How to build a medical startup: A useful resource guide

11 Mar 2022

The Ultimate Resource List in Healthcare Technology

3.5 billion people of the world’s population lack essential healthcare services worldwide, as reported by the World Health Organization. Every year, a staggering 5.7 to 8.4 million individuals die due to inadequate healthcare in low- and middle-income nations, constituting as much as 15% of the total fatalities within these regions. 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, healthcare innovation is happening faster than most people realize. Individuals who decided to build a medical startup were able to raise $2.5 billion across 119 deals in the third quarter of 2023 in the U.S., even in this tighter funding market. We're now witnessing 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 like Headspace, Tempus, LegWorks, ComeBack Mobility, and SonderMind have gained traction over the past few years. Learn what’s so special about these successful startups:

Apps for doctors

Doctors are cautious about the apps they use. Here are their favorites that have made headlines:

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:

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:

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:

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:

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:

Healthcare podcasts

The best ideas and observations of experts in the field are delivered to you in the form of top healthcare podcasts. 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:

Medical blogs

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:

Interviews

One-on-one interviews with experts and founders reveal success stories, advice, and visions:

Conferences

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:

HealthTech market research and estimations

To understand the digital market, its dynamics, and how it has impacted the healthcare industry, read the reports below:

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.

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Source: ahsnnetwork.com

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:

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:

Best funded healthcare startups

There were mega deals in 2022 and 2023 with IntelyCare, Biofourmis, Transcarent, and many more companies each raising over $100 million. Check out which mHealth applications got big funding in recent years:

Healthcare technology venture capital statistics

Statistics provided by these sources let you track recent investment trends that touch mobile applications for healthcare and beyond:

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:

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Source: analytics.dkv.global

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:

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:

Medical app security

The best mobile health app is a secure one. Learn how to secure healthcare data:

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:

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:

Healthcare software vendors

Some companies deal specifically with EHR or telehealth. So you can consider using their services:

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:

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:

By sector

By country

Medical regulations

Learn what regulations can halt and even combat your development unless you comply:

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:

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:

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:

Personalized healthcare

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:

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 of Internet of Things and see the limitations of Internet of Things technology in healthcare:

We hope that this resource guide has helped you retrieve valuable insights into software development in healthcare. If you’re looking for further guidance and assistance in developing your own product, get in touch with us!