Palliare
- Industry
- Medical Devices & Equipment
- Founded Year
- 2018
- Headquarters
- Galway, Ireland
- Employee Count
- 18
Key People
- John O'Dea - Co-Founder, Group Chief Executive Officer & Executive Director
- Scott Flora - Chairman
- John O'Shaughnessy - Non-Executive Director
- Caroline Sherlock - Executive Director
- Jennifer McMahon - Board Member
Assessment
- Team
-
Aspect: Multiple successful MedTech entrepreneurs
Summary: The leadership team comprises experienced professionals with a strong background in medical technology.
John O'Dea, the Co-Founder and CEO, has a proven track record in the medical device industry, enhancing the company's credibility and potential for success.
- Clinical Need
-
Aspect: Very Strong
Summary: Palliare addresses a critical need for effective smoke evacuation and insufflation in minimally invasive surgeries.
The EVA15 system's ability to filter hazardous contaminants aligns with the 2017 AORN Guideline for surgical smoke safety, underscoring its importance in the operating room.
- Competition
-
Aspect: Somewhat crowded
Summary: The market for surgical smoke evacuation and insufflation devices includes several established players.
While Palliare offers innovative solutions, it operates in a market with existing competitors, which may impact market penetration and growth.
- Technical Challenge
-
Aspect: Predictable
Summary: The development of smoke evacuation and insufflation technologies involves manageable technical challenges.
Palliare's focus on enhancing existing technologies suggests a clear development pathway with predictable challenges.
- Patent
-
Aspect: Strong
Summary: Palliare has secured patents for its insufflation and smoke evacuation technologies.
Patents related to the EVA15 system protect Palliare's innovations, supporting its market position.
- Financing
-
Aspect: Well-funded
Summary: Palliare secured $8 million in Series A funding in 2021.
The investment from Seroba Life Sciences and others provides the necessary capital for growth and product development.
- Regulatory
-
Aspect: 510k/PMA
Summary: Palliare's EVA15 system has received FDA 510(k) clearance and EU CE Mark certification.
Achieving these certifications demonstrates compliance with regulatory standards, enabling product commercialization.
Opportunity Rollup
- Odds of Success
- 3.7
- Peak Market Share
- 4.7
- Segment CAGR
- 10.7%
- Market Segment
- Endoscopy Devices
- Market Sub Segment
- Smoke Evacuation Systems
| Year Post Launch | Market Penetration (%) |
|---|---|
| 1 | 0.24 |
| 2 | 0.70 |
| 3 | 1.64 |
| 4 | 3.29 |
| 5 | 4.70 |
Key Takeaway
Palliare's innovative solutions address a critical need in surgical safety, positioning the company for growth in a competitive market.