10 MedTech Startups Driving the Healthcare Industry
Without a doubt, MedTech mobile apps are revolutionizing the healthcare sector. Technology startups demonstrated how advances may directly benefit patient care and wellbeing, and the medical industry continues to offer endless chances for creating the next generation of MedTech startups. How did those creative concepts develop, and what factors contributed to their long-term success? Let’s take a look at the most prosperous medical startups and the things we can learn from them.
How does one build a healthcare startup?
The majority of current healthcare goods are MedTech smartphone applications, web platforms, or virtual reality (VR) or augmented reality (AR)-based solutions (VR). Of course, developing a medical business also calls for extensive medical understanding in addition to cutting-edge technology. In contrast to other fields, medical product development requires a 360-degree understanding of the issue you’re trying to tackle.
Overall, startups are also about the company, and success in this regard definitely depends on financial backing. Joining a healthcare incubator or accelerator that offers financial help for MedTech firms is one way to raise the initial funding.
Such dedicated investors’ support can guarantee individualized development and long-term growth. Aura Medical, Lightpoint Medical, and Hibergene Diagnostics are just a few instances of successful Kickstarter campaigns run by MedTech businesses, thus this fundraising approach is also something to take into account.
Success stories of MedTech startups
Modern healthcare devices help with a variety of medical procedures, from diagnosis to monitoring health conditions or promoting a healthy lifestyle to filling out prescriptions and making appointments. When you’re ready to start your own healthcare business, it’s time to take a look at what you can learn from the most cutting-edge companies that have just launched.
With simply a smartphone app and no further medical equipment, FibriCheck is a mobile tool for measuring heart rate that has received medical approval. This cutting-edge medical device can spot anomalies and stop strokes, which means we’ve reached the stage where utilizing a smartphone app might actually save your life. Many investors, including Arch Summit, EIT Health, iMinds, and others, funded this ground-breaking concept, which is now widely used and promoted by healthcare organizations like Cigna, H. Essers, or MSD.
Medical home visits can be scheduled through the MedTech smartphone app Heal, which offers services covered by numerous insurance policies. In its first three years, this straightforward concept helped close to 16,000 people and generated close to 70 million dollars, mostly thanks to the involvement of several venture capital firms (Breyer Capital, Slow Ventures, Hashtag One, Fidelity Management and Research), as well as individual investors like Paul Jacobs, David Ellison, and Lionel Richie. Heal has been rapidly opening new sites across the US since 2018.
A mobile-first MedTech startup devoted to mental health treatment is Psyomics. As the number of people suffering from mental illnesses rises annually, it promotes prevention, improves diagnosis accuracy, and expands access to trustworthy support. Among other organizations, the initiative received funding from Cambridge Enterprise and a Horizon 2020 grant.
One AI-based healthcare business that serves as a voice assistant for doctors is Suki. Suki supports with examinations, procedures, and administrative tasks by displaying the patient’s data, writing prescriptions, and taking notes, allowing medical professionals to concentrate on their core duties. Leading venture capital firms like Venrock, Marc Benioff, or First Round funded this project and its singular goal of relieving doctors of laborious administrative duties, and it was recognized with numerous awards in the fields of business, technology, and healthcare (issued by Forbes, Rock Health and the Voice of Healthcare Summit among others).
A software called Skin Vision uses machine learning to identify and analyze skin anomalies, and it can even help prevent skin cancer. The patient must take a photo of the skin spot and wait 30 seconds to acquire the risk indication in order to perform the self-check. With the use of this straightforward tool, patients may easily and frequently examine their moles on their skin, enhancing the accuracy of both the diagnosis and prevention of skin illnesses.
Touch Surgery is a cutting-edge teaching tool for surgery that uses augmented reality (AR) technology to provide high-quality surgical simulations. A surgical simulator that is interactive and offers a realistic walkthrough of all the processes of the procedures helps residents practice surgery in a safe and accurate manner. Worldwide residency and surgical training programs frequently employ it, and Third World nations like Tanzania and Kenya also benefit from its breakthrough medical advancements.
IDx is a piece of AI medical technology that can identify eye conditions. By using artificial intelligence (AI) solutions to automate diagnostic procedures, it improves the effectiveness of detecting diabetic retinopathy. Dr. Michael Abramoff, the company’s founder, began developing an AI solution in 2010 after observing the dearth of effective tools for diagnosing his patients. Today, the FDA has approved and supported the use of his product in clinical treatment.
Using meditation as a method to lessen stress and anxiety, Headspace is a MedTech mobile app that supports mindfulness, a balanced lifestyle, and mental wellness. The creation of a thorough mobile handbook for all novice meditators by the app’s founder and former Buddhist monk, Andy Puddicombe, took ten years of expertise. More than 2 million people subscribed to his proposal, and he received $168 million in finance.
Find Me Cure
A MedTech startup called Find Me Cure is committed to advancing medical advances. To assist patients, researchers, and medical professionals in finding the best treatment for a certain ailment, they provide a database of medical trials taking place across the world. More than 120 000 people have already benefited from their assistance, and they have already recorded more than 60 000 trials from government registries. In order to assist their efforts, they collaborate with the International Alliance of Patient Organizations and other well-known medical organizations around the world.
With respite, live-in, or palliative care, Cera Care is a MedTech firm that provides comprehensive, contemporary support for seniors and those with dementia and other degenerative illnesses. They support families through the challenging illnesses of their elderly relatives in a knowledgeable and considerate manner. The business raised more than 20 million British pounds from investors, including David Buttress and Peter Sands, and made a significant contribution to bridging the gap between medical professionals, elderly patients, and their families. They have created partnerships with NHS councils and organizations, such as the Dementia Action Alliance. Cera Care was also honored with accolades for its work in the fields of technology, healthcare, and dementia care.
As you can see, the healthcare sector has a lot of room for advancements and innovations. The majority of those MedTech businesses are built on straightforward concepts and well-established technologies, but effective adaptation to the peculiarities of the medical industry enabled them to be successful in the long run. There are still many needs to be met and concepts to explore, so if you’re feeling inspired and thinking about releasing your own MedTech mobile app, go for it.
Source: App Tension