5 Medical Device Company Success Stories [2024]
If you are a medical practitioner and want to start a business, then you could consider starting a medical device company. There are many medical device companies started by individuals or small teams. Some of them were successful and became startups impacting the industry with their technology.
Starting a medical device company is an exciting venture that can lead to a successful business. If you're considering starting a medical device business, there are several factors to consider before putting a team together and setting out to reach your goals.
Here are some real life success stories of starting a medical device company:
1. Pain Care Labs a dba of MMJ Labs ($2.5M/year)
As a pediatric emergency doctor, the founder of Pain Care Labs, Amy Baxter, invented a vibrating ice pack bee called Buzzy(r) to block pain from her kids' vaccinations. After receiving positive feedback and realizing the potential impact on patients, she applied for a $1.1 million NIH grant to research and develop Buzzy. With the success of Buzzy, Amy decided to leave medicine and become a full-time CEO, expanding her product range to include VibraCool and DuoTherm devices.
How much they make: $2.5M/year
How much did it cost to start: $150K
Current team size: 7
Pain Care Labs, founded by a pediatric emergency doctor after inventing a vibrating ice pack bee, Buzzy, has sold over 31 million units while focusing on non-pharmaceutical pain relief, and recently launched a crowdfunding campaign for their latest product, DuoTherm.
2. ActivArmor ($504K/year)
Diana Hall, a chemical engineer and former software worker, came up with the idea for ActivArmor when she witnessed children in poverty wearing traditional fiberglass casts that were unhygienic, uncomfortable, and limited their activities. Using her knowledge of materials science and 3D printing, she created a prototype cast for a young boy and received positive feedback from doctors. This experience, combined with her personal history of seeing children adapt to medical devices, inspired her to start ActivArmor and improve the quality of life for patients in need of immobilization.
How much they make: $504K/year
How much did it cost to start: $750K
Current team size: 3
ActivArmor is a medical device startup that produces 3D printed casts and splints out of waterproof plastic, partnering with doctors, hospitals, and individuals globally to improve healing outcomes and patient comfort.
So... can you actually make money with a medical device company?
Of course. There are millions to be made in this industry.
But how?
- Research real, profitable businesses and see exactly how much money they make.
- Study exactly what works, and what doesn’t.
- Take action, because now you have the roadmap.
Join Starter Story and build your next big thing:
3. Healthsols ($3.6M/year)
Founder Bharath M started Healthsols Facilitators Pvt Ltd with the goal of creating affordable healthcare services. Despite initial struggles, the company has experienced steady growth, generating revenue and recruiting employees in multiple cities. They now offer a range of services including medical equipment supply, online consultations, nursing services, and Ayurveda services, and have plans to expand their offerings with a manufacturing unit for N95 masks and other medical devices.
How much they make: $3.6M/year
How much did it cost to start: $5K
Current team size: 18
Healthsols Facilitators Pvt Ltd is a medical equipment and surgical items supplier to B2B entities such as hospitals and clinics that started around 6 months ago with an investment of INR 3000 and have now recruited 18 employees in 11 cities, while planning to establish their own manufacturing unit.
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- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
