Global Medical Imaging Market It was estimated to exceed $28 billion by 2021, and is expected to increase due to demand for early detection services as well as lifestyle and age-related factors. However, as the demand for radiology services increases, the number of radiographers is decreasing. In the US, about half of radiographers are approaching retirement age and there are few residents lining up to fill their soon-to-be-vacant positions. Equally alarming is the situation in the UK, with a shortage of 1,670 radiologists reported in the 2021 Census of the Royal College of Radiologists and no improvement in sight. Not only is it not ripe for improvement, it is an area where the problem is pressing. It’s against that backdrop that OxOS Medical raised $23 million in Series A funding with the goal of offering a “radiology room in a box.”
“X-rays are the primary medical imaging modality used at the beginning or end of more than 70% of healthcare interventions, yet 80% of the world has no access to imaging,” said Evan Raff, CEO and founder of Xray. Clearly, supply shortages can have a negative impact on health care access for millions of people, and OXOS believes it can help alleviate that. “We aim to bring safe, powerful and simple x-ray technology to urgent care centers, sports teams, home care and international missions where real-time diagnostics are critical to saving lives.”
This $23 million Series A funding was from Parkway Venture Capital and Intel Capital, and brings OxOS Medical’s total funding to $45 million. In addition, Greg Hill, founder and managing partner of Parkway Venture Capital, and Eric King, director of investments at Intel Capital, have joined OxOS’s board of directors to accelerate the company’s growth. Ruff explained how this funding will be used to grow OXOS and also push its technological advantages.
“This fundraiser was to balance OXOS,” Ruff says. “As a small company, there are certain things we cannot do. This money opens many new initiatives, everything from cost reduction activities, to product development, advanced research and other initiatives. Our goal is that anyone, anywhere, can unlock an OXOS device and immediately get a complete radiography solution.
While OXOS intends to continue offering devices in traditional markets, it also recognizes that the technology is suitable for use in a variety of medical and non-medical environments.
“OXOS devices use 80% less radiation than current devices, which changes the envelope of what is possible in radiography,” says Ruff. “OXOS’ smart and safe technology addresses the growing needs of orthopedic and radiographic professionals in all care settings, expanding its reach beyond established disciplines. We are seeing great traction in urgent care, professional sports and family practice as well as other non-medical applications.
OXOS claims its devices are the only ones on the market to provide live images (digital radiography) and live imaging (dynamic digital radiography) for both diagnostic and surgical radiography in any setting. With their low radiation profiles and the ability to deliver images from a small form factor that can be viewed by clinicians on any device via the OXOS Cloud Platform, OXOS believes that X-rays will make X-rays even more accessible.
If the short-term goals are focused on expansion, volume and pushing into other sectors, what about the long-term future of OXOS?
“Every year, the U.S. spends more than $50 billion on radiography. Another $75 to $100 billion is spent worldwide. OxOS technology provides a reliable, point-and-click end-to-end solution for every use case,” says Ruff, noting how big the market is and how positive it is. “As our volumes increase and the number of OXOS devices deployed increases, the OXOS platform will be a great resource for researchers and developers to build, automate radiographic examinations and make healthcare cheaper.”
“As we execute on our goal, OXOS will grow into an independent and public company,” says Ruff.
