Why Regenerative Devices?
WHY REGENERATIVE DEVICES?
Regenerative devices is an emerging technology area with huge market potential. It belongs within the area of regenerative medicine, identified by the Government as one of eight ‘great technologies’ in which the UK has the potential to be a global leader.
The Medical Technologies IKC is focusing on the regenerative devices sector because of the potential to commercialise technologies more quickly and cost effectively. Our experts are able to take a strategic approach to selecting the right technologies to invest in – identifying cost effective healthcare interventions with shorter translation pathways and lower development costs. It takes, typically, fewer than 10 years to translate regenerative devices into the market place and costs less than £10m – much less than all other forms of regenerative and cell therapies.
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Societal need
The life expectancy and average age of the population continues to increase as a result of advances in biomedicine and healthcare.
This creates significant economic and societal challenges in ensuring a high quality of life for our aging population. The Medical Technologies IKC is addressing these needs and expectations, helping to ensure an active lifestyle for “fifty active years after fifty”. We focus on areas of clinical need in musculoskeletal disease, dentistry and cardiovascular disease, which have been strategically prioritised by the University and the Leeds Hospitals Trust
Economic value
Regenerative devices have the potential to be a $50bn-per-year global market. The industry which is emerging to take advantage of this huge opportunity includes both start-ups and spinouts as well as the creation of new technology opportunities that can be exploited by existing medical device companies.
Already, the Medical Technologies IKC is making a significant contribution to this industry. Our main target is in securing investment from the private sector to develop these technologies. By helping companies access knowledge, capability and people, and facilitating clinical collaborations, we can help bridge the gap between fundamental research and the development of technology that’s fit for purpose and ready for serious industrial investment. Through our proof of concept projects, we aim to reduce risk and uncertainty for companies, allowing them to invest with greater certainty to progress a technology beyond the validation stage all the way through to launch and subsequent commercial viability.