The MedTech & Digital Health spaces have seen remarkable growth over recent years, particularly following the pandemic, and it’s an exciting time for start-ups looking to break into the sector. Development across Asia Pacific has been inspiring, particularly in Australia. The innovation and creativity of Australian start-ups have been something I’ve been watching closely, and the possibilities over the coming years are plentiful. I took a closer look at the trajectory of some of the most promising Australian MedTech/Digital Health start-ups to see what we could learn from their successes and strategies.
Since 2016, OncoRes Medical have been developing impressive surgical imaging technology out of Perth, Western Australia. Their expertise has developed innovative intraoperative imaging technology that incorporates a surgeon’s sense of touch into microscaled imaging to reduce complication rates and improve surgical accuracy.
Having achieved impressive A2 funding support; OncoRes are funded by the Medical Research Commercialisation Fund. They also work in collaboration with leading researchers at the University of Western Australia, breast cancer surgeons and pathologists from the Western Australian Department of Health, alongside leaders at the Harry Perkins Institute of Medical Research. With impressive research and financial backing behind OncoRos Medical, it’s clear that their current product offering and proposed trajectory are in line with patient needs and the developments of the best research in the field.
In the telehealth space, Coviu have been making great progress from their base in Brisbane, Queensland since 2015. Offering an impressive all-in-one virtual care engagement platform covering all bases - from enabling a more efficient and effective virtual care experience for patients, to increased workload capacity management for medical practitioners and improved workflow efficiencies, Coviu is making an impact in telehealth.
Alongside an enviable virtual care platform, Coviu’s digital wound care tool kit is also in development, which will utilise AI-powered mobile imaging between patients and practitioners to remotely analyse and monitor wounds. They aim to focus initially on care homes and residential supported living centres in Victoria and New South Wales to ensure earlier treatment and decreased infection. There are hopes to also expand this service to rural communities.
Based out of Sydney, New South Wales, harrison.ai are making great advancements across the MedTech sector. Founded in 2018, they have developed a strong range across medical artificial intelligence with impressive funding support from those most respected in the field. Focusing on developing, commercialising, and deploying AI tools with speed and efficiency to support clinical diagnosis, harrison.ai have earned a respected reputation in the MedTech space. They also aim to cover as many medical condition diagnoses as possible, to truly revolutionise diagnosis and care with a holistic incorporation of technology in the medical space.
When it comes to partnerships, their connections are enviable. harrison.ai and I-MED Radiology partnered to form annalise.ai, developing comprehensive solutions across radiology modalities. The partnership’s first product, an AI clinical support tool for chest x-rays, is currently in use by over 350 radiologists in Australia every day and is the world’s most comprehensive AI clinical decision-support technology to date - certainly one to watch.
Offering diagnostic monitoring out of their base in Melbourne, Victoria, Seer Medical is reinventing the diagnostic and patient care route for those living with epilepsy, sleep, and cardiac conditions. Not only does it develop and manufacture medical devices, its suite of technologies recently attained FDA 510k clearance, having raised $34 million in Series A funding. Seer Medical has also attained one of only four places within the initial cohort of the Mayo Clinic Platform Accelerate business incubator and looks set to make further great inroads.
It’s clear that advancements are continuous and substantial in the Australian MedTech & Digital Health sectors, and it’s an important time for start-ups across the country. Utilising technology and the latest research advancements, leaders in the field are forging a new path ahead in clinician diagnosis and patient care across the board.
Would you like to discuss trends and opportunties for the MedTech market in Australia? Or share your thoughts on any of the companies and technologies mentioned in this article? I'd love to hear from you.
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