How to Build a Medical Startup: A Useful Resource GuideNataly Palienko
Table of contents
The Ultimate Resource List in Healthcare Technology
Half of the world’s population lacks essential healthcare services, as reported by the World Bank and World Health Organization. The number of deaths from poor-quality care exceeds deaths from AIDs and diabetes. Technology exists to transform healthcare. But despite the promise technology holds, the healthcare industry is slow to embrace it because healthcare ecosystems are bureaucratic and stifling.
However, innovation in healthcare is happening faster than most people realize. Individuals who decided to build a medical startup were able to raise $9.5 billion in funding in 2018. Sooner or later, we’ll witness a massive adoption of healthcare technology globally.
Entering the healthcare market is complex. The presence of players such as insurance companies, governments, and regulatory bodies — which influence prices and policies — creates considerable friction. Additionally, many solutions fail to address real pain points of consumers.
To see what the HealthTech landscape looks like and empower you as a healthcare entrepreneur, we’ve created the ultimate resource guide with a selection of articles, case studies, statistics, and more. This guide addresses issues in regard to healthcare technology and reveals best practices to cover blind spots you might have.
What are the top healthcare apps today?
Digital health is not a myth, it’s a reality. The best medical apps are winning over doctors and patients alike because they assist in diagnosis, treatment, and well-being, enabling patient-centric care. Jump to the section below to learn about healthcare startups, mobile health apps, and the features that attract users.
Successful medical startups
Successful healthcare startups including Ada Health, Doctor Insta, and Youper have gained traction over the past few years. Learn what’s so special about these successful startups:
- What are the most successful healthcare startups in Silicon Valley?
- 20 of Europe’s top health and medtech start-ups
- Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their management team, and recent news
- 5 Digital Health Success Stories & The Founders Behind Them
- 31 Best Healthcare Startups to Watch in 2019
- 50 Successful Open Source Projects That Are Changing Medicine
Apps for doctors
Doctors are cautious about the apps they use. Here are their favorites that have made headlines:
- Top 3 Medical Apps for Doctors That Went Big
- Medical app development for doctors
- Best medical apps of 2018 (so far)
Top mobile health apps for patients
Patient-centric care can be achieved and enhanced through mobile devices. Learn what the most popular applications are among patients:
- Apple's top 22 patient-facing personal care apps
- Top 5 healthcare mobile apps bringing medical aid at your doorstep
- Healthcare app to recommend to patients
Mental health mobile apps
Patients want to lead balanced lives. Sometimes it takes a breathing app to relax or a journal app to get emotions out. Learn what mHealth innovations address anxiety, depression, and other mental disorders:
- How to develop a feature-rich mental health solution
- The top 10 mental health apps
- 7 free mental health apps that you need to know about
Doctor on demand apps
To avoid unnecessary visits to medical facilities, patients can contact doctors online. These on-demand apps have found the perfect market fit:
- Best mHealth Apps for Patients: Doctor on Demand
- 10 apps that let you see a doctor without leaving your house
- My experience using an online doctor
- Doctor on demand
Medical diagnosis apps
Doctors look for value-driven products that can help them make evidence-based decisions regarding a patient’s condition. Here are medical diagnosis apps that can assist doctors:
- Best medical diagnosis apps
- New technologies provide faster medical diagnosis of disorders
- Top 10 medical apps
Inspired by the best healthcare apps? Read on to learn how to create a healthcare product with the perfect market fit.
How do I know I’m doing the right thing with my medical startup?
Designing and building a healthcare solution involves a lot of research and investigation on the part of a product owner. Information acquired through research can build your confidence and help you spot new market opportunities.
To create a healthcare product, it’s critical to study existing solutions, highlight their pros and cons, and get familiar with opinions expressed by experts and thought leaders in the field. In other words, you need to get a 360-degree view of the domain you aim to develop for. To make things easier for you, we’ve provided links to jumpstart your endeavor in building a next-generation healthcare product.
Healthcare industry influencers
Care providers, patients, pharmacists, and others use their influence and reputation to form opinions among their followers on Twitter, Facebook, and LinkedIn. Learn who the top healthcare influencers are and what these healthcare influencers think of digitalization and healthcare mobile apps:
- Top 100 influencers
- The 100 most influential leaders in Health Tech
- 5 Leading Digital Health Influencers From The US
- 25 Top Healthcare Influencers
The best ideas and best observations of experts in the field are delivered to you in the form of top healthcare podcasts prepared by platforms such as Med Tech Conference and Healthcare Tech Talk. General health news, medical technology, security concerns, artificial intelligence, and other significant topics are discussed in these podcasts for healthcare professionals and other people who want to have a say in healthcare technology:
- GeekWire’s Health Tech Podcast goes in-depth with tech innovators bringing new ideas and ingenuity to digital health and wellness.
- 15 Healthcare Podcasts You Need to Listen to
- The Top 7 Health Tech Podcasts
- 7 Health Tech Podcasts You Should Be Listening To
- 15 Healthcare Podcasts You Need to Listen to
- Medtech Talk, Digital Health Today, Code Red: HIMSS' Cybersecurity Podcast, Healthcare Tech Talk.
- 5 Best-in-Class Healthcare Podcasts for Growth in 2018
- The 8 best podcasts for doctors and healthcare providers
- TOP 25 medical podcasts for heakthcare professionals
Stories delivered by startup founders, executives, healthcare professionals, and market researchers can be useful to those who want to improve healthcare with technology. These blogs talk about EHRs, cybersecurity, telemedicine, startup success stories and failures, funding, and more. Get a unique vision of healthcare technology through the lens of a healthcare blog:
- Orion Health blog
- The Best Healthcare Technology Blogs
- Opinions about healthcare technology
- What digital health developers and healthcare leaders are reading to stay on top of their technology game
- Health Technology
- Mobi Health News
- HealthTech Magazine
One-on-one interviews with experts and founders like Lloyd Price and Samir El-Alami reveal success stories, advice, and visions:
- Q&A: CHIME CEO Russell Branzell Sees a Fourth Wave of Tech Set to Sweep Health IT
- How health tech is being healed through collaboration
- Findings from the general practitioner interviews
- Mapping Digital Health: An interview with Validic CEO and Co-Founder Drew Schiller
- Scaling a HealthTech company - Lloyd Price is the COO and co-founder of healthcare appointment booking service, Zesty.
- Digital health summit studio 2017
- Raising money as a health tech startup | An interview with Samir El-Alami, CEO of doctorly
- Interview with Maneesh Juneja – The Future of Digital Health
Great minds think alike, they say. There’s no better place for thought leaders in the industry to gather than at conferences. These conferences take place in the US, Switzerland, Germany, Austria, and other proactive countries. Here are conferences and events that can expose you to insightful keynotes and speakers:
- The Top Healthcare Events & Conferences of 2019
- Health IT Upcoming Conferences
- What’s on 2019: The Digital Health Events of the Year
- Champions of health unite
- StartUp Health
- Upcoming Medical Conferences in USA
- Medical Conference Center
- Medical Conferences in the World
HealthTech market researches and estimations
To understand the digital market, its dynamics, and how it has impacted the healthcare industry, read the reports below:
- Grand View Research
- Digital health: Current state & future growth 2017-2025
- Digital convergence driving HealthTech market, report says
- HealthTech report 2018
- Top Digital Health Stories of 2018: From Amazon And Google To Gene-Edited Babies
After reading these analyses, you can think of joining efforts with experts in the field. Collaboration with others can help you launch your product faster.
Who can help me validate my healthcare startup idea?
Even if you know all the ins and outs of your business domain, it’s hard to promote new ideas alone. Consider pairing up with people who share the same values and want to build a product that can make healthcare affordable and patient-centric.
To better understand the healthcare ecosystem and get additional funding and coaching, you can join a digital health incubator or accelerator that helps startups. Get a glimpse of what healthcare accelerators and incubators are capable of by following the links below.
Healthcare business incubators and healthcare accelerators
Innovators join digital health accelerators and incubators in cities across the US and Europe. Incubators help early-stage companies access talent and capital and get functional resources like office and lab space, whereas accelerators help small to mid-sized companies develop and deploy their solutions and speed up adoption. Learn what top healthcare accelerators and incubators are doing to help startups launch faster:
- Digital Health Accelerators You Should Know
- Top 15 Health Startup Accelerators
- Ultimate list of medical device incubators and accelerators
- 10 of the Most Important Digital Health Incubators in Europe
- 60 Incubators in Germany to launch your Technologу/digital health startup
- 20 Startup Accelerators Impacting the Healthcare Industry
- 12 healthcare startup incubators and accelerators to know
- Digital Health Accelerators
- 6 Healthcare Incubators Growing the Future of HealthTech
- Health Care Accelerators: An Innovative Response To Federal Policy Mandates
- Healthcare Accelerators for Startups
High-value mentoring, a network of connections, and seed funding are necessary for an initial launch. Jump to the next section to explore which health mobile applications attract investment in the healthcare information technology market.
Is the healthcare funding landscape promising?
Healthcare is a large sector, including the pharmaceutical industry, medical devices, and hospitals. Each aspect of healthcare provides an opportunity for investment. The level of investment available depends on many variables, such as acuteness of the problem, demographics, and return on investment. Nevertheless, healthcare initiatives find considerable financial support, as proven by the following sources:
HealthTech market maps
Here are links to overviews of the healthcare technology market. This can help you picture how your solution can fit in to the existing ecosystem:
- HealthTech Mobile Apps Landscape Overview 2018
- The Hard Thing About Hard Things in Healthtech
- Healthcare In Hand: 49 Mobile Health Startups In A Market Map
- Health Technology Market Overview
- Mapping out the Mental Health startup ecosystem
- 106 Artificial Intelligence Startups Incare
- 150+ Startups Cultivating The Wellness Industry
- 2019 Global Health Care Outlook
Best funded healthcare startups
There were mega deals in 2018 with 23andMe, Helix, American Well, Heart Flow, and many more companies each raising over $100 million. Check out which mHealth applications got big funding in recent years:
- See Which 10 Healthcare Startups Secured Over $1.7 Billion in Funding
- 10 Hottest digital health startups which raised funding in New York City 2018
- UK healthtech startups to watch
- On The Rise: Digital Health Startups See Uptick in Year-Over-Year Venture Funding for Q1 2018
- Global Digital Health Funding Report: 2018 Year End Review
- StartUp Health Insights Funding Reports
- Digital Health Funding and M&A: 2018 Fourth Quarter and Annual Report
- Report: Digital health market raised $9.5bn in 2018, analytics and mHealth among “big winners”
- See Which 10 Healthcare Startups Secured Over $1.7 Billion in Funding (in the US)
- 2018 Year End Funding Report: Is digital health in a bubble?
- 2018 Funding Part 2: Seven more takeaways from digital health’s $8.1B year
Healthcare technology venture capital statistics
Statistics provided by these sources let you track recent investment trends that touch mobile applications for healthcare and beyond:
- Health Technology Funding Hails Record Year in 2018
- Noteworthy Digital Health Funding Statistics
- 2018 Year End Funding Report: Is digital health in a bubble?
- Medtech venture capital investment in the U.S. and Europe from 2006/2007 to 2017/2018
- Here are 4 key trends in VC healthtech investment
- Healthtech Investment Report
Top healthcare venture capital firms
Get your healthcare mobile application off the ground with these venture capital firms located in the US, UK, and Europe:
- Healthtech venture investor database
- 50 venture capital firms in Europe to finance your technology, digital health startup
- These 10 VC Firms Made The Most Investments In Healthcare Startups This Year
- Rich doctors are beginning to offer their time —and money— to healthtech startups
- The value of provider-sponsored venture funds
Since healthcare mobile app development doesn’t leave investors cold, it’s time to think how you can enter the mobile health apps market.
How can I build my medical startup?
How to build X is probably a query most product owners Google, and they do it for good reason. You want to get your healthcare application right in order to build a reputation and foster trust among users. That’s because data breaches and failure to meet legal requirements in the mHealth applications market can make you financially liable.
Before building a healthcare application, make sure you know how to provide a secure environment for users and keep your business legal.
Get the legal work done
It’s good to have your ducks in a row, and getting legal advice can save you money down the road. Software development in medical field is tricky, so before you develop a medical app, let an attorney help you:
- Legal health isn’t easy for digital healthcare companies
- Healthcare startups: free attorney consultations
- Expert legal support for new healthcare startups in the UK
- How To Know If Your Startup Needs A Lawyer
App monetization strategy
How to make money from mobile apps is a fair question every entrepreneur asks. Here are articles about mobile monetization strategies to choose from:
- 7 monetization strategies for medical mobile apps
- 2 Models for Data Monetisation in Healthcare
- Monetizing Digital Therapeutics
- Leveraging software monetization strategies in the medical device industry
- Which mobile health app business models are winning?
Medical app security
The best mobile health app is a secure one. Learn how to secure healthcare data:
- 50 things to know about healthcare data security & privacy
- 60 Must-Know Cybersecurity Statistics for 2019
- HIPPA Journal
- 27 stats about healthcare and cybersecurity
- Must-know healthcare cybersecurity statistics
- How to build a secure medical mobile app in six steps
- How to build an effective medical mobile app
Risks and challenges in healthcare app development?
You aim for success, but there are risks and challenges you need to be aware of. In healthcare, risks arise because you’re dealing with people’s lives. Make sure you know what the risks and challenges are by reading the articles below:
- Why do digital health startups keep failing?
- Why is Credentialing Important for Your Health-Tech Startup?
- Challenges home care startups face
- 11 Critical Risks Facing the Healthcare Industry
- The 3 Key Challenges Health Tech Startups Face Today
- The major pitfall for digital health startups
As soon as you settle the business matters, weigh the pros and cons of building a healthcare app, and choose a monetization strategy, your next step is to find tech talent.
Who can help me develop a mobile health application?
When it comes to building mobile apps for healthcare industry, you need to find a team that has experience in the field. They’ll be able to advise you on what technology to employ.
Healthcare app developers
Find software service providers that can make your unique idea a reality:
- Top Medical & Healthcare Software Companies
- Custom Software Products to Innovate and Optimize your Health Care Business
- Medical Web Experts
- Health-wellness developers
- Steelkiwi Inc.
Healthcare software vendors
Some companies deal specifically with EHR or telehealth. So you can consider using their services:
- Top 10 Healthcare Software Vendors and Market Forecast 2017-2022
- 50 Most Promising Healthcare Solution Providers
- Medical Software
- Hospital Management Software
- Best Health Care Software
- Opportunities for Digital Health Vendors in the Pharmaceutical Industry
- GlobalMed: The platform of platforms for virtual health
- These 5 Startups Will Change Health Care in 2018
- Vivifyhealth: care anywhere
Once you decide who’s in charge of your medical mobile app development, think of ways to measure the effectiveness of your business.
How can I measure the effectiveness of my mobile healthcare app?
To track operational effectiveness, facilities and businesses turn to key performance indicators (KPIs). In healthcare, KPIs can measure everything from facility operations to patient satisfaction, which can help you understand whether you’re doing things right and show where improvement or change is necessary.
Healthcare metrics and KPIs
Check out these articles with a unique take on key performance indicators in the medical sector:
- Healthcare key performance indicators and metrics
- Visualizing your healthcare KPIs
- 25 Healthcare Metrics & KPIs To Begin Tracking Today
KPIs are what you need to see if there’s consistent value creation on your platform. Besides tracking internal processes, you should consider regulations that are enforced outside your platform by regulatory bodies. Requirements for healthcare solutions differ from country to country. So make sure you investigate what to expect in your region.
What should I be ready for in my country?
If you’re going to launch a product in your country, it’s vital to know what rules to play by in order to stay in business. What’s more, you should know how well people adopt health tech, so don’t hesitate to scan through the links below.
Adoption of technology in healthcare
It’s good to know the adoption rates for healthcare technology among different demographics so you can target the right segment of users:
- Adoption of Cloud Computing Services in Healthcare Sectors: Special Attention to Private Hospitals in Colombo District, Sri Lanka
- AI Healthcare Sector – The Adoption of AI in the sector
- Quick Stats: US adoption
- Adoption in Asia Pacific
- Healthcare Industry 2019 View Trends, Analysis and Statistics. By countries
Learn what regulations can halt and even combat your development unless you comply:
- Health laws and universal health coverage
- Why Is Health Care Regulation So Complex?
- Healthcare goes digital but regulation hard to disrupt
- GDPR impact on YOUR digital health startup in EU & worldwide
- USA Medical Device Regulations
- An Overview of FDA Regulations for Medical Devices
- Mobile Medical Applications: FDA (USA)
- Experts weigh in on HHS' healthcare app development guidance
- International Organization for Standardization
It seems like we’ve discussed everything. But there’s one thing left. You should follow future trends in medical technology to stay competitive, seize opportunities to grow your product, and deliver value to users.
How can I stay up to date with healthcare information technology?
One of your main objectives is to make sure you keep abreast of developments in medical technology. Your solution can grow in ways you thought were impossible if you smartly adopt the latest technologies. That’s why you should carefully monitor changes in the healthcare sector, consider trends and predictions, and read about projects that are gaining traction.
Healthcare predictions for the future
At these links, you’ll find technology outlooks that may define your strategy in the long run. Your healthcare startup shouldn’t miss an opportunity to grow, improve, and deliver even more value using artificial intelligence, predictive analytics, and virtual reality:
- Healthcare technology markets: 5 predictions for 2019
- Health Trends at the CES 2019 will be AR, AI-Driven Health Solutions
- 2019 Predictions in Healthcare
- What are the digital healthcare predictions for 2019?
- Healthcare and digital health predictions for 2019
- 2019 Predictions: From Big Data to Small Data, Patient data as Research Data, and More
- Digital Health: New Technologies Have Far-Reaching Potential
HealthTech market drivers
Learn what and who drives the HealthTech market today and how it might affect the direction you choose to take with your healthcare startup:
- US government initiatives are driving HealthTech
- 70+ Companies Driving the Future of Healthcare Technology
- How the “Big 4” companies are leading healthcare innovation
- The drivers behind digital health apps
- Rise of Digital Healthcare: 5 Drivers
- Apple is going after the healthcare industry
Innovative healthcare startups
Were it not for innovation, we wouldn’t see the world like it is today. Applications like Nightingale and Kry turn sick care into value-based care, letting patients lead healthier lives and get medical advice whenever and wherever they are. The more innovation there is in healthcare, the more chances there are for breakthroughs:
- Most innovative healthcare startup in Asia
- 10 exciting health startups that could change the sector forever
- Top 10 Exciting Health Technology startups in Silicon Valley
- Winner of Best Health Tech Startup. Nordic Startup Awards 2018
- Top 13 Healthcare Technology Innovations of 2018
Personalization is not just a buzzword. By using patients’ data, healthcare applications can provide personalized treatment plans and online doctor consultations, send health reports, and educate patients about their illnesses. To learn what drives the growth of personalized health solutions, read the articles below:
- What's Driving the Personalization of Healthcare?
- Three trends to make healthcare more personalized
- 10 examples of personalization in healthcare
- The Promise of Personalized Health Care Technology
- Apple Is Going After The Healthcare Industry, Starting With Personal Health Data
IoT for healthcare
IoT medical devices let you make an exceptional mobile app for patient care that can transmit data straight to physicians no matter where the patient is. Discover examples for Internet of Things and see the limitations of Internet of Things technology in healthcare:
- A guide to healthcare IoT possibilities and obstacles
- 10 examples of the Internet of Things in healthcare
- IoT and the NHS: Why the Internet of Things will create a healthcare revolution
- Why Healthcare IoT Is on the Rise
- How To Protect Healthcare IoT Devices In A Zero Trust World
We hope that this resource guide has helped you retrieve valuable insights into healthcare technology. If you’re looking for further guidance and assistance in developing your own product, get in touch with us! Meanwhile, we suggest you look at our portfolio to see what healthcare projects we’ve built.