NextStep Robotics
- Industry
- Therapeutic Devices
- Founded Year
- 2017
- Headquarters
- 800 West Baltimore Street, Suite 151, Baltimore, MD 21201, United States
- Employee Count
- 16
Key People
- Bradley Hennessie - Founder, Chief Executive Officer, President & Board Member
- Anindo Roy Ph.D - Chief Technology Officer & Board Member
- Richard Macko MD - Chief Scientific Officer
- Larry Forrester - Resident Scientist & Board Member
Assessment
- Team
-
Aspect: First-time 10+ yrs
Summary: The leadership team comprises experienced professionals with significant expertise in robotics and medical devices.
The leadership includes individuals with extensive experience in robotics and medical devices, enhancing the company's capability to develop and commercialize innovative therapeutic solutions.
- Clinical Need
-
Aspect: Very Strong
Summary: The device addresses a significant unmet need in stroke rehabilitation, particularly for patients with foot drop.
Foot drop is a common condition among stroke survivors, and existing treatments are limited. NextStep Robotics' device offers a novel solution, potentially improving patient outcomes and quality of life.
- Competition
-
Aspect: Somewhat crowded
Summary: The market has existing solutions, but NextStep Robotics offers a differentiated approach.
The therapeutic devices market includes various solutions for foot drop. However, NextStep Robotics' personalized robotic therapy distinguishes it from traditional methods, offering a competitive advantage.
- Technical Challenge
-
Aspect: Moderate
Summary: Developing a personalized robotic therapy involves moderate technical challenges.
Creating adaptive software and hardware for personalized therapy requires integration of robotics and medical knowledge. The team's background suggests they are equipped to handle these challenges effectively.
- Patent
-
Aspect: Applied
Summary: The company has pending patents for its technology.
NextStep Robotics has applied for patents related to its robotic therapy device, which, once granted, could provide a competitive advantage and protect its innovations in the market.
- Financing
-
Aspect: Medium
Summary: The company has secured moderate funding from various investors.
With funding from entities like the NIH and Abell Foundation, NextStep Robotics has a solid financial foundation. However, further investment will be necessary to expand production and distribution capabilities.
- Regulatory
-
Aspect: 510k/PMA
Summary: The device is registered as a Class 1 Exercise Device, allowing immediate market entry.
By registering the device as a Class 1 Exercise Device, NextStep Robotics can bypass lengthy approval processes, enabling faster market entry and revenue generation.
Opportunity Rollup
- Odds of Success
- 3.85
- Peak Market Share
- 5.2
- Segment CAGR
- 5.4%
- Market Segment
- Therapeutic Devices
- Market Sub Segment
- Rehabilitation Robotics
| Year Post Launch | Market Penetration (%) |
|---|---|
| 1 | 0.26 |
| 2 | 0.78 |
| 3 | 1.82 |
| 4 | 3.64 |
| 5 | 5.20 |
Key Takeaway
NextStep Robotics is well-positioned to address a significant clinical need with its innovative robotic therapy device, supported by a strong team and favorable market trends.