NeckCare
- Industry
- Medical Device
- Founded Year
- 2002
- Headquarters
- Kopavogur, Iceland
- Employee Count
- 24
Key People
- Sigurdur Gudmundsson - Co-Chief Executive Officer
- Thorsteinn Geirsson - Co-Founder, Co-Chief Executive Officer
- Darri Konradsson - Chief Technology Officer
- Artur Udrescu - Co-Founder & Board Member
- Jona Olafsdottir - CRO
Assessment
- Team
-
Aspect: Multiple successful MedTech entrepreneurs
Summary: The leadership team comprises experienced professionals with backgrounds in medical technology and entrepreneurship.
The presence of multiple successful MedTech entrepreneurs in the leadership team suggests a strong foundation for strategic decision-making and innovation.
- Clinical Need
-
Aspect: Very Strong
Summary: NeckCare addresses a significant clinical need for objective assessment and rehabilitation of cervical spine impairments.
With over 250 providers utilizing NeckCare's solutions, the company effectively addresses prevalent conditions such as neck pain, headaches, and concussions.
- Competition
-
Aspect: First mover
Summary: NeckCare appears to be a pioneer in objective cervical spine assessment technology.
As a first mover, NeckCare has the advantage of setting industry standards but may face challenges in educating the market and establishing trust.
- Technical Challenge
-
Aspect: Predictable
Summary: The technology involves wearable sensors and software for assessing neck mobility, which is a manageable technical challenge.
Developing wearable sensors and associated software for medical assessments is a predictable technical endeavor, especially with a skilled team.
- Patent
-
Aspect: Very Strong
Summary: NeckCare holds multiple patents for its assessment and training methods.
Holding patents in multiple jurisdictions for assessment and training methods enhances NeckCare's market position and protects its intellectual property.
- Financing
-
Aspect: Well-funded
Summary: The company secured an $8 million investment led by Idunn Venture Fund in 2022.
The $8 million investment indicates strong financial backing, enabling the company to scale operations and enhance its offerings.
- Regulatory
-
Aspect: 510k/PMA
Summary: NeckCare's products likely require regulatory approval, such as 510(k) clearance or PMA.
Obtaining necessary regulatory approvals is crucial for the company's products to be legally marketed and adopted by healthcare providers.
Opportunity Rollup
- Odds of Success
- 3.2
- Peak Market Share
- 3.75
- Segment CAGR
- 4.9%
- Market Segment
- Neurology Devices
- Market Sub Segment
- Cervical Spine Assessment and Rehabilitation
| Year Post Launch | Market Penetration (%) |
|---|---|
| 1 | 0.19 |
| 2 | 0.56 |
| 3 | 1.31 |
| 4 | 2.62 |
| 5 | 3.75 |
Key Takeaway
NeckCare's innovative approach to cervical spine assessment positions it well in a growing market, supported by a strong team and financial backing.