Medical startups and other similar health companies are currently battling various health issues, especially the deadly COVID-19. However, there are still some sicknesses that also need to have their attention.
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National Amateur Body Builder's Association Pro-Am winner and new Mr. Universe Gary Lister of the United Kingdom poses during his routine at the 54th annual Mr. Universe competition October 12, 2002 in Newcastle, United Kingdom. Mr. Universe, organized by the National Amateur Body Builder's Association, is the most famous of all bodybuilding shows.
These include musculoskeletal (MSK) medical conditions and chronic pain. Because of this, some medical organizations now want to focus on using personalized health tech to enter the innovation market.
As of the moment, interventional medicine is still the dominant method in Western healthcare. Emily Melton, the founder and managing partner of Threshold VC, explained this thought.
"What's happening in our society? Chronic diseases, chronic pain, diabetes, and obesity," she explained.
"That doesn't require a magic pill and there's not just a surgery. Oftentimes, there are therapeutic components, behavior changes, and movable touchpoints," added Melton.
Medical Startups To Use Personalized Health Tech?
Right now, almost all medical companies and organizations are focused on battling the novel coronavirus, especially since the new variant called Delta is currently spreading in more countries.
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Dominique Entzminger, a physician assistant of family medicine, wears a stethoscope during an examination at the Codman Square Health Center April 5, 2006 in Dorchester, Massachusetts. State lawmakers approved a health care reform bill March 4 that would make Massachusetts the first state in the nation to require all its citizens.
Because of this, they are testing various COVID-19 vaccines once again, such as AstraZeneca, Pfizer, and other brands. However, some health firms are still developing devices that could maintain your health, such as Peloton's Heart Rate Band.
And now, many medical companies announced that they want to enter the personalized health tech market. In 2017, the global MSK medical market was valued at $57.4 billion. On the other hand, the chronic pain market is also making a huge noise since some experts claim it could value around $151.7 billion this coming 2030, as reported by Tech Crunch.
FIGUR8 Invests In MSK Diagnostics
According to Forbes' latest report, FIGUR8 raises around $12 million already in musculoskeletal diagnostics. As of the moment, average people only receive medical care in the form of simple questionnaires or exams.
This is a serious matter since WHO estimated that around 1.7 billion people are suffering from MSK medical conditions. Because of this, FIGUR8's portable health tech systems use a combination of sensors, AI, and software that could help cure people suffering from musculoskeletal medical issues.
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Written by: Griffin Davis