Inspira Technologies OXY B.H.N. Ltd. (IINN) is advancing its presence in Europe through an extended service agreement with Innovimed Sp. z o.o. This collaboration will support clinical trials of Inspira's INSPIRA ART medical devices across the European Union, marking a significant step toward improving acute respiratory care.
The extended agreement builds upon a previous strategic partnership, focusing on conducting clinical pilot studies of the INSPIRA ART devices. This partnership encompasses all European countries, aligning with Inspira's broader objectives for market expansion.
Strategic Collaboration with Innovimed
Innovimed's strategic headquarters in Europe provide Inspira with operational excellence and market insights. By leveraging Innovimed's expertise, Inspira aims to navigate the complex regulatory and operational landscape of the European Union. The company has already established distribution agreements in Poland, Czech Republic, and Slovakia.
Revolutionizing Respiratory Care
Inspira's medical devices are designed to enable breathing without relying on traditional lung-based systems. These devices aim to reduce mortality rates and associated risks such as bacterial infections and coma, which are often linked to invasive mechanical ventilation methods. By addressing the shortcomings of existing technologies, Inspira seeks to impact the lives of the 20 million patients who require respiratory support each year.
Dagi Ben-Noon, CEO of Inspira Technologies, emphasized the importance of the extended service agreement, stating that it lays a strong foundation for the widespread acceptance and adoption of Inspira's innovative respiratory care solutions as the company moves toward commercialization.
Market Growth and ARDS
The global acute respiratory distress syndrome (ARDS) market is poised for substantial growth, according to a Spherical Insights report. The market is projected to increase from $980.4 million in 2021 to $2.1 billion by 2030, exhibiting a CAGR of 7.9% during the forecast period. This growth is fueled by improvements in healthcare facilities, increased research and drug development, technological advancements, and higher healthcare investments.
The COVID-19 pandemic significantly contributed to the rise in ARDS cases. A study reported that approximately 33% of hospitalized COVID-19 patients experienced ARDS, leading to increased demand for ARDS treatments and further bolstering the market.
