18 June 2021 | Friday | News
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his comes on the back of its recent distribution agreement with LivsMed for its ArtisentialTM laparoscopic instrument, and its acquisition of Reach Surgical in 2019, a leading China-based minimally invasive surgical (MIS) instrument company that focuses on endoscopic staplers and ultrasonic system.
This rapid progression within the surgical Medtech space have led to a comprehensive surgical product portfolio that covers the majority of commonly used surgical instruments, a direct response to answering critical market needs in the Asia Pacific (APAC) region. Demand for MIS equipment is projected to rise significantly in tandem with accelerated demand for minimally invasive surgery over open surgery. The market size of MIS instruments within APAC is expected to record the fastest growth rate globally, with predictions of a CAGR of 12.2% from 2020 to 2025, clocking a jump from USD 2.23 billion in 2020 to USD 3.97 billion in 2025. This is largely buoyed by a confluence of various factors such as the increasing number of aging populations across APAC and increasing awareness of newer surgical technologies among physicians.
To meet this demand, Genesis has set out to identify suitable technologies that will best meet local market needs in the areas they operate in. This is made possible by its unique open innovation platform that purposefully engages top innovators to bring leading technologies to patients and healthcare practitioners, meeting their needs right where they are.
Genesis achieved this through integrating its acquisitions such as Reach Surgical into the Group and subsequently, via its open innovation platform, optimize product strategy, empower R&D and adopt first-class manufacturing standards, thereby expanding its product range. Recently, Reach Surgical gained official approval for a new generation of an intelligent electric endoscopic stapler, which marries multiple design innovations into one. Similar integration of Horcon is ongoing, following the completion of the acquisition.
Beyond making Medtech solutions available, thereby solving scarcity issues, Genesis also aims to make such technologies affordable and accessible. This is especially critical for emerging markets where most Medtech market share is occupied by imported brands, with prices generally higher than domestic products, thereby restraining the adoption of better technologies in day-to-day surgeries.
In response to this, Warren Wang, Chairman and CEO of Genesis MedTech Group said, "Genesis strives to bring high-quality, innovative solutions to more patients at cost-effective prices. Patient needs have always been the focal point of our business model. Through our open innovation platform, we hope to introduce more suitable innovations to doctors and patients."
Genesis will continuously work towards its goal of enabling more patients and doctors to access quality minimally invasive surgical solutions, saving lives and improving patient recovery rates.