(Pictured above: Xenco Medical Founder and CEO Jason Haider with the company's surgical devices)
A testament to the ascendancy of medical technology companies on the global stage, the World Economic Forum has named American medical device company Xenco Medical the international winner of this year's New Champions Award for Excellence in Sustainable Growth. Selected from companies across the globe, the award marks a major victory for the medical technology industry. Xenco Medical, an innovative surgical device maker whose portfolio includes spinal technologies and medical augmented reality applications, has established itself as a disruptive medical technology company with an outcomes-oriented thrust to its surgical device development. Headquartered in California, the company's implant systems include pre-sterilized, disposable composite polymer surgical instruments with spinal implants pre-attached, titanium foam implantable devices, and a glasses-free holographic surgical simulation platform that incorporates virtual implants based on the company's spinal implants into individual-specific holographic reconstructions from CT and MRI scans.
According to a 2022 report on the medical technology industry by Ernst and Young, "The industry's revenue surge in 2021 extended across all product classes. Therapeutic devices - by far, the largest segment - grew 10%, with the five leading therapeutic areas (orthopedic, cardiovascular, dental, ophthalmic and women's health) all increasing their revenues by at least 16% [...]" Given the revenue growth in the medical technology space over the past several years, its stands to reason that an innovative company from this sector would be recognized by the World Economic Forum.
In a statement released by the company, Xenco Medical Founder and CEO Jason Haider commented, "We are thrilled by this immense honor and grateful to the World Economic Forum for recognizing the deep impact of our technologies and the unabating fidelity of our commitment to transforming healthcare." The California company's growth over the years can likely be attributed to a business model well-suited for an era of healthcare that rewards value-based care and logistical efficiency. Addressing the entire continuum of care, the company has developed and deployed both intraoperative technologies as well as compelling digital health technologies such as its HoloMedX platform. The company's surgical vending machine platform, which was designed to house all of Xenco Medical's sterile-packaged spinal implants and polymer instruments, is representative of the company's tech-powered logistics framework. With real-time tracking of the company's spinal implants and polymer instruments as well as analytics on usage, the innovative surgical device traceability introduced by Xenco Medical has reaped rewards for the company during this value-based period in healthcare.
The California company has excelled in a paradigm where investment in outcomes-driven surgical and digital health technologies has dramatically reshaped the medical landscape. The World Economic Forum's selection of the company speaks to the extent to which MedTech companies that have chosen to develop digital technologies that supplement their existing surgical platforms are leading in both the new, metrics-fueled framework of healthcare and thriving in the economy at large.
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