The medical technology industry is always changing to deliver cutting-edge technical solutions that address the demands of patients, healthcare professionals, and the larger medical community. But how does one typically determine whether startups in the field are gaining traction quickly?
A successful medtech startup possesses a number of essential characteristics, including innovative products, scalable solutions, gaining swift market adoption, substantial funding, positive customer feedback, and achieving key regulatory approval round out the key traits of a thriving medtech startup.
Geographic expansion and building a strong team are important indicators of success without negating recognition through awards, a strong intellectual property portfolio, and proven clinical efficacy which further contributes to a startup's growth and credibility. It is noteworthy that the United States is anticipated to generate the highest income when compared globally, with $215.80 billion in sales in 2024. Below are a few among many US-based medtech start-ups on the rise, listed in no particular order:
Clivi
Clivi is transforming diabetes care in Latin America with its digital clinic platform. Founded by an experienced team, Clivi recently secured a $10 million seed round. The company's AI-driven approach to diabetes management has achieved significant results, including a reduction in A1C levels by 2.4 per cent, potentially extending life expectancy by over four years. Clivi aims to serve one million people within the next five years and become the leading diabetes clinic in Mexico within a year.
Carbon
Specialising in virtual care and telehealth services since its founding in 2015, Carbon raised $622.5 million in Series D funding, which is a clear indicator of trust from investors. Patients can schedule same-day appointments for urgent care and primary care on its platform, which also makes prescription medication delivery easier. Furthermore, Carbon Health's "Carbon Health Vaccinate" program helped administer approximately 1.49 million immunizations during the COVID-19 pandemic, which unarguably played a vital role.
Parachute Health
The New York-based business known for its innovative strategy for streamlining the digital ordering process for supplies and durable medical equipment (DME), was founded in 2014 and has raised $15.3 million. Its ePrescribing software offers real-time order progress notifications, expedites delivery, and minimizes paperwork. Serving more than 200,000 clinicians, Parachute Health's platform is extensively utilized and was included in the New York Digital Health 100 in 2023.
Nutrisense
Nutrisense is recognized for its innovative solution in tracking blood sugar levels through a continuous glucose monitor (CGM) and mobile app. Founded in 2018 in Chicago and backed by $31.4 million in Series A funding, Nutrisense offers a program that includes a wearable sensor, expert guidance, and health coaching. The company achieved $40.5 million in revenue in 2023 and has 15,000 customers, highlighting its growing influence in personalized health monitoring.
Resolve Medical
This medtech startup stands out for its innovative use of AI to enhance diagnostic accuracy in radiology. Established in 2015, the company offers a cloud-based solution that assists radiologists in analyzing medical images and identifying potential abnormalities. This technology improves the efficiency of the diagnostic process, potentially leading to early detection and treatment of diseases, which is very necessary for enhancing healthcare quality.
Jennifer Orisakwe is a health researcher and data storyteller, who loves to explore the ways actions (and inactions) of healthcare stakeholders affect decision-making and outcomes.
