Puzzle Medical Devices
- Industry
- Medical Devices
- Founded Year
- 2018
- Headquarters
- Montreal, Quebec, Canada
- Employee Count
- 0
Key People
- Dr. Anil A. Bharadwaj - Co-Founder and CEO
- Dr. Philippe L. Joubert - Co-Founder and CTO
- Dr. Jean-Franois Tanguay - Co-Founder and Chief Medical Officer
Assessment
- Team
-
Aspect: First-time physician innovator
Summary: The founding team comprises medical professionals with expertise in cardiology and medical device innovation.
The leadership's medical expertise is advantageous for understanding clinical needs and guiding product development, enhancing the company's potential for success.
- Clinical Need
-
Aspect: Very Strong
Summary: There is a significant demand for minimally invasive cardiac assist devices due to the high prevalence of heart failure.
With heart failure being a leading cause of mortality, innovative solutions like minimally invasive cardiac assist devices are essential to meet the growing clinical demand.
- Competition
-
Aspect: Somewhat crowded
Summary: The market has established players, but opportunities exist for innovative solutions.
While the cardiac assist device market includes major companies, introducing a unique, minimally invasive product could carve out a niche.
- Technical Challenge
-
Aspect: Complex
Summary: Developing a safe and effective minimally invasive heart pump involves significant technical challenges.
The complexity of creating a reliable and safe transcatheter heart pump requires substantial R&D efforts and expertise.
- Patent
-
Aspect: Applied
Summary: The company has applied for patents to protect its innovative technology.
Patent protection is vital for safeguarding intellectual property and ensuring market exclusivity, contributing to the company's success.
- Financing
-
Aspect: Well-funded
Summary: The company secured C$43 million in funding in April 2025.
The substantial funding round provides the necessary resources for advancing the heart pump device and conducting essential clinical studies.
- Regulatory
-
Aspect: Running FIH
Summary: The company is conducting first-in-human clinical trials to assess safety and efficacy.
First-in-human trials are a pivotal step in the regulatory process, and positive outcomes are essential for progressing toward market approval.
Opportunity Rollup
- Odds of Success
- 3.45
- Peak Market Share
- 4.5
- Segment CAGR
- 5.8%
- Market Segment
- Cardiac Assist Devices
- Market Sub Segment
- Minimally Invasive Transcatheter Heart Pumps
| Year Post Launch | Market Penetration (%) |
|---|---|
| 1 | 0.22 |
| 2 | 0.68 |
| 3 | 1.58 |
| 4 | 3.15 |
| 5 | 4.50 |
Key Takeaway
Puzzle Medical Devices is well-positioned to address a critical clinical need with its innovative minimally invasive heart pump, supported by a strong team and substantial funding.