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  • Lloyd Price

Full body scans: new emerging HealthTech sub sector will be 'one to watch in 2024'



Exec Summary:

There is a growing interest in full body scans among healthtech startups and investors. These scans can be used to detect a variety of health conditions, including cancer, heart disease, and diabetes. They can also be used to track changes in health over time.


One of the most notable investments in a full body scan healthtech startup is the $65 million Series A funding round that Neko Health raised in July 2023. Neko Health is a Swedish startup that has developed a proprietary full body scanning system that uses AI to detect a variety of health conditions. The company plans to use the funding to expand its operations and bring its scanning system to more people.


Another notable full body scan healthtech company Butterfly Network, has raised a total of $530M in funding over 5 rounds and listed on the NYSE on Feb 16, 2021 valued at $1.5 Billion.


The investment in full body scan healthtech startups is a sign of the growing potential of this technology. As the technology continues to develop, it is likely that we will see even more investment in this area.


Here are some of the factors that are driving investment in full body scan healthtech startups:


  • The increasing prevalence of chronic diseases. Chronic diseases are a major burden on the healthcare system. Full body scans can be used to detect chronic diseases early, which can help to improve outcomes and reduce costs.

  • The aging population. The global population is aging, and this is leading to an increase in the demand for preventive healthcare services. Full body scans can be used to assess the overall health of older adults and identify potential health problems.

  • The advances in technology. The development of new technologies, such as AI and machine learning, is making it possible to develop more accurate and affordable full body scans.

  • The changing healthcare landscape. The healthcare industry is undergoing a major transformation, with a growing focus on preventive care. Full body scans can play a role in this transformation by helping people to stay healthy and avoid costly medical interventions.

Overall, the investment in full body scan healthtech startups is a positive development. This technology has the potential to improve the health of millions of people and reduce the cost of healthcare.


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Funding for Full Body Scan startups


In terms of funding, the full body scan market has seen significant investment in recent years. According to Crunchbase, the total funding raised by full body scan startups in 2022 was $2.3 billion.


Notable funding rounds for full body scan startups:


a) Neko Health - $65 million Series A funding round raised in July 2023.


b) Prenuvo - raised a total of $70M in funding over 3 rounds with their latest investment raised on Oct 18, 2022 from a Series A round.


c) Ezra AI - raised a total of $22M in funding over 2 rounds with their latest investment raised on Dec 23, 2019 from a Series A round.


d) Q Bio - raised a total of $64M in funding over 4 rounds with their latest funding raised on Feb 20, 2020 from a Series B round.


The funding into full body scan startups is expected to continue to grow in the coming years, as the technology continues to develop and the demand for early detection of diseases increases.


These startups are developing a variety of full body scan technologies, including ultrasound, CT scans, and MRI scans. They are also developing AI-powered software to analyze the scan data and identify potential health problems.


The development of full body scan technology is still in its early stages, but it has the potential to revolutionize the way we diagnose and treat diseases. As the technology continues to develop, it is likely that we will see even more investment in this area.



Case Study 1: Neko Health


Neko Health is a Swedish healthtech company that has developed a full-body scanning system that uses artificial intelligence (AI) to detect a variety of health conditions. The system is called the Neko Body Scan, and it is still in development.


The Neko Body Scan uses a combination of 3D imaging and AI to create a detailed map of the body. The AI software then analyzes the map for signs of potential health problems, such as cancer, heart disease, and diabetes.


The Neko Body Scan is still in its early stages of development, and it is not yet FDA-cleared. However, the company has completed clinical trials that have shown the system to be accurate in detecting a variety of health conditions.


The Neko Body Scan is a promising technology with the potential to revolutionize the way healthcare is delivered. The system could be used to screen for cancer and other diseases early, when they are most treatable. It could also be used to monitor the health of patients with chronic conditions, such as diabetes and heart disease.


Here are some of the benefits of using the Neko Health full body scan:


  • It is a non-invasive imaging technique.

  • It is portable and can be used in a variety of settings.

  • It is accurate in detecting a variety of health conditions.

  • It could be used to screen for cancer and other diseases early, when they are most treatable.

  • It could be used to monitor the health of patients with chronic conditions.


However, there are also some limitations to the Neko Health full body scan:


  • The system is still in development and is not yet FDA-cleared.

  • The cost of the system is not yet known.

  • The system may not be available to everyone, depending on insurance coverage.


Overall, the Neko Health full body scan is a promising technology with the potential to revolutionize the way healthcare is delivered. The system could be used to screen for cancer and other diseases early, when they are most treatable. It could also be used to monitor the health of patients with chronic conditions.



Case Study 2: Butterfly Network


Butterfly Network is a US-based company that has developed a handheld ultrasound device that can be used to perform full body scans. The device, called the Butterfly iQ, is about the size of a smartphone and uses a technology called microLED to create high-quality images.


The Butterfly iQ is not yet FDA-approved for full body scans, but it is being used in clinical trials to evaluate its effectiveness for a variety of applications. The company has also partnered with a number of healthcare providers to offer the device for use in their practices.


The Butterfly iQ has the potential to revolutionize the way ultrasound is used in healthcare. The device is more portable and affordable than traditional ultrasound machines, making it possible to use ultrasound in more settings, such as in the doctor's office or even in the home. The device is also easier to use, making it possible for more healthcare providers to perform ultrasound exams.


However, the Butterfly iQ is not without its limitations. The device is not as powerful as traditional ultrasound machines, so it may not be able to see some abnormalities. Additionally, the images from the device may not be as clear as images from traditional ultrasound machines.


Overall, the Butterfly iQ is a promising new technology that has the potential to make ultrasound more accessible and affordable. However, more research is needed to determine its effectiveness for full body scans.


Here are some of the potential benefits of the Butterfly iQ full body scan:


  • More portable and affordable than traditional ultrasound machines.

  • Easier to use, making it possible for more healthcare providers to perform ultrasound exams.

  • Can be used in more settings, such as in the doctor's office or even in the home.

  • Can help to detect a variety of health conditions, including cancer, heart disease, and diabetes.


Here are some of the potential risks of the Butterfly iQ full body scan:


  • Not as powerful as traditional ultrasound machines, so it may not be able to see some abnormalities.

  • Images from the device may not be as clear as images from traditional ultrasound machines.

  • The device is still in its early stages of development, so there is limited data on its long-term safety and effectiveness.



Case Study 3: Prenuvo


Prenuvo is a health technology company that offers whole-body MRI scans. The scans are designed to detect a variety of health conditions, including cancer, heart disease, and neurological disorders.


Prenuvo was founded in 2018 by a team of medical imaging experts. The company's mission is to make early detection of disease more accessible and affordable.


Prenuvo scans are performed at a network of clinics across the United States. The scans take about 45 minutes to complete and do not use radiation.


The scans are analyzed by a team of radiologists and AI experts. The results are then sent to the patient's doctor, who will discuss the findings and recommend any necessary follow-up care.



Case Study 4: Ezra


Ezra is a New York-based healthtech startup that has developed a full-body MRI scan that can be used to detect cancer and other diseases early. The scan is called the Ezra MRI, and it is still in development.


Ezra was founded in 2020 by a team of medical imaging experts. The company's mission is to make early detection of disease more accessible and affordable.


The Ezra MRI is a non-invasive scan that uses magnetic resonance imaging (MRI) technology. The scan takes about 45 minutes to complete and does not use radiation.


The scan is analyzed by a team of radiologists and AI experts. The results are then sent to the patient's doctor, who will discuss the findings and recommend any necessary follow-up care.


Ezra is currently in a clinical trial. The company plans to launch the Ezra MRI to the public in 2024.


Here are some of the benefits of the Ezra MRI:


  • It is non-invasive and does not use radiation.

  • It can detect cancer and other diseases early, when they are most treatable.

  • It is more affordable than other full-body scans.


Here are some of the limitations of the Ezra MRI:


  • It is still in development, so there is a risk of errors.

  • It is not yet available to the public.


Overall, the Ezra MRI is a promising technology that has the potential to improve early detection of disease.




Case Study 4: Q Bio

Q Bio is a healthcare technology startup that is developing a new type of medical imaging system that can create detailed images of the human body without radiation exposure. The company's technology is based on a combination of magnetic resonance imaging (MRI), computed tomography (CT), and optical imaging.


Q Bio was founded in 2015 by a team of engineers, physicists, and radiologists. The company is headquartered in San Carlos, California. Q Bio has raised over $64 million in funding from investors such as Andreessen Horowitz, Khosla Ventures, and Founders Fund.


The company's first product, the Q Bio Mark I, is a fully autonomous scanner that can create whole-body images in just 75 minutes. The scanner is designed to be used in doctor's offices and hospitals. Q Bio plans to launch the Mark I in 2023.


Q Bio's technology has the potential to revolutionize medical imaging. The company's scanners could be used to screen for cancer and other diseases, diagnose and assess the extent of disease, and guide treatment decisions. Q Bio's technology could also be used to monitor the effectiveness of treatment.


Q Bio is a promising startup that is developing innovative technology that could have a major impact on healthcare. The company is well-funded and has a strong team of engineers and scientists. Q Bio is on track to launch its first product in 2023, and the company has the potential to make a significant difference in the way that medicine is practiced.


Here are some of the things that make Q Bio unique:


  • Its technology is based on a combination of MRI, CT, and optical imaging, which allows it to create more detailed images of the human body than traditional imaging methods.

  • Its scanners are fully autonomous, which means that they can be operated by a technician or nurse, rather than a doctor. This makes them more accessible and affordable.

  • The company is committed to making its technology available to everyone, regardless of their income or insurance status.


Q Bio is a company to watch in the healthcare industry. Its technology has the potential to revolutionize the way that medicine is practiced and could help to save lives.



Final Thoughts:


According to a report by Grand View Research, the global full body scan market is expected to reach $11.3 billion by 2028. The market is growing due to the increasing demand for preventive healthcare, the rising prevalence of chronic diseases, and the advancement of technologies such as artificial intelligence and machine learning.


It is important to note that the full body scan market is still in its early stages of development. There are a number of challenges that need to be addressed, such as the high cost of the scans and the lack of reimbursement from insurance companies.


However, the potential benefits of full body scans are significant, and it is likely that this market will continue to grow in the years to come.


Mergers, Acquisitions, Growth and Strategy for Healthcare Technology companies 


HealthTech M&A - Buy Side, Sell Side, Growth & Strategy services for companies in Europe, Middle East and Africa. Visit www.nelsonadvisors.co.uk


HealthTech M&A Newsletter from Nelson Advisors - HealthTech, Health IT, Digital Health Insights and Analysis. Subscribe Today! https://lnkd.in/e5hTp_xb


Healthcare Technology Buy Side, Sell Side, Growth & Strategy services for Founders, Owners and Investors. Email lloyd@nelsonadvisors.co.uk


Healthcare Technology Thought Leadership from Nelson Advisors – Market Insights, Analysis & Predictions. Visit https://lnkd.in/ezyUh5i



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