GlobalData, a data and analytics company, on Monday said that Olympus Corp’s plans of collaborating with startups of MedTech industry is expected to improve patient outcomes, advance the diagnosis and treatment of various diseases. According to the company, Olympus Corp is planning to advance innovations in the MedTech industry by collaborating with startups that specialize in the field of medical devices, digital solutions, and diagnostics.
Established in 2021, Olympus Innovation Ventures, a fully owned subsidiary of Olympus Corp, was launched to support startups that provide digital solutions to diagnose and treat diseases.
Reportedly, Olympus Innovation Ventures took part in the series A funding for Virgo Surgical Video Solutions Inc to support the development of artificial intelligence-powered platforms for endoscopy procedures.
GlobalData’s research reveals that Olympus Corp was the market leader for endoscopy devices, accounting for around 23 percent of the global market in 2021.
“Olympus Corp will strengthen its position in the global endoscopy market while the partner companies can leverage the investments, technical expertise, and vast distribution network of Olympus Corp. With market leaders such as Olympus Corp partnering with startups, a rapid advancement can be expected in the field of MedTech, resulting in better solutions,” Chetna Kaushik, Medical Devices Analyst at GlobalData, said in a statement on Monday.
Through Olympus Innovation Ventures, Olympus Corp plans to make further investments, especially in the fields of urology and respiratory care. MedTech companies planning to make advancements in this space can use this as an opportunity to gain market share, the company added.