Long-term work to tackle a global challenge
Medical technology products have a long road to travel from idea to market. When we founded Optomed in 2004, our vision was to create a fundus camera that would be more affordable and easier to use than a traditional desktop camera. Together with physicians from Northern Finland, we wanted to bring a solution to the eye screening of diabetics living in remote areas. By leveraging Oulu’s strong high-tech product development expertise, we were able to create an innovative handheld fundus camera. However, it took almost a decade before our camera was ready and able to meet the high standards of the health technology market.
One of the leading players in a growing market
Clinical studies made by medical professionals of our products and the position of our original equipment manufacturer (OEM) customers in the global market has made our camera a well-known alternative to the traditional screening method. We believe that the involvement of equipment manufacturers has also accelerated the growth of the handheld camera market. Today, we are one of the leading suppliers in this growing market and have already sold more than 8 700 cameras worldwide. In addition to equipment manufacturers selling our high-end technology under their own brands, we have also always sold the equipment under our own Optomed brand through our growing distribution network or directly to our key customers.
Artificial Intelligence opens wider markets
By combining our cameras with our own screening software and artificial intelligence algorithms provided by our partners, our competitive advantage in the screening market has grown. Artificial intelligence also enables non-ophthalmic staff to perform screenings at local health centers, allowing us to expand into the primary care market that is much larger than our current market. Artificial intelligence is making a breakthrough in the healthcare industry at different rates in different countries. We intend to be at the forefront of the development of artificial intelligence based screening solutions against blinding eye diseases and closely follow the development of artificial intelligence based diagnostics for other diseases.
What is most interesting for the long-term growth in healthcare is the major breakthrough made possible by artificial intelligence. We believe that the commercialization of artificial intelligence will also open up new business models and opportunities, as well as continuous income streams.
The team of the future
We at Optomed are motivated by the development of technically superior products and the importance of our work in preventing blindness. In addition to population aging and life expectancy rising, the number of diabetics and people with blinding eye diseases is increasing worldwide. Most vision problems could be avoided if detected early enough. With our solution, we can improve the identification and treatment of blinding diseases and reduce their societal costs by bringing screenings closer to patients.
Our solutions and business models for the future are supported by our high-end product development team of 57 professionals. Our Leadership Team is also comprised of experienced professionals with the ability to implement Optomed’s growth strategy, drive the transformation of the market for fundus cameras, and, in line with our mission, provide eye screening to everyone.
We are one of the leading providers in the fast-growing handheld fundus camera segment.1 However, we are in the early stages of our growth story and one reason for our contemplated listing is to raise funds to raise awareness of our solutions, open up new markets and launching operations in the United States.
Take part in our initial public offering and join us in solving the global challenge!
Seppo Kopsala, CEO
1Zion Market Research: Global Fundus Cameras Market (2018). Zion Market Research (2018). In the management’s view, the company’s leading position is based on the share of revenue in the handheld fundus camera market that is generated from sales of cameras manufactured by the company and sold to end-users by the company’s OEM customers, distributors and directly by the company.