lines of therapy, or exploring the important role of biomarkers and immunotherapy combinations," said Dany Habr, M.D., Chief Medical Officer, Pfizer Oncology. "We look forward to both sharing our exciting data in these and other tumor types, as well as connecting with our research partners to determine how we can continue to work collaboratively to bring transformative therapies to our cancer patients."

PDS Biotechnology Corporation (NASDAQ: PDSB) a clinical-stage immuno-oncology company pioneering the development of multifunctional immunotherapeutic products, today announced a peer-reviewed publication supporting the novel mechanisms of action of its proprietary Versamune^® platform in cancer immunotherapy. The article "Antigen Priming for Enantiospecific Cationic Lipid Nanoparticles Induces Potent Antitumor CTL Responses through Novel Induction of a Type I IFN Response" was published online on May 3, 2019 in the Journal of Immunology, and describes the way PDS' Versamune^® platform recruits and activates killer T-cells to recognize and effectively attack cancer cells while simultaneously making cancer cells more susceptible to T-cell attack. The article will appear in print in the June 2019 issue of the Journal.

Cellectar Biosciences, Inc. (NASDAQ: CLRB) a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of drugs for the treatment of cancer, recently announced initial results from Cohort 6 in the Company's ongoing Phase 1 clinical study with CLR 131 in Relapsed or Refractory Multiple Myeloma (R/R MM). The 37.5mCi/m² fractionated dose was determined to be safe and tolerable by the independent Data Monitoring Committee (DMC). Following the determination, the Company has initiated a Cohort 7 utilizing a 40mCi/m² fractionated dose (20mCi/m² dose on day 1 and day 8).

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