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5 Apr, 2023
2 min time to read

Global medical imaging market was worth $28 billion in 2021 and is expected to grow due to increased demand for early detection services and age-related conditions.

Radiology services are increasingly in demand, but there is a shortage of radiographers available to provide them. This is especially concerning in the US, where almost half of radiographers are approaching retirement age, and there are fewer residents to take their place. The situation is similarly critical in the UK, where the 2021 Royal College of Radiologists census reported a shortage of 1,670 radiologists.

In response to this shortage, OXOS Medical has raised $23 million in Series A funding with the goal of delivering a "radiology department in a box." This funding, provided by Parkway Venture Capital and Intel Capital, brings OXOS Medical's total funding to $45 million. OXOS believes that its technology can help alleviate the shortage of radiographers and make radiology services more accessible to people around the world.

OXOS devices use 80% less radiation than existing devices, making them safer for patients and practitioners. They also provide both static and live imaging for diagnostic and surgical radiography, making them a versatile tool for medical professionals. The low radiation profiles and small form factor of OXOS devices make them ideal for use in a wide variety of medical and non-medical settings, including urgent care centers, professional sports teams, and family practices.

The funding from Parkway Venture Capital and Intel Capital will be used to help OXOS scale up and push its technological advantages. The company's goal is to provide a safe, powerful, and simple X-ray technology that can be used anywhere in the world. OXOS aims to put a complete radiography solution in the hands of urgent care centers, sports teams, home care providers, and international mission operations.

As the number of deployed OXOS devices increases, the OXOS platform will become a resource for researchers and diagnostic innovators to build on. The company believes that automating radiographic diagnostics will make healthcare more affordable and accessible to people around the world. OXOS aims to grow into an independent, public company as it executes on its goals.