The medical device sector in Canada may be one of the country’s best-kept global secrets.

According to the Canadian government

, the country has a large number of medical device manufacturers working to advance product innovation. Data from 2019, the most recent year available, shows that the country brings US$7.3 billion to the medical device sector, which is 1.8 percent of the global market.

Medical devices include a plethora of items, including pacemakers, artificial heart valves, diagnostic and imaging equipment, in vitro diagnostics, dialysis equipment, hip and knee implants, synthetic skin, surgical tools, orthopedics, medical imaging and infusion pumps.

Here the Investing News Network takes a look at six small medical device companies in Canada that offer investors growth potential in this exciting segment of the

life science

market. Companies on this list had small market caps below C$50 million at the time of publication, with

data compiled using Investing.com

. The medical device firms below are listed in order of market cap size, from largest to smallest.

1. Theralase Technologies (TSXV:

TLT

,OTCQB:TLTFF)

Market cap: C$44.94 million

Theralase Technologies is a clinical-stage

pharmaceutical

company focused on the design, development, manufacturing and sale of patented laser

technology

platforms. The platforms support a suite of bio-stimulative and bio-destructive clinical applications for patients. The company is currently developing a photodynamic therapy for treating non-muscle-invasive bladder cancer.

Theralase Technologies was a

TSX Venture 50 company

in 2020.

2. Izotropic (CSE:

IZO

,OTCQB:IZOZF)

Market cap: C$42.01 million

Izotropic is commercializing breast computerized tomography (CT) imaging technology for the early detection of breast cancer. The company’s breast CT imaging system is a diagnostic device that produces high-resolution breast images in 3D without painful breast compression.

Preliminary studies have found that Izotropic’s breast CT imaging system may be able to routinely detect small breast tumors in the 3 to 5 millimeter size range, resulting in earlier detection over mammography. In the fourth quarter of 2020, Izotropic

completed a pre-submission meeting

with the US Food and Drug Administration (FDA) as part of its path to commercialization; the company is in discussions with US hospitals for clinical study partners.

3. Aurora Spine (TSXV:

ASG

)

Market cap: C$40.29 million

Aurora Spine, another of Canada’s growing medical device companies, is focused on the spinal implant market and has a portfolio of minimally invasive, regenerative spinal implant technologies designed to improve spinal surgery outcomes.

Aurora Spine has reached a number of

critical milestones

recently. These include the

issuance of a US patent

for its DEXA technology patient-matched implant technology last October, followed by the

commercial launch

of its proprietary SOLO ALIF standalone cage system in November of the same year. Later in 2020,

Aurora commenced

a major multicenter clinical study for its proprietary ZIP interspinous fixation device for relief of back pain due to symptomatic degenerative disc disease.

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4. Covalon Technologies (TSXV:

COV

)

Market cap: C$38.47 million

Founded by a group of PhDs from the University of Toronto, Covalon Technologies researches, develops and commercializes patented medical technology targeting the areas of infection control, advanced wound care and medical coatings.

Covalon leverages its patented medical technology platforms through the development of products that are sold under Covalon’s name, as well as through the development and commercialization of medical products for other medical companies via development and license contracts. The company provides its products and services to major and niche specialty medical device companies, leaders in wound care, healthcare providers and individual consumers.

5. Helius Medical Technologies (TSX:

HSM

,NASDAQ:HSDT)

Market cap: C$37.41 million

Helius Medical Technologies is a neurotech company focused on developing, licensing and acquiring unique and non-invasive platform technologies aimed at treating illnesses of and injuries to the brain.

The company’s first commercial product is the Portable Neuromodulation Stimulator (PoNS), a non-surgical device that delivers electrical stimulation as a short-term treatment for gait deficit due to mild to moderate symptoms from multiple sclerosis, as well as for the treatment of chronic balance deficit due to mild to moderate traumatic brain injuries in conjunction with physical therapy.

PoNS is authorized for sale in Canada and recently

received marketing authorization

from the US FDA. PoNS is an investigational medical device in the European Union and Australia, and is currently under premarket review by Australia’s Therapeutic Goods Administration.

6. Nanalysis Scientific (TSXV:

NSCI

,OTCQX:NSCIF)

Market cap: C$32.77 million

Last on this small medical device companies list is Nanalysis Scientific, which specializes in the production of compact and portable benchtop nuclear magnetic resonance spectroscopic instruments for a variety of applications across various industries, including

biotech

and pharma, polymer research, food and environmental science as well as

oil and gas

.

Nanalysis’

NMReady-60 product

allows chemists, researchers, engineers and students to perform spectroscopy tests wherever and whenever they need, whether in the lab or in the field. In early 2020, the company

won an award

for best new analytical product at the Nanotech Exhibition and Conference.

This is an updated version of an article originally published by the Investing News Network in 2016.

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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.