Trice Medical
- Industry
- Medical Devices & Equipment
- Founded Year
- 2011
- Headquarters
- 40 General Warren Boulevard, Suite 100, Malvern, PA 19355, USA
- Employee Count
- 168
Key People
- Mark Foster - CEO and President
- Nancy Devine - Chief Revenue Officer
- Ron Geddes - Product Sales Specialist, West US
- Jim Wynkoop - National Strategic Account Manager, US
- Keith Horst - IT Support
- Terri Foster - IT Support
Assessment
- Team
-
Aspect: Multiple successful MedTech entrepreneurs
Summary: The leadership team comprises experienced professionals with significant backgrounds in the medical device industry.
Mark Foster, CEO and President, has over 20 years of experience in the medical device industry, including leadership roles at Smith & Nephew and Boston Scientific. This depth of experience suggests a strong capability to navigate the complexities of the MedTech market.
- Clinical Need
-
Aspect: Very Strong
Summary: Trice Medical addresses significant gaps in orthopedic diagnostics and treatments with minimally invasive technologies.
The mi-eye and mi-ultra platforms provide real-time visualization inside joints, facilitating immediate diagnosis and treatment. This capability is crucial in reducing false reads associated with indirect modalities and significantly lowering healthcare costs.
- Competition
-
Aspect: Somewhat crowded
Summary: The orthopedic device market is competitive, but Trice Medical's innovative products offer differentiation.
The orthopedic device industry features several established players. However, Trice Medical's focus on minimally invasive, portable diagnostic tools like the mi-eye and mi-ultra platforms sets it apart by enabling procedures in various settings, including offices and procedure rooms.
- Technical Challenge
-
Aspect: Predictable
Summary: The development of Trice Medical's products involves manageable technical challenges with predictable outcomes.
Integrating camera-enabled technology with handheld ultrasound transducers requires technical expertise but follows established engineering principles. The successful development and commercialization of products like the mi-eye and mi-ultra indicate that these challenges are being effectively addressed.
- Patent
-
Aspect: Strong
Summary: Trice Medical holds a robust patent portfolio protecting its innovative technologies.
The company's proprietary technologies, including the mi-eye and mi-ultra platforms, are protected by patents, providing a barrier to entry for competitors and safeguarding its market position.
- Financing
-
Aspect: Well-funded
Summary: Trice Medical has secured substantial funding, including strategic investments from industry leaders.
With total funding of $64.6 million over seven rounds and a strategic investment from Bioventus Inc., Trice Medical is well-positioned financially to continue its expansion and product development efforts.
- Regulatory
-
Aspect: 510k/PMA
Summary: Trice Medical's products have obtained necessary regulatory approvals, facilitating market entry.
Products like the mi-eye and mi-ultra have received FDA clearance, allowing Trice Medical to market and distribute these devices within the United States, ensuring adherence to safety and efficacy standards.
Opportunity Rollup
- Odds of Success
- 3.5
- Peak Market Share
- 4.4
- Segment CAGR
- 3.0%
- Market Segment
- Orthopedic Devices
- Market Sub Segment
- Minimally Invasive Diagnostic Tools
| Year Post Launch | Market Penetration (%) |
|---|---|
| 1 | 0.22 |
| 2 | 0.66 |
| 3 | 1.54 |
| 4 | 3.08 |
| 5 | 4.40 |
Key Takeaway
Trice Medical's innovative, minimally invasive orthopedic diagnostic tools position the company favorably in a growing market, supported by a strong team and strategic partnerships.