Exploring the Top 7 Players in MedTech World
Prior to 2021, MedTech companies received a record $5.5 billion in venture capital. Large investment firms are betting on a new generation of MedTech startups as global biotech companies continue to innovate and bring significant medical developments to market.
There is just no doubt that MedTech mobile apps are the healthcare industry's breakthrough. Technology startups evidenced that innovations can make a noticeable difference in patients' treatment and well-being, and the medical field continues to generate numerous opportunities for developing the next MedTech startups.
How did those innovative ideas germinate, and what factors contributed to their long-term success? Let's take a look at some of the most effective medical startups and the lessons we can learn from them.
What would one do to build a MedTech startup?
The majority of modern healthcare products are MedTech mobile apps, online platforms, or solutions that use Augmented Reality (AR) or Virtual Reality (VR) (VR). Building a medical startup, of course, necessitates not only advanced technology but also extensive medical knowledge. Unlike any other field, getting a 360-degree view of the problem you want to solve is critical to success in medical product development.
Startups are ultimately about business, and financial support is obviously critical to success. Joining a healthcare incubator or accelerator that provides financial support for MedTech startups can help you raise the initial capital.
Winning stories of MedTech startups’
Modern medical products aid in various medical procedures, beginning with diagnosis, health condition monitoring, encouraging a healthy lifestyle, and ending with prescription writing and appointment scheduling.
The scope of medical knowledge advancement and the revelatory effect of immensely influential computer power and other tech devices is providing medical firms with nearly limitless resources to experiment and develop amazing new advances in research.
The majority of these MedTech startups are based on simple ideas and well-known technologies, but successful adaptation to the specifics of the medical field has helped them to succeed in the long run.
Doctolib, a digital health platform, enables patients to schedule in-person and video consultation appointments with healthcare providers. In France and Germany, the platform is currently used by nearly 150,000 healthcare professionals and 50 million patients. This platform can help doctors manage their appointments and potentially attract more patients.
Location: Paris, France
Sema4 is a health intelligence company that uses forecasting analytics to help with disease prevention, diagnosis, and treatment. In addition to an analytics platform, they provide solutions for women's health, biopharma, precision oncology, and other areas. Gartner named Sema4 a "Cool Vendor" in 2020. They were also named to Forbes' America's Best Startup Employers List (2021).
Location: Stamford, CT
CMR Surgical creates equipment and systems to aid in minimally invasive surgeries. Their flagship product is the "Versius," a minimally invasive surgical robotic system that can be easily integrated into any operating room. Ally Bridge Group and Softbank Vision Fund led a $600 million series D round of funding for the company. Furthermore, their annual revenue is estimated to be around $130 million.
Location: Cambridge, UK
Atomwise, a biopharma startup, uses artificial intelligence to assist the drug industry with drug discovery. They use supervised learning models to find potential drugs and discover unsolvable targets. Over 250 companies around the world have partnered with the company. Their portfolio of partnerships and collaborations is valued at nearly $7 billion, according to their website.
Location: San Francisco, CA
Healthy.io, a MedTech pioneer, offers FDA-approved technology that converts smartphone cameras into at-home medical test kits. Users can use this app and kits to perform UTI testing, prenatal monitoring, open wound assessments, and other tasks in the comfort of their own homes. The startup has collaborated with organizations such as NHS, Johns Hopkins Medicine, and the National Kidney Foundation over the years. Healthy.io has a patient satisfaction rating of 93 percent, according to its website.
Location: Tel Aviv, Israel
FibriCheck is a smartphone app that monitors and analyses heartbeat rhythm. Physicians from all over the world have medically certified the platform. The app works by having the user place his or her finger over the smartphone's camera. FibriCheck was chosen as one of the startups to join the NHS Innovation Accelerator in 2020.
Location: Limburg, Belgium
EHealth Technologies is a company that manages medical records. Their system is intended to make it simple for healthcare providers to search through medical records and develop treatment plans for their patients. EHealth Technologies also provides an HIE channel through which imaging studies can be accessed. Their platform is currently used by approximately 250 healthcare facilities in the United States.
Location: Rochester, NY
At last, the healthcare industry has made great strides in incorporating technology into diagnosis and treatment, but there is still much work to be done. These medical technology companies' trimming innovations, new product development, and commercialization are paving the way for a future wherein effective interventions, diagnostics, and treatments are available to all.