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Over the years, modern medical technology has played a crucial role in revolutionizing healthcare and improving the quality and efficacy of treatments. The global medtech industry is projected to generate a revenue of up to $566.3 billion by 2023, and this figure is expected to grow to $594.5 billion by 2024. With each passing year, new medtech startups emerge with innovative medical devices, platforms, and equipment that have the potential to reshape the healthcare landscape. In this article, we will explore some of the most promising companies in the medtech space that you should keep an eye on in 2023.
Biofourmis
Search growth: 400% (5-year)
Year founded: 2015
Location: Boston, MA
Funding: $463.6M (Series D)
Biofourmis is a biotech startup based in Boston that offers software-based therapeutics for personal predictive care. Their innovative solutions provide the data and infrastructure needed to intervene and administer treatments for chronic conditions. With an annual revenue of around $100M, Biofourmis is making significant strides in improving patient care.
Carbon Health
Search growth: 257% (5-year)
Year founded: 2015
Location: San Francisco, CA
Funding: $622.5M (Series D)
Carbon Health is a platform that focuses on delivering telehealth and virtual care services. Patients can easily book same-day phone-based appointments for primary and urgent care. In addition, Carbon Health offers prescription drug delivery, making healthcare more accessible and convenient. The startup has also played a crucial role in controlling the COVID-19 pandemic through its initiative called “Carbon Health Vaccinate,” which has facilitated the administration of over 1.49 million vaccinations.
Resolve Medical
Search growth: 274% (5-year)
Year founded: 2015
Location: St. George, UT
Funding: Undisclosed
Resolve Medical is a medtech startup that specializes in providing AI-powered, cloud-based solutions to improve diagnostic accuracy in radiology. Their flagship product, RSNA, is designed to analyze medical images and assist radiologists in identifying potential abnormalities, thereby enhancing the efficiency of the diagnostic process. Resolve Medical aims to enable early detection and treatment of diseases, ultimately improving the quality of healthcare.
Atomwise
Search growth: 175% (5-year)
Year founded: 2012
Location: San Francisco, CA
Funding: $176.6M (Grant)
Atomwise is a biopharma startup that leverages artificial intelligence to assist pharmaceutical companies in drug discovery. By deploying deep learning algorithms, Atomwise can identify potential drugs and unlock undruggable targets. With partnerships with over 250 companies worldwide, Atomwise’s portfolio of collaborations and partnerships is valued at close to $7 billion.
Healthy.io
Search growth: -100% (5-year)
Year founded: 2013
Location: Tel Aviv, Israel
Funding: $140M (Series D)
Healthy.io is a medtech innovator that provides FDA-approved technology to turn smartphone cameras into at-home medical test kits. Their app and kits enable users to conduct tests for UTIs, prenatal monitoring, open wound assessments, and more from the comfort of their homes. Partnering with organizations like NHS, Johns Hopkins Medicine, and the National Kidney Foundation, Healthy.io has achieved a patient satisfaction rating of 93%.
FibriCheck
Search growth: 13% (5-year)
Year founded: 2014
Location: Limburg, Belgium
Funding: $12.8M (Series Unknown)
FibriCheck is a smartphone application that enables users to monitor and assess their heartbeat rhythm. Medically certified by physicians from around the world, the app works by placing the user’s finger over the smartphone camera. In 2020, FibriCheck was selected as one of the startups to join the NHS Innovation Accelerator.
eHealth Technologies
Search growth: -100% (5-year)
Year founded: 2007
Location: Rochester, NY
Funding: $46.7M (Series Unknown)
eHealth Technologies is a medical record management company that simplifies the process of accessing and analyzing medical records for healthcare providers. Their platform streamlines the creation of treatment plans by allowing easy access to medical records and imaging studies. Currently, around 250 healthcare facilities in the US utilize eHealth Technologies’ platform.
Bruin Biometrics
Search growth: -100% (5-year)
Year founded: 2009
Location: Los Angeles, CA
Funding: $20.4M (Grant)
Bruin Biometrics specializes in biometric sensor-based technology. They develop and sell handheld wireless devices that help detect preventable chronic conditions. The flagship product, Provizio® SEM Scanner, is sold in over 9 countries and has the potential to improve patient outcomes.
Day Zero Diagnostics
Search growth: 99X+ (5-year)
Year founded: 2016
Location: Boston, MA
Funding: $63M (Series Unknown)
Day Zero Diagnostics is a bioscience startup that provides clinically actionable data for diagnosing infectious diseases. They specialize in identifying pathogens that are resistant to antibiotics using machine learning and whole-genome sequencing. The startup was awarded $6.2M under the CARB-X accelerator program to work on a new diagnostic test.
Fast Biomedical
Search growth: -43% (5-year)
Year founded: 2006
Location: Carmel, IN
Funding: $15.1M (Series A)
Fast Biomedical, a medical technology startup based in Indiana, offers patented technology for diagnosing and treating cardiovascular diseases. Their innovative tech directly measures kidney function and intravascular fluid volume, allowing physicians to potentially intervene before complications become serious. Fast Biomedical has received funding from venture capital firms like Elevate Ventures, VisionTech Partners, and Rose-Hulman Ventures.
Terapify
Search growth: -100% (5-year)
Year founded: 2019
Location: Ameca, Mexico
Funding: Undisclosed (Seed)
Terapify is a medtech startup that provides online therapy services to clients. The platform matches clients with licensed therapists and offers video sessions, as well as in-app messaging and resources for mental health management.
DNAnexus
Search growth: 58% (5-year)
Year founded: 2009
Location: Mountain View, CA
Funding: $472.6M (Series H)
DNAnexus is a bioinformatics company that offers a cloud platform for managing genomic data. Their ecosystem enables medical researchers to conduct clinical studies and accelerate medical discoveries. With over 26 petabytes of clinical data processed, DNAnexus has more than 100 enterprise customers.
CMR Surgical
Search growth: 0% (5-year)
Year founded: 2014
Location: Cambridge, UK
Funding: $1.1B (Series D)
CMR Surgical develops equipment and systems that aid in minimal access surgeries. Their main product, the Versius, is a minimally invasive surgical robotic system that seamlessly integrates into any operating room. With recent funding of $600M in series D, CMR Surgical is estimated to earn about $500M in annual revenue.
Doctolib
Search growth: 114% (5-year)
Year founded: 2013
Location: Paris, France
Funding: $815M (Series F)
Doctolib is a digital health platform that enables patients to book in-person and video consultation appointments with healthcare providers. With a user base of almost 300,000 healthcare professionals and 70 million patients in France and Germany, Doctolib simplifies appointment management and helps doctors attract more patients.
Done
Search growth: 6% (5-year)
Year founded: 2019
Location: San Francisco, California
Funding: Undisclosed (Seed)
Done offers a pre-packaged treatment plan for ADHD, providing users with doctor’s appointments, 24/7 support, and online prescription refills at a flat fee. By booking online or in-person appointments with licensed practitioners, users can determine their treatment plans. Done’s subscription plan includes ongoing email support, prescription delivery, and refills at a flat rate of $79 per month.
Tempus
Search growth: -10% (5-year)
Year founded: 2015
Location: Chicago, IL
Funding: $1.3B (Debt Financing)
Tempus utilizes AI to enhance precision medicine. They offer an operating system and a library of clinical data to healthcare providers, enabling them to create personalized treatment plans for their patients. Additionally, Tempus’s platform and resources support clinical research. With over 3.5 million patient records in its database, Tempus aims to transform patient care through data-driven insights.
Garwood Medical Devices
Search growth: 0% (5-year)
Year founded: 2014
Location: Buffalo, NY
Funding: $14.3M (Series C)
Garwood Medical Devices is an R&D company based in New York that specializes in cutting-edge medical equipment. Their current focus is on developing the BioPrax™, a product designed to improve the retention of prosthetic knee implants and control biofilm infections. In 2020, the startup raised $4M in series C funding, furthering their mission to advance medical technology.
Mindstrong
Search growth: -100% (5-year)
Year founded: 2014
Location: Mountain View, CA
Funding: $160.2M (Grant)
Mindstrong is a wellness tech company that offers an end-to-end platform for the diagnosis and treatment of mental health complications. Patients can utilize the app to receive predictions about their conditions and schedule free appointments with psychiatrists and therapists if needed. The startup is backed by leading investors, including Bezos Expeditions, ARCH Venture Partners, and General Catalyst Partners.
Verana Health
Search growth: 100% (5-year)
Year founded: 2018
Location: San Francisco, CA
Funding: $288.8M (Series E)
Verana Health provides a regulatory-grade platform that transforms medical research data into clinically actionable insights. By building databases for clinical data, Verana Health empowers researchers and healthcare providers to conduct studies and advance medical science. With an estimated annual revenue of $25M, Verana Health is making significant contributions to the healthcare industry.
Farcast
Search growth: 100% (5-year)
Year founded: 2010
Location: Boston, MA
Funding: $74.6M (Series C)
Farcast is a medtech company specializing in oncology. Their expertise lies in human tumor histoculture, allowing oncologists to test individual patient samples and create personalized treatment plans. With over 22,000 tumors studied on their platform, Farcast is contributing to the advancement of cancer research and treatment.
In conclusion, these fast-growing medtech startups are at the forefront of the healthcare industry, driving innovation and shaping the future of medicine. Their cutting-edge technologies, products, and platforms are paving the way for a future where effective interventions, diagnostics, and treatments are accessible to all. Keep an eye on these companies as they continue to make breakthroughs and contribute to the latest medical discoveries.