Editor’s Note: Jim Mazzo, who has been an executive for almost five decades in the ophthalmology industry, is currently on the board of directors for 12 medical device companies. The Business Journal’s annual list on medical device makers and drug companies starts on page 21.
What are the hot new areas for medtech investments?
The most compelling medtech investments today are centered on intelligent, data-enabled platforms that improve outcomes and reduce system burden, areas where Orange County has decades of leadership. Key areas attracting capital include:
• AI-enabled diagnostics and decision support, particularly in imaging, disease progression tracking and workflow optimization.
• Digital health applications are embedded into regulated medical devices, where software meaningfully enhances clinical performance.
• Long acting and implantable delivery platforms that shift treatment from repetitive intervention to sustained therapy.
• Robotic-assisted and automation-enabled surgery, including next-generation platforms such as Horizon that extend surgical precision, consistency and access, particularly in procedures historically limited by variability, ergonomics or specialist availability.
Investors are focused less on point solutions and more on durable platforms that can scale globally, integrate into clinical practice and demonstrate measurable value in real-world care.
The Most Promising MedTech Devices and/or Pharmaceuticals
The most promising innovations are integrated medical platforms, not standalone products.
We’re seeing strong momentum in:
• Drug device combinations that provide long-term therapeutic benefit with fewer patient interventions.
• Smart implants and monitoring-enabled devices that generate clinically actionable data.
• AI-assisted technologies that support physician decision-making rather than disrupt it.
Orange County companies continue to lead in ophthalmology, cardiovascular, neurotechnology and aesthetics, with a strong emphasis on technologies that combine precision medicine with scalable engineering.
The Femtech Angle
Femtech—feminine technology related to wearables—is becoming a hot new investment.
Femtech is attracting attention where wearables address real, underserved women’s health needs, but it must meet the same standards as all medtech: clinical rigor, physician adoption and reimbursement viability.
The most compelling opportunities will be data-driven, clinically validated platforms that integrate into mainstream care, not products that are positioned primarily as consumer wellness solutions.
Reimbursement is critical for technology. If doctors or ambulatory service centers are not reimbursed, they won’t adopt the products, which will become tertiary rather than critical first products for patients.
Companies and/or Top Execs to Keep an Eye on?
Orange County’s strength lies in companies that quietly execute with discipline and depth. Several worth watching include:
• Neurotech Pharmaceuticals—advancing long-term, cell-based gene therapy delivery platform for chronic retinal disease. I am its executive chairman.
• RxSight—changing the post-cataract care model with adjustable intraocular lens technology. CEO: Ron Kurtz.
• Glaukos—continuing to expand micro-invasive glaucoma and corneal therapy platforms. CEO: Tom Burns.
• STAAR Surgical—capitalizing on global demand for implantable vision correction. Interim co-CEO/President/COO: Warren Foust.
• Horizon aligns with where robotic surgery is heading next, away from single-procedure tools and toward scalable, intelligent surgical platforms that expand access, improve consistency and integrate data into care delivery. CEO: Jean-Pierre Hubschman, MD.
• Many early-stage companies are being built by seasoned operators who are alumni of Alcon and Edwards Lifesciences, often below the public radar.
The next breakout companies are emerging from experienced leadership teams, not first-time founders.
Next Generation Leaders to Watch Closely:
• Brian Culley—CEO, Lineage Cell Therapeutics. He represents the expanding convergence of cell therapy and delivery technologies that are increasingly relevant to medtech platforms.
• Amber Edwards—founder and CEO of EncorVita, which aims to treat women in perimenopause, the period before women experience menopause. She brings deep Allergan operational experience to early-stage innovation. Executives like Edwards exemplify a growing trend of seasoned operators launching focused, capital-efficient companies. She was highlighted in the March 23 issue of the Business Journal.
• David Tierney—CEO, Aramis Biosciences. He blends biotech, digital, and translational medicine reflective of where medtech is heading as platforms become more integrated.
• Patrick Mooney—CEO, Spyglass Pharma. Mooney isn’t building a concept company. He’s leading SpyGlass Pharma through late-stage clinical development and public-market execution, a leap many OC startups fail to make.
The Talent Pipeline
Rarely do technologies cause a company to fail. Rather, it’s mostly in the execution behind the product lines. The executives couldn’t get funding or didn’t have the right team in place.
Early on, revenue isn’t the most important data point.
Good leaders measure the critical performance indicators. I remember companies growing at 20% when they should have grown at 30%. Is the company taking share? Growing new users? New prescriptions? Do doctors adopt the product into their practices? Are they making it successful practice for doctors?
If you’re only measuring revenue, the company will fail. Your products must really make a change in the environment.
Good leaders have good teams that are held accountable. Glaukos is a great example. Chief executive Burns created a marketplace and constantly surrounded it with other products. His company has grown to a $7 billion market cap (NYSE: GKOS).
Tarsus Pharmaceuticals’ Bobak “Bobby” Azamian is another top executive. Tarsus is creating a whole corneal health company. They’re trying to own the cornea by surrounding it with products. That company is really good. It now has a $3 billion market cap (Nasdaq: TARS).
The Bottom Line
Orange County has a healthy list of successful medtech companies, as evidenced by four data points:
• In 2024, Axonics was sold for $3.7 billion to Boston Scientific.
• Last year, Inari was sold for $4.9 billion to Stryker.
• This year, Masimo is being sold for $9.9 billion to Danaher.
• Of the 30 companies with headquarters in Orange County and with a market cap exceeding $1 billion, 12 are in the healthcare sector.
