Dr. Kingsley R Chin Granted Patent To Add Wireless Sensor To AxioMed’s Total Disc Replacement To Target $23.50B Smart Medical Device Market
September 15, 2022
On September 29, 2017, Dr. Kingsley R. Chin and a team of engineers at KICVentures Group discreetly filed a patent application aimed at incorporating remote sensing capabilities into their AxioMed viscoelastic total disc replacement technology. Fast forward to September 8, 2020, and they achieved a significant milestone by being awarded patent # US 10,765,527 B2. This achievement is monumental because it now allows AxioMed to be marketed as a smart device, featuring an integrated sensor capable of communicating with external devices. This sensor can gather and transmit various data points, including spinal motion, force tracking, disc functionality, and any programmed physiological conditions, marking a significant advancement in the field of spine surgery and implant technology.
Market Research Future's (MRFR) projection of the smart medical devices market reaching $23.50 billion by 2027 with a compound annual growth rate (CAGR) of 23.5 percent underscores the remarkable growth potential in the field of digital healthcare.
Smart medical devices represent a paradigm shift in healthcare, offering transformative capabilities that provide critical information for diagnoses and treatments. These devices are equipped with wireless connectivity, linking them to smartphones. This connectivity not only enhances the connection between patients and healthcare providers but also enables seamless data storage and retrieval, facilitating more informed decision-making.
The adoption of smart medical devices is driving innovation in healthcare, offering the promise of improved patient care, real-time monitoring, and enhanced data-driven medical interventions. This growth trajectory reflects the increasing importance of technology in the healthcare industry and its potential to revolutionize the way healthcare is delivered and managed.
“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.
“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”
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