The global medical imaging market was valued at a touch over $28 billion in 2021, and is only expected to rise with an increase in demand for early-detection services as well as lifestyle and age-related conditions. Yet at the same time as demand for radiology services is increasing, the number of available radiographers is decreasing. In the U.S., almost half of radiographers are approaching retirement age and there are fewer residents lining up to fill their soon-to-be vacancies. The situation in the U.K. is similarly critical, with a shortfall of 1,670 radiologists reported in the 2021 Royal College of Radiologists census, and no improvement in sight. It’s an area that’s not just ripe for improvement, but where the problem is urgent. It’s against that backdrop that OXOS Medical just raised $23 million in Series A funding with the intention of delivering a “radiology department in a box.”
“X-ray is the primary medical imaging modality, used at the beginning or end of over 70% of health interventions, but 80% of the world lacks access to imaging,” explains OXOS’ CEO and co-founder, Evan Ruff. Clearly, a lack of supply has the potential to negatively impact healthcare provision for millions of people, and OXOS believes it can help to alleviate that. “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 a 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. It also saw Gregg Hill, Parkway Venture Capital co-founder and managing partner, and Eric King, Intel Capital investment director, join the OXOS board of directors to help accelerate the company’s growth. Ruff explained how this funding will be used to help scale up OXOS, as well as push on with its technological advantages.