The market for digitally measuring and treating wounds is heating up, with a recent cash infusion.
Toronto-based Swift Medical has announced that it earned some $11.6 million in funding from a group of venture capitalists in Palo Alto, CA, and Montreal.
The smartphone-based care aid — which helps clinicians measure wounds, without touching the resident or using extra accessories — has already been adopted in more than 1,000 long-term care and other types of facilities.
These dollars will allow it to triple in size, says Carlo Perez, co-founder and CEO of Swift. Silicon Valley has its eyes on wound care; one study of Medicare data found that such chronic wounds affect about 8.2 million patients annually, representing $32 billion in treatment costs.
In addition, the wound care market is expected to grow at a rate of 8.4% between now and 2024, according to Data Bridge Market Research. Perez expects competition to heat up, though there are relatively few players in digital wound care right now.
“I think you’re going to see an increase, for sure, moving forward,” he said in a phone interview.