According to the CDC, up to 1 in 500 people will be diagnosed, and up to 100,000 Americans die each year due to blood clots. And, as noted by Thrombosis UK, blood clots have a one-in-four mortality rate, with a thrombosis-related death occurring every 37 seconds in the Western world. With the condition being more common in elderly groups, Sky Medical Technology launched a bioelectronic medicine therapy, OnPulse, to reduce the prevalence of blood clots in the UK’s growing, ageing population.
The OnPulse therapy is embedded within the company’s Geko device, which is used to to prevent life-threatening blood clots, and swelling-related complications after orthopaedic surgery. About the size of a watch and worn around a patient’s knee, the Geko device delivers painless electrical pulses that increase blood flow at a rate equivalent to 60% of walking, while a patient is static.
Taking just 60 seconds to fit and proven to save the NHS £237 per patient, the Sky Medical tech is disposable, reduces COVID infection risk by decreasing patient-nurse contact, and could save the health service £2.2 million per year in treatments for acute stroke VTE prevention alone.
Having had its efficacy clinically proven, the Geko device is the first bioelectronic therapy to achieve FDA clearance, NICE approval, and is currently being used across 28 NHS Trusts and internationally. Sky Medical adds that should six currently-ongoing clinical studies yield positive results, the Geko device may even be used to prevent blood clots in patients infected with COVID-19.
In terms of the company’s financial performance, Sky Medical Technology expects to book full-year sales of around £1.6 million, with this figure expected to jump to £49.6 million in 2023. Between DVT prevention, Oedema control and chronic wound healing, the Group believes the market opportunity of the Geko device to stand at £202 million, £282 million and £603 million in 2020 respectively.
With Sky Medical Technology recently listed among the UK’s Top 100 Healthtech Pioneers, company Founder and CEO, Bernard Ross, commented:
“Blood clots kill more people in Europe than AIDS, breast cancer, prostate cancer and motor vehicle crashes combined every year. But it is still an often-overlooked health issue. As lifespans lengthen, healthcare providers need to find new ways of treating these medical issues to meet the growing demand, and medical technology offers a sustainable solution.”
“The European MedTech market is estimated to be worth more than €120 billion, with the UK leading the way in research, development, and implementation of new medical devices. As one of the fastest growing areas, bioelectronic medicine presents an opportunity to transform how healthcare is delivered on a global scale – leading the charge in a MedTech revolution.”
“With medical technology innovations already playing a fundamental role in improving the quality of patient care and saving the NHS time and money, the potential impact of MedTech companies is likely to be a significant opportunity for the healthcare system, while offering a healthy ROI and a socially responsible proposition for investors.”