Synapse Health
- Industry
- Healthcare
- Founded Year
- 2016
- Headquarters
- 1603 Orrington Avenue, Suite 1625, Evanston, IL 60201, United States
- Employee Count
- 164
Key People
- Anthony Kilgore - Chief Executive Officer
- Jay Shah - Chief Financial Officer
- Mandira Singh - President
- Shaw Rietkerk - Chief Operating Officer
- Tim Frederick - Chief Technology Officer
- Andrew Hayek - Co-Founder & Chairman
- Cory Roberts - Co-Founder & Board Member
- Benjamin Simon - Co-Founder
Assessment
- Team
-
Aspect: Multiple successful MedTech entrepreneurs
Summary: The leadership team comprises experienced professionals with backgrounds in healthcare and technology.
The leadership team includes individuals with extensive experience in healthcare and technology sectors, such as Anthony Kilgore (CEO), Jay Shah (CFO), and Mandira Singh (President). Their collective expertise positions Synapse Health favorably in the market.
- Clinical Need
-
Aspect: Strong
Summary: The company addresses inefficiencies in the Durable Medical Equipment (DME) industry.
Synapse Health's digital-first platform aims to streamline the DME ordering process, reducing errors and improving transparency. This innovation addresses a critical need in the healthcare supply chain, enhancing patient care and operational efficiency.
- Competition
-
Aspect: Somewhat crowded
Summary: The DME sector has multiple players offering similar solutions.
The DME industry includes several companies providing digital solutions for medical equipment ordering. Synapse Health must leverage its unique value propositions and technological advancements to distinguish itself from competitors.
- Technical Challenge
-
Aspect: Predictable
Summary: Implementing a digital platform for DME ordering is feasible with current technology.
Developing and deploying a digital platform for DME ordering involves standard software development practices. With a competent technical team, Synapse Health can effectively manage this challenge.
- Patent
-
Aspect: None
Summary: No information available regarding patents held by the company.
Without proprietary technology or patents, Synapse Health may face challenges in protecting its innovations and maintaining a competitive edge in the market.
- Financing
-
Aspect: Well-funded
Summary: The company has secured significant funding to support its operations.
Synapse Health has raised $40 million in funding, including a $25 million round in September 2023. This financial backing provides resources for product development, market expansion, and operational scaling.
- Regulatory
-
Aspect: 510k/PMA
Summary: The company's solutions may require regulatory approvals.
As a provider of healthcare solutions, Synapse Health must ensure compliance with relevant regulations, such as FDA approvals for medical devices. Successfully obtaining these approvals is essential for product deployment and market acceptance.
Opportunity Rollup
- Odds of Success
- 3.75
- Peak Market Share
- 4.7
- Segment CAGR
- 5.4%
- Market Segment
- Durable Medical Equipment (DME)
- Market Sub Segment
- Digital Ordering Platforms
| Year Post Launch | Market Penetration (%) |
|---|---|
| 1 | 0.24 |
| 2 | 0.70 |
| 3 | 1.64 |
| 4 | 3.29 |
| 5 | 4.70 |
Key Takeaway
Synapse Health is well-positioned to modernize the DME industry with its digital platform, leveraging a strong leadership team and substantial funding to address a growing market need.