The global medical imaging market was valued at over $28 billion in 2021, and is only expected to grow in demand for early detection services as well as lifestyle and age-related conditions. Yet at a time when the demand for radiology services is increasing, the number of radiographers available is decreasing. In the US, about half of radiographers are approaching retirement age and there are very few residents queuing up to fill their soon-to-be-filled vacancies. The situation in the UK is equally dire, with a shortfall of 1,670 radiologists in the 2021 Royal College of Radiologists census, and no improvement in sight. This is an area that is not only ripe for reform, but where the problem is urgent. This is against the backdrop that OXOS Medical just raised $23 million in Series A funding with the intention of delivering a “radiology department in a box”.
“X-rays are the primary medical imaging modality used at the beginning or end of more than 70% of health interventions, but 80% of the world does not have access to imaging,” explains Evan Ruff, CEO and co-founder of OXOS. ” Clearly, supply shortages are likely to have a negative impact on healthcare provision for millions of people, and OXOS believes it can help mitigate this. “We aim to put safe, powerful and simple X-ray technology in the hands of urgent care centers, sports teams, home care and international mission operations, where real-time diagnosis is critical to saving human 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. This saw Greg Hill, co-founder and managing partner at Parkway Venture Capital, and Eric King, director of investments at Intel Capital, join the OXOS board of directors to help accelerate the company’s growth. Ruff explained how this funding will be used to help scale OXOS as well as advance its technological benefits.
“This fundraising was about setting OXOS up to scale,” Ruff says. “As a small company, there are some things we just can’t do. This funding unlocks many new initiatives, from cost reduction activities to product development, to advanced research and other initiatives. Our goal is to also, anywhere, to be able to unpack an OXOS device and immediately have a complete radiography solution available.”
While OXOS is keen to continue supplying devices to traditional markets, it also believes that its technology is well suited for use in a variety of medical and non-medical settings.
“OXOS devices use up to 80% less radiation than existing devices, redefining the envelope of what is possible in radiography,” says Ruff. “OXOS’s smart and secure technology meets the growing needs of orthopedic and radiographic professionals in all care scenarios, expanding access beyond established areas. We’re seeing massive traction in urgent care, professional sports and family practices, as well as other non-medical applications.
OXOS claims its equipment is the only one in the market that can provide both static images (digital radiography) and live imaging (dynamic digital radiography) for both diagnostic and surgical radiography in any setting. Together with their low radiation profile, and the ability to provide imaging from a small form factor that can be viewed by medical practitioners anywhere on any device via the OXOS cloud platform, OXOS believes it will be the X- Could make Ray more accessible.
If short-term goals focus on scaling, volume and pushing into other areas, what about OXOS’s long-term future?
“The US spends more than $50 billion on radiography each year. $75 to 100 billion is spent worldwide. OXOS technology provides a secure, point-and-click, end-to- end solution,” says Ruff, showing what a huge market is available for this, and how it’s possible to positively impact health care. “As our volumes grow and the number of OXOS devices deployed increases, the OXOS platform will be a great resource for researchers and diagnostic innovators looking to build, automate radiographic diagnostics, and make healthcare affordable.”
“As we execute on our goals, OXOS will evolve into an independent, public company,” says Ruff.
