STOCKHOLM, Jan. 28, 2019 /PRNewswire/ --
Redsense Medical announces that the company has started the development of a prototype with fully functional optical measuring based on the innovative, smart wound technology that was presented in November 2018. The prototype is expected to be ready in Q2 2019.
The company's smart wound care technology makes it possible to develop thin sensor layers for optical measuring of several physiological and biological parameters such as blood and exudate. The layer of sensors can be used separately or integrated directly into smart bandages or adhesive plasters. As the technology enables very cost and resource effective individual wound care, it has potential to become as revolutionary for wound care.
"We have now decided to go from TRL 2 to TRL 3 on NASA's readiness level indicator for development projects, and it will be very exciting to present a working prototype before the start of the summer," says Redsense Medical's CEO Patrik Byhmer.
As announced earlier, Redsense has already initiated discussions on potential collaborations or out-licensing of the technology with large, global wound care companies. The discussions are expected to intensify and become more concrete when a working prototype can be presented and evaluated.
Redsense will present ongoing project updates during the coming months as substantial progress is expected. Based on this outlook, the smart wound care technology has the potential to build substantial value for Redsense Medical´s shareholders.
Strong outlook for the wound care market
The wound care market was valued at approximately USD 18 billion in 2016, and it is expected to grow at a CAGR of 5.3 % until 2023. The primary drivers of market growth are an ageing global population, a larger number of diabetics and increasing investments in research and development, which is also expected to lead to new research discoveries in this area. Chronic wounds are expected to constitute most of the wound care market up until 2022.
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