ARTICLE SUMMARY:
Canary Medical’s playbook for building a sustainable business follows a well-trod path in the device world: obtain the clinical evidence necessary for regulatory approval and reimbursement, and the money will follow, but in a digital world, exactly how that plays out is shifting.
Zimmer Biomet’s launch of Persona IQ The Smart Knee implant for total knee arthroplasty (TKA) in 2021 captured the spotlight because it introduced the first implant for total knee arthroplasty with a smart sensor embedded in it.
For the inventor of that sensored tibial extension, Canary Medical, the partnership with Zimmer was a significant win and an opportunity to build evidence of the benefits of a disruptive innovation that could automatically collect huge volumes of previously unavailable, highly nuanced patient data and correlate that data to common medical conditions. Zimmer is not only the world leader in total knee arthroplasty, with nearly 30% market share, according to BTIG, but it identified the Persona IQ as one of the key components of its growth strategy for its best-selling Persona knee portfolio.
