There is no doubt that 2020 was the year of remote medical services. Although such solutions have existed for years, some people only became convinced of them during the pandemic. Some of them had no alternative anyway. It is no wonder that investors are generously funding telemedicine companies. Especially those involved in remote diagnostics. We present the hottest – and best-capitalized – solutions in Poland and worldwide.
Nothing indicates that telemedicine-related trends will stop in the coming years. Who in this segment has the largest resources?
World
Global market leaders
What particularly stands out when analyzing the funding sizes of telemedicine companies based on data from Crunchbase is the absolute dominance of American entities – in the top five, as many as four companies with the largest resources come from the USA. One originates from China.
The sums are truly substantial – the top five companies raised total funding of over 2 billion dollars. Which projects secured such money?
In first place is the Boston-based company Amwell, which created a telemedicine platform popular in the USA. Founded in 2006, the entity has raised over 800 million dollars to date.
In second place is California-based iRythm Technologies, whose product called Zio allows efficient monitoring of a patient's heart function and sending reports directly to the doctor. So far, the company has raised nearly half a billion dollars from 10 investors. That is almost 100 million dollars more than the company closing the podium, Ro, which deals in “virtual clinics” where patients can consult and undergo treatment remotely.
It is worth noting that the telemedicine solutions mentioned above focus mainly on monitoring the patient's condition and contacting them remotely with a doctor. - This shows where investors see the greatest room for improving healthcare operations - says Łukasz Krasnopolski, CEO of the Polish telemedicine company Higo Sense. - Modern technologies save time and money. Importantly, with precise devices for assessing a patient's condition, they can also collect and provide doctors with enough data to make reliable diagnoses. The pandemic has undoubtedly accelerated by a good few years the process of the market absorbing telemedicine solutions. I expect they will stay with us for good - adds the representative of Higo Sense.
Remote diagnostics and other areas
But of course telemedicine is not only remote diagnostics. Further down – sometimes outside the top ten best-funded companies – are entities looking for improvements in other areas.
For example, Avail Medsystems (over 127 million dollars in funding) stands out, working on telemedicine software for procedure rooms, allowing, among other things, remote contact between doctors during operations. There are also companies offering personalized care not only for a specific ailment but also by gender. Hims provides telemedicine solutions specifically for men struggling with baldness, erectile dysfunction, or depression.
Poland
Polish telemedicine in numbers
And what does the telemedicine industry look like in Poland? In terms of funding amounts – it is certainly not as spectacular as in the United States. But it is still very dynamic. For example, within 8 years of its founding, the Wrocław-based company Infermedica, using AI to diagnose patients, raised over 14 million dollars. According to Crunchbase, that is currently the record in Poland. It is worth mentioning that over 10 million of that amount was raised by Infermedica this year.
In second place, the company StethoMe from Poznań – enabling remote diagnosis of lungs and heart – has funding of nearly 7 million dollars. In third place is the Warsaw-based company HomeDoctor, which organizes not only teleconsultations with doctors but also home visits. So far, it has raised 4.5 million dollars.
New solutions on the horizon
Polish telemedicine will certainly continue to develop. Further launches of this type of solution have been announced for the coming years. The previously mentioned Polish company Higo Sense, backed by funds from ToReforge – a company-builder firm – has planned for the end of the first quarter of 2021 the premiere of the Higo device, which – thanks to interchangeable modules included in the set – can be an otoscope, thermometer, stethoscope, throat imaging camera, and dermatoscope in one. The diagnosis, treatment plan, and e-prescription will be received by the patient from a doctor remotely with the help of a mobile app connected to the device, even within an hour. Already holding a CE certificate for compliance with the requirements of Directive 93/42/EEC on medical devices for Class IIa devices, Higo already has the door open to conquering the European Union. Work is underway to expand into South America and the Middle East.
Summary
According to Crunchbase data, the global telemedicine market is dominated by US companies, which in the top five raised a total of over 2 billion dollars. The leader is Boston-based Amwell with funding exceeding 800 million dollars. In Poland, the record holder remains Wrocław-based Infermedica, which this year raised over 10 of its 14 million dollars in total funding.
Importantly, investors are betting not only on remote consultations but also on advanced diagnostics. Examples include the Poznań-based company StethoMe and Higo Sense, which already in the first quarter of 2021 plans the premiere of the multifunctional Higo device with a CE certificate, opening the way to the European Union market.
