Overview
Medical technology (MedTech), an industry that combines the power of technology with the capabilities of modern medical practices, is a sector that can by no means be overlooked in the world today. From the simple stethoscope to highly advanced AI-driven medical devices, MedTech shows its versatility and significance in various medical procedures.
Being an eminent part of the healthcare sector, MedTech is responsible for the various pools of medical devices that simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most popularly-known medical technology products are, among others, imaging instruments, pacemakers, dialysis machines, and implants.
Growth of the MedTech industry
With an estimated global revenue of US $457 billion and an estimated growth rate of 5.5% as of 2019, the global MedTech industry is one of the highest valued and perhaps the most significant in light of recent development in the world today. This conclusion is supported by the chart above showing the forecast of the global MedTech market size in various regions of the world. Suffice to say, the industry will witness significant growth and adoption in the nearest future.
MedTech and Covid 19
In the wake of the Covid 19 crisis, the MedTech industry has been at the forefront of the battle, providing advanced medical devices (like respirators and PCR rapid testing kits) for the detection and fight against the virus among the global populace. MedTech has been responsible for the development of cutting-edge innovations to tackle this pandemic and many other medical problems plaguing the world today.
MedTech startups in Canada
Having briefly analyzed the MedTech sector and its significant impact on the global economy, let’s look at the leading MedTech startups in Canada, a country popularly-known as one of the leaders of the medical technology revolution in the world today. The selection of these startups is based on their total valuation, performance on several parameters, and future growth prospects.
AbCellera Biologics
AbCellera Biologics is a biotechnology startup that develops antibody therapeutics to enhance patient results. AbCellera concentrates on therapeutic antibodies, screening, selecting, and examining millions of naturally manufactured antibodies to use as next-generation drug candidates. It specializes in the areas of medicine, biotechnology, and therapeutics.
Highlights
Founders: Carl Hansen, Kevin Heyries, and Veronique Lecault
Date of Incorporation: 2012
Headquarters: Vancouver, British Columbia, Canada
Number of Investors: 11
Total Funding Amount: US $296.2M
Titan Medical
Titan Medical is dedicated to developing robotic-assisted technologies for application in single access surgery. The startup is developing their Enos™ system to become the latest standard of care in robotic single access surgery, with dual 3D and 2D high-definition vision systems, multi-articulating instruments, and an ergonomic surgeon workstation. Titan Medical aims to facilitate better patient outcomes by allowing faster recovery times, minimal trauma and scarring, improved clinical performance, operating space efficiency, and favorable hospital economics.
Highlights
Founders: David McNally
Date of Incorporation: 2008
Headquarters: Toronto, Ontario, Canada
Number of Investors: 2
Total Funding Amount: US $202.6M
Milestone Pharmaceuticals
Milestone Pharmaceuticals is a drug manufacturing startup producing small molecule therapeutics based on clinically approved devices for cardiovascular ailments. Milestone’s lead product is a novel and effective short-acting calcium channel adversary for the systemic remedy of transient cardiovascular conditions (like angina and atrial arrhythmias).
Highlights
Founder: Philippe Douville
Date of Incorporation: 2005
Headquarters: Montreal, Quebec, Canada
Number of Investors: 20
Total Funding Amount: US $167.6M
MedAvail
MedAvail is a healthcare technology startup that licenses and sells its proprietary software and hardware to retailers, health systems, and other industry professionals who want to leverage their pharmacy operations to bring higher convenience, computerization, and service to their patients and members. The startup focuses on the discovery, development, and commercialization of advanced nutrition products to improve muscle health and performance.
Highlights
Founders: David Rawlins and Gerard van Hamel Platerink
Date of Incorporation: 2012
Headquarters: Mississauga, Ontario, Canada
Number of Investors: 9
Total Funding Amount: US $150.7M
Repare Therapeutics
Repare Therapeutics is a developer of oncology medicines meant to target distinct vulnerabilities of tumor cells. The startup’s drugs combine a proprietary gene-editing and target discovery system with high-resolution protein crystallography, computational biology, and clinical informatics, allowing patients to promote cancer treatment both with single therapy and in combination with existing drugs and treatments.
Highlights
Founders: Agnel Sfeir, Daniel Durocher, and Frank Sicheri
Date of Incorporation: 2016
Headquarters: Saint Laurent, Quebec, Canada
Number of Investors: 13
Total Funding Amount: US $150.5M
Venus Concept
Venus Concept is an open-minded structured organization motivated by its passion to develop cutting-edge innovation and technologies. As an advocate of strong ethical morals, the company pushes boundaries to set the latest standards in the medical aesthetics sector. Led by a group of experienced researchers and executives, world-renowned for their accomplishments in the medical aesthetics industry, Venus Concept offers the promise of a more pleasant, more productive, and more profitable experience.
Highlights
Founder: Domenic Serafino
Date of Incorporation: 2009
Headquarters: Toronto, Ontario, Canaada
Number of Investors: 5
Total Funding Amount: US $95.5M
CorVista Health
CorVista Health (previously known as Analytics 4 Life) is a medical device production startup specializing in artificial intelligence, machine learning, and cloud computing. The company provides digital health using artificial intelligence to create an entirely new form of medical imaging.
Highlights
Founder: Sunny Gupta
Date of Incorporation: 2012
Headquarters: Toronto, Ontario, Canada
Number of Investors: 2
Total Funding Amount: US $94M
Dialogue
Dialogue is a healthcare startup that offers virtual care treatment and telemedicine for chronic conditions. The company was established with the mission to promote wellbeing by decreasing barriers to quality care. As the largest and fastest-growing telemedicine corporation in Canada, Dialogue provides convenient, virtual access to a multidisciplinary team of healthcare professionals for Canadian businesses who care. By empowering workers to be proactive about their mental and physical and mental, companies can reap the notable benefits associated with healthier and happier employees.
Highlights
Founders: Alexis Smirnov, Anna Chif, and Cherif Habib
Date of Incorporation: July 5, 2016
Headquarters: Montreal, Quebec, Canada
Number of Investors: 14
Total Funding Amount: US $88.7M
Deep Genomics
Deep Genomics is employing artificial intelligence to develop a new universe of life-saving genetic therapies. The company recruits from among the top 1% of fresh graduates and experienced specialists at the intersection of genomics, drug manufacturing, and artificial intelligence.
Highlights
Founders: Andrew Delong, Brendan Frey, and Hui Yuan Xiong
Date of Incorporation: 2014
Headquarters: Toronto, Ontario, Canada
Number of Investors: 11
Total Funding Amount: US $56.7M
Synaptive Medical
Synaptive Medical is a medical device production startup specializing in neurosurgery, medical imaging, and surgical navigation. It specializes in creating software and hardware that cross conventional hospital barriers and enhance patient care in and beyond the operating space. The organization designs automated and unified systems for neurological and spine procedures to promote patient outcomes.
Highlights
Founders: Cameron Piron
Date of Incorporation: 2012
Headquarters: Toronto, Ontario, Canada
Number of Investors: 6
Total Funding Amount: US $53.9M
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