Healthcare is under more pressure today than it ever has been, and from all sides. People are living longer than previous generations while struggling with more chronic conditions. And yet, there is still a shortage of healthcare workers and the rising costs to see specialists are exorbitant.
Fortunately, the MedTech startup scene in Canada is a fairly impressive one. Startups spanning Vancouver, Toronto and everywhere in between are rethinking how healthcare should work from the ground up.
Every day, these Canadian innovators are working on smart and practical solutions to tackle some of healthcare’s biggest challenges.
What Sets Canada’s MedTech Landscape Apart?
MedTech startups in Canada have a knack for blending research with real clinical experience and day-to-day care needs of patients.
The market is currently valued at $7.8 billion CAD, making it the 8th largest globally. With more than 2000 MedTech startups, the industry is directly employing more than 35,000 people – indirectly reaching approximately 88,000 according to MedTech Canada.
These startups are embracing tools like AI, wearable health tech and virtual doctor visits to give more people access to healthcare while making it more affordable, ensuring that both patients and providers benefit.
The Top MedTech Startups In Canada
From digital pharmacies and virtual treatment platforms to smarter care co-ordination, these Canadian startups are proving that world-class MedTech isn’t only coming from Silicon Valley.
1. MetaOptima
Founded in 2012, MetaOptima is one of Canada’s earliest innovators in using AI and digital health imaging for skin analysis. Skin cancer remains one of the most common cancers globally and early detection is crucial, with MetaOptima offering image analysis and tracking that would normally require specialist visits.
They have created a MoleScope which turns your smartphone into a clinical-quality imaging tool, enabling patients to take detailed images of any concerning skin lesions. DermEngine is another product, a cloud-based platform that uses AI analytics to study patient images for any suspicious changes over time.
The company has raised approximately $9.1 million USD across multiple rounds to scale.
2. AlayaCare
AlayaCare is a cloud-based platform to help care homes and community organisations manage their care delivery, including scheduling, billing and clinical documentation. Their digital infrastructure has proven essential to help in the care for ageing populations.
In addition to their comprehensive care operation suite that supports agencies, they also launched their Layla AI assistant in 2015. This AI-powered tool assists caregivers to access crucial care information as quickly and efficiently as possible to help patients.
Since its founding, AlayaCare has expanded internationally into Australia and North America.
3. PocketPills
Just under a decade ago, PocketPills became the first full-service online pharmacy in Canada. Users are able to manage their prescriptions, access telehealth support and get their medication delivered without needing to leave their homes.
One of healthcare’s biggest ongoing challenges is adequate access but PocketPills is making it more convenient to the Canadian public.
The company now has more than 300,000 registered users around the country. In 2021, they closed a $30M CAD Series B round, with a valuation of roughly $150 million USD.
4. Felix Health
Felix Health is a virtual health platform where users can engage in routine medical care from their own devices. Users can access their medical care online and receive delivered prescriptions without needing to wait days or weeks for a physical appointment.
The company’s core offerings include on-demand consultations as well as personalised treatment plans and medical advice. If chronic medication is required, users can choose to have it delivered to their homes.
Last year, Felix Health secured a $53M funding round and launched Felix Longevity, a preventative health programme to help patients monitor and optimise their health long-term. To date, their platform has over 540,000 registered users.
5. Curetech e-Health
Curetech e-Health is a health tech startup specialising in next-generation wearable vital monitoring, specifically a user’s motion-tolerant pressure tracking. This works during a person’s exercise and daily activities and offers ongoing, real-time insights making it easier to identify trends during certain movements.
Their product is a lightweight, non-invasive wearable – either a wristband, armband or back patch – that monitors things like heart rate, oxygen levels, blood pressure and sleep quality. It also comes with an app where the data is loaded for physicians to provide feedback.
The wearables are in their late development phase and supported by the Mitacs and Manitoba Technology Accelerator in Canada.
6. DigiBiomics Inc
Based in Ontario, DigiBiomics Inc uses AI and advanced data analytics to change how diseases are found, diagnosed and monitored, mainly lung and respiratory conditions. Diseases such as lung cancer and tuberculosis are one of the leading causes of global mortality because early detection is not always available or accurate.
Their flagship platform, LungSense, is an AI-driven diagnostic tool to help clinicians and health workers with early disease risk prediction, especially in remote areas where there is limited access to advanced imaging.
Its models are also able to analyse multiple sets of data. Looking at X-rays and CT scans as well as clinical histories and even just a cough can be put together to build an entire picture of the patient’s respiratory health. Not only does this improve diagnostic accuracy and patient outcomes but also reduces the risk of misdiagnosis.
