Personal protective equipment (PPEs) is used to provide protection against health risks in hazardous work environment. However, since the pandemic has started, PPEs have become a crucial factor in the fight against the spread of the virus. According to data provided by Research and Markets, the global personal protective equipment market size is expected to reach USD 123.38 Billion by 2027 while registering a CAGR of 9.6%. Overall, the increasing focus on employee safety, coupled with favorable occupational safety regulations, is expected to drive the market growth over the forecast period. Yet, despite the vaccines’ availability, Labor Day weekend saw more than three times the number of new cases than in 2020 — during a time when many thought the pandemic may be coming to a close, according to new data from John Hopkins University.
The importance of sophisticated medical equipment in hospitals is further emphasized by the continued government support. Earlier in July, former Governor Andrew M. Cuomo announced 12 New York companies had received support from the State to produce needed supplies to help combat the COVID-19 pandemic. These grant funds help alleviate product shortages due to supply chain issues that could lead to unfair pricing practices. One of the companies, Shatkin F.I.R.S.T, LLC, has manufactured more than 200,000 N95 respirators, and recently procured a second machine to be able to manufacture millions of N95 respirators. In general, the global medical devices market size accounted at USD 447.63 Billion in 2019 and is expected to hit around USD 671.49 Billion by 2027, with a CAGR of 5.2% from 2020 to 2027, according to Precedence Research.
OPTEC International, Inc. just announced breaking news that, “the company has executed an LOI (Letter of Intent) for the acquisition of a West Coast, established medical supply company with over 25 years of operations in the medical supply industry. The company has also recently expanded supplies in the PPE sector in addition to the mainline medical supplies used across the world.
The company has also established purchasing agreements with US and overseas manufacturers in the medical sector. Annual revenues are currently approximately in the region of $10M, with significant possibilities for growth.
The long-term goal is to establish localized medical supply distribution centers, that can provide service to small and large clients with same day and next day deliveries. The company believes there is a huge demand and opportunity in the same day/next day deliveries that is currently underserved, similar to how Amazon created several years ago to service the retail industry.
The terms of the acquisition will be announced upon completion of the definitive agreement at the request of the seller. Closing of the transaction is expected to finalize in October 2021, or sooner if possible.
The addition of this medical supply company in addition to OPTEC’s current subsidiaries adds growth and purchasing power to the company’s expanding operations and at the same time adding noticeable additional annual revenue to the consolidated financials of Optec International.
Optec further today announced the appointment of a new in-house Social Media director based at the company’s new Park Center, Location in Vista, California.”
Neovasc, Inc. announced last year, that the Neovasc Reducer™ device (“Reducer”) for the treatment of refractory angina was featured on the Hamburg-based German public television program NDR Visite. The segment coincides with a resumption of German procedure volume seen before the COVID-19 virus reduced elective procedure volumes worldwide. Fred Colen, President and CEO of Neovasc, commented, “We are gratified to see a strong rebound in Reducer procedures in Germany, our largest and most important market.” He added, “Over the past couple of weeks we have seen Reducer volumes return to pre-COVID-19 levels in Germany and our implant schedule for the next several weeks looks strong in that market. Beyond Germany, we are also beginning to see signs of a rebound in some other European markets for Reducer.”
Boston Scientific announced on September 1st, the close of its acquisition of the global surgical business of Lumenis LTD., a privately-held company that develops and commercializes energy-based medical solutions, from an affiliate of Baring Private Equity Asia (BPEA). The Lumenis surgical business includes premier laser systems, fibers and accessories used for urology and otolaryngology procedures with total revenue anticipated to be approximately $200 million for full year 2021. “The close of this acquisition allows us to integrate the Lumenis laser portfolio – including the differentiated MOSES™ technology – with our category leading kidney stone management and benign prostatic hyperplasia offerings while expanding our global footprint to accelerate growth throughout Europe and Asia,” said Meghan Scanlon, senior vice president and president, Urology and Pelvic Health, Boston Scientific. “Additionally, we are welcoming significant talent to our Urology & Pelvic Health Team, and we are excited to establish our global surgical laser center of excellence in Yokneam where we will continue our focus on advancing innovation to help surgeons improve patient care.” Boston Scientific also offers Accolade and Essentio Pacemakers that allow for respiration-based pacing and automatic daily monitoring to improve patient compliance.
Align Technology, Inc. announced on June 3rd, the new iTero Workflow 2.0 software release with advanced features that provide enhanced intraoral image sharpness for clearer hard and soft tissue details to aid in treatment diagnosis, while also driving practice efficiency, patient engagement, and a more seamless end-to-end digital treatment experience for doctors and their patients. “Align’s commitment to innovation in digital orthodontics and restorative dentistry reflects our $250 million annual investment in technology to develop products and services that provide doctors and their patients with a great treatment outcome and seamless experience through the Align digital platform,” said Yuval Shaked, Align SVP and MD of the iTero systems and services business. “Our new iTero Workflow 2.0 software features were developed to simplify and streamline a doctor’s daily routine and increase practice efficiency. From a faster, all-in-one scan with enhanced visualization capabilities to improved patient communication, including the ability to capture, annotate and then share Invisalign simulations or restorative treatment plans digitally, these new features provide doctors with the ability for better clinical diagnosis and help patients better understand their oral health conditions and the proposed treatment options.”
ClearPoint Neuro, Inc. announced on August 9th, it has entered into a strategic and commercial partnership with German-based surgical equipment leader adeor medical AG for powered neurosurgical drill solutions. “Quick and simple access to the brain and parts of the spine is crucial for all of ClearPoint’s lines of business, whether it be Biologics and Drug Delivery, Brain Computer Interfaces, or other core strategic procedures ClearPoint supports,” said Joe Burnett, President and CEO of ClearPoint Neuro. “We are delighted to announce a partnership with this industry leader to launch current and develop future custom drill and accessory innovations. We believe an MRI conditional drill solution may reduce procedure time from 15 minutes to over an hour in multi-trajectory drug delivery cases. This added distribution agreement for non-MRI powered drills for the operating room further demonstrates the scale we are able to achieve with our commercial and clinical specialist team here in the U.S. as we continue to add best-in-class products to our portfolio, with or without a dependency on MRI.”
Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.