There is a growing interest in robotics in medical manufacturing. Investors continue to fund the latest robotics innovations in the medical and manufacturing sectors. With so much cash in the market, venture capital (VC), private equity (PE) and strategic investors aim to leverage and channel disruptive bot technologies. according to Fortune Business Insightsthe global industrial robotics market is expected to reach $31.13 billion by 2028, compared to $14.61 billion in 2020.
Several companies are developing robots to work alongside people in the medical field, including Galen Robotics, whose mission is to make doctors’ lives easier. The Galen Robotics surgical robotic platform works with standard surgical instruments to assist the multiple procedures that occur daily in the operating room.
Recently, MD + DI sat down with Dave SaundersCTO and co-founder of Galen Robotics, to discuss upcoming trends and business opportunities affecting companies in the Medtech field. He and Galen Robotics will be on hand BIOMED device in Boston From September 28-29 In the Boston Convention and Exhibition Center in Boston. Those interested can attend a biomedical exhibition specializing in emerging technologies and products Register here.
Adrian: For those who don’t know who you are, tell us a little bit about yourself and how you fit into the biomedical industry.
Dave: Galen Robotics has developed a collaborative microsurgery robot that aims to fill some of the major unmet needs in robotic surgery. It is ergonomically designed to fit current surgical workflows without the need for a dedicated operating room or to move the surgeon from his preferred location by the patient. We plan to use an affordable as-a-service model to make these surgical robots available on a large scale to hospitals and facilities based on per-use operating fees rather than large and restrictive capital purchases. The company is seeking digital surgery as a service to bring new solutions for data collection, training, and guidance to the operating room. We commercialize research conducted at Johns Hopkins University’s (JHU) Computational Sensing and Robotics Laboratory and work closely with these pioneers and leaders. Specifically, the work of Dr. Kevin Olds and Dr. Russell Taylor in inventing the robotic device for ENT micro-surgery at JHU helped us begin our journey.
Adrian: We are very excited to have your support as a featured speaker at BIOMEDevice Boston. Do you have any exciting news you want to share from Galen Robotics?
Dave: We recently submitted an application for FDA clearance for our surgical robot platform.
Adrian: What trends do you see coming down the pipeline and how will they be highlighted at this event?
Dave: I think in the post-pandemic period, if you can call it that, there are two big changes in surgical robotics, as well as other areas of medical technology: influence and collaboration. The familiar capital-intensive and poor procurement model gives way to the shared-risk model, where sellers share the risk and cost of sourcing solutions to service providers, so the responsibility does not fall entirely on the service provider. Hospitals faced an existential crisis during the height of the pandemic, and many are still struggling. When they are back to health, the business simply cannot be the same. Massive capital purchases are much less feasible today, and better democratization of technology is needed. Plus, I think there will be fewer single-stunt ponies. You will notice that surgical robots are becoming more and more versatile to fit different instruments and be applicable to a variety of procedures. Better data usage will lead to better efficiency and results. Better integration will benefit everyone.
Adrian: What are you most looking forward to at BIOMEDevice Boston in September?
Dave: BIOMEDevice Boston is a great opportunity to learn what’s going on in the industry and find inspiration on how to combine multiple solutions as we move closer to a more integrated environment in the medical industry. I’m excited to be there.
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