Wearable technology in healthcare: A booming market
Join us in discovering wearable medical technology and groundbreaking devices.
Every year, Capital Factory in Austin, Texas, holds Austin Startup Week. During this event they bring entrepreneurs, local leaders, and companies together to connect and collaborate through various educational tracks, mentoring sessions, startup showcases, and networking mixers. This year, we decided to attend their healthcare track and want to highlight some of the latest developments taking place in Austin’s up and coming healthcare industry.
Why Austin is the next hub for healthcare innovation
The first talk we attended was held by Gus Cardenas, CEO and Co-Founder of Austin’s Healthcare Council. Cardenas has more than 30 years of experience in the healthcare industry, and was sharing insights on why he believes Austin is an up and coming healthcare hub.
Gus Cardenas discussed some of the disruptors we see in the healthcare industry here in Texas such as Walmart, Amazon, and HEB. These big corporations are aiming for more patient centricity compared to normal healthcare organizations. In the talk it was noted these corporations are disruptors because they work with the patients schedule and are available seven days a week, unlike privately run medical practices, who are usually operating at the same time as the rest of us.
Gus Cardenas went on to explain that in order to truly revolutionize the space, healthtech companies need to create innovative solutions that take away steps from the standard practice. Healthcare professionals don’t want solutions that add more steps to their current process, they want solutions that make life for the doctor and the patient much easier and that will truly revolutionize the way care is provided.
What makes Austin so special?
The reason Austin plays into healthtech so well is because in order to have a thriving healthcare environment, elements from 3 major areas need to be present in order for it to work:
- A strong healthcare space
- Strong entrepreneurial energy
- A mature IT sector
Austin has had a flourishing IT industry for years now, and has the potential to harvest a revolutionary healthcare hub. Austin is home to many startups and fast growing companies along with tech giants like Google and Amazon, so its potential is on the horizon.
Notable startups breaking barriers in healthtech
We also attended Capital Factory’s talk on which startups were revolutionizing healthcare and found out about some unique and innovative companies. One thing we’d like to note in this article are the companies that are revolutionizing women’s healthcare and those with concepts that could change the way healthcare professionals work.
Changing the endometriosis diagnosis process for women
Some startups we met are changing the way women in Texas receive care. Texas is currently ranked one of the worst states for women’s healthcare, which includes some of lowest prenatal and maternal care numbers throughout the states.
A notable startup for women’s healthcare is Hera Biotech, which focuses on making the diagnosis for Endometriosis faster and more efficient for the doctor and the patient. Endometriosis affects around 20% of women, which includes around 13 million women here in the United States, but according to Hera, it takes roughly 8 years to get a proper diagnosis for the disease.
What makes Hera Biotech more accurate and different from other endometriosis tests is that it tests molecular tissue and uses single cell diagnostics, rather than looking at the patient’s blood. Hera is looking to provide a more innovative and reliable way to diagnose the disease which also cuts down on the healthcare costs regular endometriosis treatment brings.
Making digital surgery even more advanced
Another innovative healthtech startup we met was Advanced Scanners. Founded in 2017, Advanced Scanners created a digital 3D optic scanner that is making digital surgery a lot easier and safer for the patient. Some surgeries require a lot of technical assistance and data tracking such as brain and spinal surgeries. Failure to do so properly can be fatal and lead to a patient’s death.
What makes Advanced Scanners so interesting is that they have optical scanners that track anatomy 360x faster and 100x more precisely than current technology. Though they are currently only focusing on neurosurgery and orthopedic surgeries, Advanced Scanners is a fast growing company that is gaining a lot of traction in the surgical world.
Conclusion
It was an incredible opportunity to join Austin Startup Week’s healthcare track and learn about the healthcare industry in Austin, along with understanding more about what these innovative startup companies are doing. We look forward to seeing what these companies do and are looking forward to the next Startup Week!
