Ever since the onset of COVID – 19 pandemic, there has been significant acceleration in the growth and adoption of healthcare and health tech solutions. Start-ups in the healthcare industry have been quick to adapt to the changing landscape, raising funds smoothly and leveraging technology to provide online/digital services making it easier to avail consultations, treatments, lab test results, etc. Even medicines are delivered at people’s doorsteps.
Most of the current health tech is focused on healthcare apps that assist in patient care, data sharing, and 24/7 assistance for smaller immediate needs. The current market is booming with new ideas and innovations. Investors are constantly looking to exploit new technology and bettering services in all ways.
Even the governments are stepping in with various schemes to reach every citizen. The US spent 18% of its GDP on healthcare in 2020. A wide range of technology such as AI, data analytics, AR/VR, Blockchain, etc., are in extensive use in healthcare today. Silicon Valley, NYC, London, Boston, and Los Angeles alone contain 942 healthcare start-ups and account for 31% of global healthcare activity.
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Innovative Health Tech Start-Ups Revolutionizing the Industry
In the field of health tech, there are certain pioneering start-ups have positioned themselves at the forefront of innovation, pushing the boundaries of modern medicine. Here are the top 5 start-ups leading the charge in revolutionizing the industry.
1. Easylabs
This Canadian start-up functions on data analytics, specializing in interpreting medical lac results, and providing with support solutions. This increases precision in the required treatment, and keeps a close track of the patient’s history.
A major advantage is that this keeps the patients informed about their conditions in a way that they can understand. This also leads to better doctor-patient relationship. Educating patients of their conditions also helps them lead a better lifestyle.
Thus, this start-up influences all aspects of a patient’s life with data analytics and accurate tracking of their illnesses. It helps the doctors achieve better and more effective clinical outcomes, by interpreting data from multiple perspectives.
2. Babylon Health
The world of digital health is growing, and Babylon Health is one of the newest entrants. This firm uses Artificial Intelligence to provide better healthcare for people. It has built an AI surrounding the brain of a medical professional, leading to easier access to healthcare for millions.
It can assist with remedies for smaller illnesses like flu, skin diseases, etc., and also book appointments for video consultation with doctors 24/7. Beyond just taking care of a person who is sick, it also provides options to keep a track of one’s physical and mental health.
While a lot of digital healthcare focuses on physical health, inclusion of mental health is another feather in the company’s cap. Their connections with some of the most experienced doctors builds better trust among users.
3. VillageMD
Healthcare, in most parts of the world, is an expensive affair. Although several governments are trying to give equal access to everyone, the looming gap is still obvious in several sectors of healthcare. VillageMD is a notable start-up that focuses on primary healthcare at cost-effective prices.
A lot of diseases require continuous healthcare, and VillageMD uses AI to analyze data and assisting medical professionals in better decision-making. It also follows a three-step model to care for patients’ health, allowing them to book an appointment with doctors, meet them virtually, and get treatment without travelling. They also arrange for physicians to meet patients at their house.
Technology has created a safer and an easier space for patients to access healthcare. To make it affordable is real help, and VillageMD seems to be profiting from it as a business as well.
4. Aligner 4D
Orthodontic service providers often face challenges with time-consuming and error-prone treatment planning processes. Aligner 4D offers an innovative solution with its seamless user experience, streamlining the treatment process and meeting the demands of modern-day patient care.
With its user-friendly application and key features like Virtual Treatment Simulation, Treatment Progress Tracking, 3D Object Handling, and more, Aligner 4D simplifies the treatment planning process saving time and improving patient outcomes.
5. Freenome
How can regular blood tests help in detecting cancer? Biotechnology has the answer, and that’s what Freenome specializes in. They use blood samples and examine them beyond mutations, and look for early signs of cancer in human body. Molecular biology and computation skills are put together to detect one of the worst diseases.
This also provides the patients with enough knowledge and awareness of what could potentially prove dangerous in the future. A simple blood test, with a greater purpose has drawn $507.6 million in total as investments so far. This shows how huge the demand is, and the importance of the cause.
The five companies mentioned above are just the tip of the iceberg. There are several others grabbing the attention of the investors all over the world. The primary aim of digital healthcare is to make healthcare available and accessible to anyone and everyone.
One need not shy away from the fact that the pandemic has exposed the gaps and loopholes in the existing healthcare system, and start-ups jumped to the forefront to resolve a lot these issues. They carried desire and innovation, attracting both users and investors. The growth has been immaculate, but it also means tough competition in the market. The ability to stand out and provide top notch service only can sustain them in the market for a long time.
Healthcare is a never-ending service, giving start-ups a great opportunity to grow, innovate, and improve on the go.
Read our blog, The Promising Future of AR and VR in Healthcare