MedMinder
- Industry
- Digital Health Care Services
- Founded Year
- 2007
- Headquarters
- 320 Norwood Park South, Norwood, MA 02062
- Employee Count
- 180
Key People
- Troy Hilsenroth - Chief Executive Officer
- Eran Shavelsky - Founder
Assessment
- Team
-
Aspect: Multiple successful MedTech entrepreneurs
Summary: The leadership team comprises experienced professionals with a strong background in MedTech and healthcare.
The CEO, Troy Hilsenroth, has a wealth of experience in healthcare markets, including leadership roles at Omnicell and biolog-id. Founder Eran Shavelsky has been instrumental in developing MedMinder's innovative solutions. Their combined expertise in MedTech and healthcare management provides a solid foundation for the company's growth and innovation.
- Clinical Need
-
Aspect: Very Strong
Summary: MedMinder addresses a critical need for medication adherence among elderly and chronically ill patients.
Medication non-adherence is a major issue leading to poor health outcomes and increased healthcare costs. MedMinder's integrated pharmacy and medication management solutions provide a comprehensive approach to improving adherence, particularly for elderly and polypharmacy patients, thereby addressing a pressing clinical need.
- Competition
-
Aspect: Somewhat crowded
Summary: The market has several players offering medication management solutions, but MedMinder's integrated approach differentiates it.
The medication management market includes various competitors such as Hero, mcare, and Medisafe. However, MedMinder's combination of a connected pill dispenser, pharmacy services, and personalized care sets it apart, offering a more holistic solution to medication adherence challenges.
- Technical Challenge
-
Aspect: Predictable
Summary: The technology involved is well-established, with manageable development challenges.
MedMinder's solutions involve integrating existing technologies such as automated pill dispensers and telemedicine platforms. These technologies are mature, and the company's experience in deploying them minimizes technical risks associated with product development and implementation.
- Patent
-
Aspect: Strong
Summary: MedMinder holds patents that protect its unique medication management solutions.
Holding patents for its integrated pharmacy and medication adherence solutions allows MedMinder to safeguard its innovations, preventing competitors from replicating its unique offerings and maintaining a strong market position.
- Financing
-
Aspect: Well-funded
Summary: MedMinder has secured significant funding to support its growth and expansion plans.
With investments from Accelmed Partners, Arkin Holdings, and SWK Holdings Corporation, MedMinder has raised substantial capital. This financial support enables the company to expand its services, enhance technology offerings, and increase its market reach, ensuring sustained growth and innovation.
- Regulatory
-
Aspect: 510k/PMA
Summary: MedMinder's products comply with necessary regulatory requirements, facilitating market entry.
The company's medication management solutions adhere to relevant regulatory standards, including FDA clearances where applicable. This compliance not only ensures the safety and effectiveness of its products but also streamlines the process of bringing new solutions to market, reducing potential regulatory hurdles.
Opportunity Rollup
- Odds of Success
- 3.7
- Peak Market Share
- 4.7
- Segment CAGR
- 9.5%
- Market Segment
- Digital Health Care Services
- Market Sub Segment
- Medication Management Solutions
| Year Post Launch | Market Penetration (%) |
|---|---|
| 1 | 0.24 |
| 2 | 0.70 |
| 3 | 1.64 |
| 4 | 3.29 |
| 5 | 4.70 |
Key Takeaway
MedMinder's integrated approach to medication management positions it well to address the growing need for home-based care solutions, supported by a strong team and substantial funding.