Ocutrx Technologies has announced the strategic acquisition of Spectrum Advanced Manufacturing Technologies. The mid-cap acquisition will expand and bolster supply chains by leveraging Spectrum’s infrastructure. Ocutrx, which specialises in augmented reality (AR), virtual reality and AI technologies will now have expanded process lines to build its products as part of the newly formed consolidated company.  

The global AR market is estimated to reach nearly $600bn by 2030 with a CAGR of 41%. AR use in healthcare is a key driver of the market. With technological innovation in this area proliferating and competition between companies growing, Ocutrx’s use of Spectrum’s existing supply infrastructure will be key in maintain a robust production line in a crowded sector.

Amongst Ocutrx’s products are headsets which improve the experience of patients with age-related macular degeneration and headsets which aid surgical visualisation. The company has sixteen patents covering its medical products.

Additionally, the California, US-based company will also work with clients of Spectrum including NASA, Lockheed and Honeybee Robotics to explore opportunities in non-medical indications.

“Spectrum’s deep relationships with industry leaders will give Ocutrx access to programs and business metrics inside and outside the Medical Device field allowing Ocutrx to broaden its product applications and further integrate AR into global industries,” said Jim Gatzimas, chief business development officer for the consolidated companies.