Top 10 Medical Startups to Look Out For in 2022 – If we take a look at the statistics, 75% never make it to market with medical device startups. The real question is, what makes 25% of these startups succeed?
Innovative medical devices can often make a significant impact on the market and dramatically improve patients’ lives. The development of an innovative medical product may take between 3-7 years before it is ready for commercialization.
We can see that 90% of startups fail within the first five years. Next, we will look at medical device startups. 75% fail to make it to market. The real question is, what makes 25% of these startups succeed?
MDPI’s study found that there are several factors that can have a significant impact on the success or failure of a medical device business. The most important were technical skills, which are essential for a professional workforce. The most important skill set was the technical one. However, marketing skills, market analysis, and product compatibility were also essential. These are all aspects that help to determine if the product is needed on the market.
Another aspect of development is speed. Ineffective Quality Management Systems can cause delays in development and increase costs. SimplerQMS offers an Electronic Quality Management System (eQMS), which allows you to run your business as efficiently and with the highest level of traceability, as well as tested workflows.
It is important to know how quickly you can complete the development cycle and get your product on the market. This could impact the demand for your product. The marketability of an innovative medical device could be affected by changing trends and competition.
We can see that market trends and healthcare needs are key factors in the potential of medical device start-ups. The emerging trends for 2022 tend to be towards digitization and data collection that is not restricted to medical institutions.
MedTech and medical devices in the category of biosensors and wearables, remote monitoring, point-of-care, and diagnostic tools are increasingly in high demand. We compiled a list of MedTech devices based on these trends.
List of Medical Device Startups
This list features 10 outstanding medical device startup founders at various stages of their journey. There are a variety of medical device startups, from the newest companies that are just starting to raise capital to the more established unicorns who have been around for some time and are now ready to go to market.
LightPoint Medical – Targeted Cancer Surgery
Lightpoint Medical startup makes technology that allows surgeons to detect cancerous tissue in their operations. It can navigate over the entire spherical range and allows for the precise detection of cancerous tissue in small spaces. This allows for better operation outcomes and faster recovery times.
TytoCare – Diagnostics at Home
TytoCare, a medical device that lets you skip the queues, is called TytoCare. The device gathers data about you and recommends or performs medical examinations based on this. These results are sent to your doctor who can then prescribe medication or suggest treatment.
Synchron – Brain-Computer Interface
Synchron creates a fully implantable brain-computer to help paralyzed patients regain functional independence. The brain interface can be implanted without open brain surgery. It allows patients to communicate better and do daily tasks.
ZygoFix – Spinal Implants
ZygoFix has developed a tiny implant that can achieve spinal fusion and stability with no screws. The medical device is called the zLOCK. It adjusts to the natural joint geometry and provides stabilization. Another important benefit of the zLOCK is its rigid titanium construction with porous texture. It also requires minimal surgery to place the implant.
Hemotune – Magnetic Blood Purification
Hemotune uses nanotechnology and biomedicine to create a blood purification medical device. This machine works on the principle of tiny magnetic beads, which capture disease-causing substances from the bloodstream. This helps to restore the immune system in septic shock and improves the patient’s condition.
BiVacor – Durable Artificial Heart
BiVacor has developed a long-lasting artificial heart for humans that will last over 10 years. This medical device is unique because it uses active magnetic levitation, and has only one moving part. It’s durable. BiVacor artificial hearts operate on a rotary pump, rather than flexing membranes or mechanical valves as is the case with other products.
Shockwave Therapy – The Phoenix
Launch Medical developed The Phoenix, which uses shockwave therapy. Also known as acoustic shockwave therapy (LiESWT) or low intensity extracorporeal stunned wave therapy (LiESWT), it is the most effective method for treating erectile dysfunction. The only product that can non-invasively solve the problem is the Phoenix. The Phoenix is not a prescription-based drug. It can be ordered online without the need to visit a doctor.
InsighTec – Incisionless Operations
Insightec makes focused ultrasound devices that can be used for image-guided audio surgery. These devices can be used as an alternative to traditional surgery. High-intensity focused ultrasound uses heat to affect and target tissue within the body without needing to make incisions. This allows surgeons to use a computer station with a mouse and a keyboard instead of a scalpel.
ReperioHealth – Diagnostics at Home
Reperio Health offers an FDA-approved health testing kit that will allow you to monitor your own health. The health kit measures essential biometric indicators like blood pressure, cholesterol, resting heart rate, and other vital biometrics. This is a diagnostic tool that can be used to run basic health checks at home. Based on the results, it recommends a visit to a doctor.
CMRSurgical – A Surgical Robot
CMR Surgical produces a minimal-access surgical robot that focuses on precision operations. The robot can continuously record data during operations to create benchmarks for surgeon training and performance.