Medical technology startup Symex Labs is eyeing first human trials for its wearable fertility hormone tracker in as little as two years, with new inventions like it predicted to boost revenues at Australian fertility clinics to nearly $900 million.
Similar to the continuous glucose monitors currently used in type 1 diabetes management, Melbourne-based Symex is developing a biosensor patch that can track ovulation using hormone sensing.
“The idea was that why can’t we do for fertility what continuous glucose monitors have done for diabetes, where we’re relieving people of finger pricking,” Symex co-founder and director Muhammad Umer said.
“Instead of having to draw blood to look at the fertility hormones that clinicians need to track your cycle, we can just directly get the data from the skin.
“With IVF there is a number of blood tests that are need to be done for clinical decision-making . . . it’s all those needles and bruising that it causes.”
The device will allow IVF clinics to receive hormone tracking data from their patients remotely and accurately. The four fertility-related hormones it monitors are progesterone, estradiol, human chorionic gonadotropin (hCG) and luteinising hormone.
The two-year old startup — which Mr Umer co-founded with Edgar Charry — has already caught the attention of ASX-listed Monash IVF, which is helping with the development of Symex’s biosensor patch. Monash is also a seed investor.
“(Monash) is the primary future users of the technology so it’s great to have someone like them interested in our technologies,” Mr Umer said.
Monash IVF chief scientific officer Deirdre Zander-Fox said Symex’s technology was less invasive and would provide patients more convenience.
“It’s really got the capacity to revolutionise reproductive treatment for patients . . . anything you can do to reduce the burden of treatment is a real positive,” Professor Zander-Fox said.
“It’s quite an exciting partnership, it’s still very early in its journey but the concept and the initial work is really exciting.”
It comes as a recent IBISWorld report revealed revenue at fertility clinics is forecast to climb at an annualised 2.7 per cent over the next five years to about $875m.
“The continued improvement of diagnostic technologies and fertility treatments will help stimulate revenue growth,” the report said.
“A greater reliance on digital tools will help drive the industry going forward. A growing number of fertility service clinics will come to rely on digital tools like ovulation-tracking apps and fertility-tracking wearables.”
While Professor Zander-Fox reckons technology will increasingly take centre stage in the fertility industry, she cautioned the importance of making sure “that whatever technology comes in, it actually does deliver on what we need it to”.
“And also how it is delicately balanced with ensuring that IVF can stay affordable,” she said.