Kronos Advanced Technologies Inc. announced the formation of KronosMD Inc., a new medical manufacturing division which will focus on leveraging its expert capabilities in precision healthcare manufacturing to pursue manufacturing and technology acquisition opportunities in the Medical Devices and Precision Medical Component markets. The KronosMD division will further continue growth and diversification in line with Kronos' 2022 strategy. This investment, focusing on leading-edge technology in the medical electronic device industry, demonstrates Kronos' commitment to the future of company.

With this announcement, Kronos further builds upon the electronics manufacturing diversification directives the company has launched over the past few years, including the “Transition to America” manufacturing plan focused initially on the domestic production of a highly successful line of advanced air purification/disinfection devices. The medical device and new medical technologies market are growing exponentially. According to Grand View Research, The U.S. medical device manufacturers' market size was valued at USD 176.7 billion in 2020 and is anticipated to exhibit a compound annual growth rate (CAGR) of 5.0% over the forecast period.

The rising prevalence of chronic diseases and the increasing geriatric population in the country are the key market drivers. The United States remains the medical device market in the world. This is new area of growth for Kronos operations.

As part of future initiatives, Kronos' quality management and manufacturing systems have been developed to meet the required industry standards for the manufacturing of medical devices. A key strategy for KronosMD will involve the acquisition of, or the B2B manufacturing or design engagement with, innovative companies offering both (or either) currently developed products or strong R&D departments. To that point, Kronos is in current negotiations with initial target matching this profile and offering a state-of-the-art medical imaging platform.