20 Rising Medtech Companies & Startups (2024)
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Over the years, modern medical technology has helped healthcare make impressive improvements in overall quality and efficacy.
It’s estimated that the global medtech industry earned up to $566.3 billion in revenue in 2023.
By the end of 2024, those figures are all set to grow to $594.5 billion.
Every year, new medtech startups come up with innovative medical devices, platforms, and equipment. In this post, we’ve rounded up some of the best companies in the space to keep an eye on in 2024.
1. Biofourmis
5-year search growth: 300%
Search growth status: Peaked
Year founded: 2015
Location: Boston, MA
Funding: $463.6M (Series D)
What they do: A biotech startup, Biofourmis offers software-based therapeutics for personal predictive care. They offer the data and infrastructure required to intervene and administer treatments for chronic conditions. Biofourmis earns around $100M in annual revenue.
2. Carbon Health
5-year search growth: 269%
Search growth status: Regular
Year founded: 2015
Location: San Francisco, CA
Funding: $622.5M (Series D)
What they do: Carbon Health is a platform that helps deliver telehealth/virtual care services. Patients can book same-day, phone-based appointments for primary and urgent care. They can also use this platform to have prescription drugs delivered to their doorsteps. In early 2021, the startup launched an initiative to control the COVID-19 pandemic called the “Carbon Health Vaccinate,” under which they’ve helped administer over 1.49 million vaccinations.
3. Resolve Medical
5-year search growth: 208%
Search growth status: Exploding
Year founded: 2015
Location: St. George, UT
Funding: Undisclosed
What they do: Resolve Medical is a medtech startup that provides 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, improving the efficiency of the diagnostic process. The company aims to enhance the quality of healthcare by enabling early detection and treatment of diseases.
4. Atomwise
5-year search growth: 9%
Search growth status: Peaked
Year founded: 2012
Location: San Francisco, CA
Funding: $176.6M (Grant)
What they do: A biopharma startup, Atomwise helps pharmaceutical companies with drug discovery using artificial intelligence. Specifically, they deploy deep learning algorithms to discover potential drugs and unlock undruggable targets. The company has partnered with over 250 companies worldwide. According to their website, their portfolio of partnerships and collaborations is valued at close to $7 billion.
5. Parachute Health
5-year search growth: 9,200%
Search growth status: Exploding
Year founded: 2014
Location: New York, New York
Funding: $15.3M (Undisclosed)
What they do: Parachute Health is an ePrescribing platform for healthcare providers that simplifies the digital ordering of durable medical equipment (DME) and supplies. The startup streamlines ordering by reducing order paperwork and delivery times and providing real-time order status updates. Parachute Health was named to the New York Digital Health 100 in 2023. Its platform currently serves over 200,000 clinicians.
6. Nutrisense
5-year search growth: 3,750%
Search growth status: Exploding
Year founded: 2018
Location: Chicago, Illinois
Funding: $31.4M (Series A)
What they do: Nutrisense is a Chicago-based medtech startup that allows users to easily track their blood sugar levels using a glucose monitor (CGM) and mobile app. The Nutrisense CGM Program includes a wearable, minimally-invasive sensor for tracking, expert guidance, and health coaching. In 2023, Nutrisense reached $40.5 million in revenue and 15,000 customers.
7. Pettable
5-year search growth: 5,600%
Search growth status: Regular
Year founded: 2020
Location: Wilmington, Delaware
Funding: Bootstrapped
What they do: Pettable is an online emotional support animal (ESA) letter provider that connects patients with therapists and certified dog trainers. Individuals who complete Pettable's three-step process can receive a valid ESA letter within 24 hours. Since its launch in 2020, Pettable has issued over 50,000 ESA letters.
8. NeuroMD
5-year search growth: -2,600
Search growth status: Regular
Year founded: 2019
Location: Miami, Florida
Funding: Undisclosed
What they do: NeuroMD develops neuromuscular electrical stimulation (NMES) devices for pain management and increased muscular function. The company's primary product is the NeuroMD Corrective Therapy device, which is designed to relieve back pain and sciatica. As of today, NeuroMD has delivered over 1.3 million treatments since 2019, with 4 out of 5 people experiencing pain relief.
9. Day Zero Diagnostics
5-year search growth: 0%
Search growth status: Peaked
Year founded: 2016
Location: Boston, MA
Funding: $63M (Series Unknown)
What they do: A bioscience startup, Day Zero Diagnostics provides clinically actionable data for the diagnosis of infectious diseases. Specifically, they specialize in identifying pathogens that are resistant to antibiotics. For this purpose, the startup leverages machine learning and whole-genome sequencing. Day Zero Diagnostics was awarded $6.2M under the CARB-X accelerator program to work on a new diagnostic test.
10. Fast Biomedical
5-year search growth: 3,650%
Search growth status: Peaked
Year founded: 2006
Location: Carmel, IN
Funding: $15.1M (Series A)
What they do: A medical technology startup based in Indiana, Fast Biomedical offers patented technology for diagnosing and treating cardiovascular diseases. They were the first to create the tech that directly measures kidney function and intravascular fluid volume. Physicians can use their tech 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.
11. Terapify
5-year search growth: 175%
Search growth status: Peaked
Year founded: 2019
Location: Ameca, Mexico
Funding: Undisclosed (Seed)
What they do: 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.
12. DNAnexus
5-year search growth: -33%
Search growth status: Regular
Year founded: 2009
Location: Mountain View, CA
Funding: $472.6M (Series H)
What they do: A bioinformatics company, DNAnexus offers a cloud platform for medical researchers to manage genomic data. Their ecosystem can help conduct clinical studies and potentially fast-track medical discoveries. Over 26 petabytes (26,000 terabytes) of clinical data have been processed using DNAnexus. Today, the company has more than 100 enterprise customers.
13. CMR Surgical
5-year search growth: 63%
Search growth status: Peaked
Year founded: 2014
Location: Cambridge, UK
Funding: $1.1B (Series D)
What they do: CMR Surgical develops equipment and systems that aid in minimal access surgeries. Their main product is the “Versius,” which is a minimally invasive surgical robotic system designed to easily integrate with any operating room. The company recently raised $600M in series D led by Ally Bridge Group and Softbank Vision Fund. Furthermore, it’s estimated that they earn about $500M in annual revenue.
14. Doctolib
5-year search growth: 76%
Search growth status: Peaked
Year founded: 2013
Location: Paris, France
Funding: $815M (Series F)
What they do: A digital health platform, Doctolib allows patients to book in-person and video consultation appointments with healthcare providers. The platform is currently used by almost 300,000 healthcare professionals and 70 million patients in France and Germany. Doctors can use this platform to manage their appointments and potentially attract more patients.
15. Done
5-year search growth: 756%
Search growth status: Exploding
Year founded: 2019
Location: San Francisco, California
Funding: Undisclosed (Seed)
What they do: Done provides a pre-packaged treatment plan for ADHD. In other words, users play a flat fee for doctor’s appointments, 24/7 support and online refills. New users book online or in-person appointments with licensed practitioners to determine their treatment plan. Then, users pay a flat $79/month for a plan that includes ongoing email support, prescription delivery, and refills.
16. Tempus
5-year search growth: 191%
Search growth status: Peaked
Year founded: 2015
Location: Chicago, IL
Funding: $1.3B (Debt Financing)
What they do: Tempus is using AI to improve the area of precision medicine. They offer an operating system, along with a library of clinical data to healthcare providers, which they can use to create personalized treatment plans for their patients. Additionally, their platform and resources can be used to conduct clinical research. Tempus currently has 3.5M+ patient records in its database.
17. Garwood Medical Devices
5-year search growth: 100%
Search growth status: Peaked
Year founded: 2014
Location: Buffalo, NY
Funding: $14.3M (Series C)
What they do: Garwood Medical Devices is a New York-based R&D company specializing in cutting-edge medical equipment. The startup is currently working on developing a product called the “BioPrax™,” which is designed to help retain prosthetic knee implants and control the biofilm infections they can cause. The startup raised $4M in series C funding in 2020, led by the Murray family and the WNY Impact Investment Fund.
18. Toothsi
5-year search growth: 6,400%
Search growth status: Exploding
Year founded: 2017
Location: Mumbai, India
Funding: $86.9M (Series C)
What they do: Toothsi, now rebranded as makeO, is India's largest at-home smile makeover startup. The startup's clear teeth aligners are a cheaper and less invasive alternative to braces. Backed by over 100 in-house orthodontists & dentists, the startup uses world-class 3D technology to print aligners that are US FDA-approved digitally. makeO also manufactures oral care, teeth whitening, laser hair reduction, and skincare products. They have reportedly served over 150,000 customers.
19. Verana Health
5-year search growth: 50%
Search growth status: Peaked
Year founded: 2018
Location: San Francisco, CA
Funding: $288.8M (Series E)
What they do: Verana Health is a regulatory-grade platform that helps transform medical research data into clinically actionable insights. The company is currently building databases for clinical data designed to help researchers and healthcare providers conduct studies and improve medical science. According to Owler, Verana Health earns an estimated $25M in annual revenue.
20. Farcast
5-year search growth: -33%
Search growth status: Peaked
Year founded: 2010
Location: Boston, MA
Funding: $74.6M (Series C)
What they do: Farcast is a medtech company with a focus on oncology. Specifically, they specialize in human tumor histoculture. Oncologists can test individual patient samples on Farcast’s platform to see what works and create personalized treatment plans. So far, their platform has been used to study more than 22,000 tumors.
Conclusion
That concludes our list of fast-growing medtech startups to keep an eye on right now.
While the healthcare industry has made leaps and bounds in terms of integrating technology into diagnosis and treatment, there’s still a long way to go.
Cutting-edge innovations, new product developments, and commercialization brought along by these medical technology companies are paving the way for a future where effective interventions, diagnostics, and treatments are a reality for everyone.
