Necktronics has designed a neck injury assessment and treatment device with major technological advances and significant competitive advantages over current products.
Commercialization of the device is currently underway. The business model for the company is based on it assembling its products’ component parts, and marketing/distributing the finished products directly in Atlantic Canada, and through a dealer network outside the region. The company has identified the following segments as its initial market priorities – chiropractors, physiotherapists, and professional sports teams.
While information for the size of the neck injury assessment and treatment devices industry is not readily available, the entire Canadian medical device industry is estimated at US$ 6.8 billion, and the US industry at US$ 118.9 billion. Worldwide, the medical device industry is estimated to be US$ 327.7 billion.
Neck Tronics is currently in the process of protecting its intellectual property via a Canadian/U.S. patent application, while a formal patent issue is not expected until sometime in 2021. Concurrently, it is moving to finalize a proof of concept demonstration, planning the development of 10 prototype products for in situ field trials, initiating a dialogue with the insurance industry, preparing to undertake a market research project to validate product viability, organizing the regulatory compliance steps, and mapping out a financing strategy.
The Class II medical device should reach full commercialization in 2018.