Trice Medical is a privately held medical device company specializing in minimally invasive orthopedic procedures. Founded in 2012 and headquartered in Malvern, Pennsylvania, the company's mission is to enhance patient care by providing innovative, cost-effective solutions that improve recovery times and reduce healthcare costs. Trice Medical has developed a range of products that integrate advanced imaging technologies with surgical devices, enabling procedures to be performed in various settings, including offices and procedure rooms.
Key Strategic Focus
Trice Medical focuses on developing and commercializing minimally invasive technologies for sports medicine and orthopedic surgical procedures. Their core objectives include improving patient recovery times, reducing pain, minimizing scarring, and shifting surgical procedures from high-cost settings to more accessible environments. The company's primary markets encompass sports medicine and orthopedic conditions such as tendinopathy, plantar fasciitis, and carpal tunnel syndrome.
Financials and Funding
Trice Medical has raised a total of $64.6 million over seven funding rounds. In August 2021, Bioventus Inc., a global leader in active healing innovations, made a strategic investment in Trice Medical. This investment granted Bioventus exclusive sales and distribution rights to Trice's products outside the United States and initiated a co-development arrangement to integrate Trice's technologies with Bioventus' peripheral nerve stimulation offerings.
Pipeline Development
Trice Medical's product portfolio includes:
- mi-eye™: A disposable needle camera that provides real-time visualization inside joints, facilitating immediate diagnosis and treatment.
- mi-ultra™: A high-quality 15 MHz handheld ultrasound transducer that, when combined with mi-eye™, forms a dynamic imaging platform.
- Seg-WAY™ ECTR-d: A fully disposable endoscopic carpal tunnel release system that enables procedures to be performed in various settings.
- Tenex Health Technology: Acquired in April 2021, this minimally invasive ultrasonic technology treats chronic pain in soft tissue and bone, expanding Trice's capabilities in addressing conditions like tendinopathy and plantar fasciitis.
Technological Platform and Innovation
Trice Medical's proprietary technologies include the mi-eye™ and mi-ultra™ devices, which integrate disposable needle cameras with handheld ultrasound transducers. This combination allows for dynamic imaging and real-time visualization during procedures. The company's innovative approach enables orthopedic procedures to be performed in non-traditional settings, reducing costs and improving patient accessibility.
Leadership Team
- Mark Foster: CEO and President.
- Nancy Devine: Chief Revenue Officer, leading global sales and customer success.
- Ron Geddes: Product Sales Specialist, West US.
- Jim Wynkoop: National Strategic Account Manager, US.
- Keith Horst: IT Support.
- Terri Foster: IT Support.
Leadership Changes
In September 2021, Trice Medical appointed Nancy Devine as Chief Revenue Officer to lead and grow the global sales, distribution, and customer success teams. This strategic move aimed to accelerate the company's growth and expand access to quality care globally.
Competitor Profile
Market Insights and Dynamics
The market for minimally invasive orthopedic procedures is experiencing significant growth, driven by increasing demand for cost-effective treatments that offer quicker recovery times and reduced patient discomfort. Advancements in imaging technologies and surgical techniques are further propelling this trend.
Competitor Analysis
Key competitors in the minimally invasive orthopedic device market include:
- Arthrex: Specializes in orthopedic surgical instruments and implants.
- Stryker: Offers a wide range of medical technologies, including orthopedic devices.
- Smith+Nephew: Provides advanced wound management and orthopedic reconstruction products.
- Medtronic: Develops medical devices and therapies, including those for orthopedic applications.
These companies focus on developing innovative solutions to enhance patient outcomes and streamline surgical procedures.
Strategic Collaborations and Partnerships
In August 2021, Trice Medical received a strategic investment from Bioventus Inc., granting Bioventus exclusive sales and distribution rights to Trice's products outside the United States. The partnership also includes a co-development arrangement to integrate Trice's technologies with Bioventus' peripheral nerve stimulation offerings.
Operational Insights
Trice Medical's strategic focus on minimally invasive technologies and its innovative product portfolio position the company as a leader in the orthopedic device market. The integration of advanced imaging with surgical devices allows for procedures to be performed in various settings, providing a competitive advantage in terms of cost reduction and patient accessibility.
Strategic Opportunities and Future Directions
Trice Medical aims to continue expanding its product offerings and market reach through strategic partnerships and technological advancements. The company's focus on minimally invasive procedures aligns with the growing demand for cost-effective, patient-friendly treatments. Future directions may include further development of integrated imaging and surgical platforms, as well as exploration of new applications for their existing technologies.
Contact Information
- Website: www.tricemedical.com
- LinkedIn: linkedin.com/company/trice-medical/
- Twitter: twitter.com/tricemedical
- Facebook: facebook.com/TriceMedical/
