The medical device market is on track to experience significant growth in the coming years, with projections showing a surge from $678.88 billion in 2025 to over $1.1 trillion by 2034. This growth is primarily driven by the increasing demand for home health monitoring tools, especially among aging populations and individuals with chronic conditions.
While established companies like Omron have traditionally dominated the market with their clinically validated devices such as blood pressure monitors and ECG machines, there is a shift happening in the industry. African startups like Platos Health are emerging as key players in the medical device space, challenging the dominance of global medtech giants.
Platos Health, a Nigerian startup based in Lagos, is making waves with its innovative approach to health monitoring. The company recently secured $1.4 million in pre-seed funding to further develop its AI-driven platform. This funding round was led by Google for Startups and Invest International, with participation from angel investors associated with Google, Tesla, and Unicredit.
Founded in 2020 by Joseph Fakayode, Platos Health has developed the Platos Body Monitor, a cutting-edge smart device that can measure up to 49 health metrics including weight, BMI, heart rate, hydration levels, body fat, and visceral fat. The device seamlessly connects with the Platos Monitor software on Android, iOS, and web platforms, and integrates with Apple Health and Google Health Connect to provide users with personalized health insights powered by AI.
With a scarcity of cardiologists in Nigeria and a growing burden of chronic illnesses, Platos Health is addressing the country’s underserved healthcare sector by offering accessible and preventive care beyond traditional hospital settings. The company estimates its addressable market in Nigeria to be around $30 million, with its devices already available in major pharmacy chains like Medplus and Justrite, priced between ₦80,000 ($50) and ₦120,000 ($80).
Platos Health joins other Nigerian companies like MDaaS and WellaHealth in the quest to improve healthcare access and outcomes in the country. By leveraging technology and innovation, these startups are reshaping the healthcare landscape and bringing much-needed solutions to the population. Source: Techpoint Africa
