The global medical device market is booming, projected to grow from $678.88 billion in 2025 to over $1.1 trillion by 2034. This growth is largely driven by the increasing demand for home-based health monitoring, especially among people ageing and individuals managing chronic illnesses.
Established players like Omron have built their brand on clinically validated devices, such as blood pressure monitors and ECG trackers, that are widely used in homes and hospitals. However, African companies have rarely had a market share, but new entrants like Platos Health might change that.
Platos Health is a Nigerian startup positioning itself as a local alternative to these global medical tech giants. It is also stepping away from the telemedicine solutions African healthtech startups are known to build.
The Lagos-based company recently raised $1.4 million in pre-seed funding to scale its AI-powered health monitoring platform.
The round was led by Google for Startups and Invest International, alongside a pool of angel investors from companies like Google, Tesla, and Unicredit.
Founded in 2020 by Joseph Fakayode, Platos Health developed the Platos Body Monitor, a smart medical-grade device that tracks up to 49 health indicators, including weight, BMI, heart rate, hydration, body fat, and visceral fat. It syncs with the Platos Monitor software, accessible via Android, iOS, and the web.
The platform also integrates with Apple Health and Google Health Connect, allowing users to build a holistic view of their health data and receive personalised recommendations through an AI engine.
With fewer than 500 cardiologists serving over 200 million people and chronic diseases on the rise, Platos Health is stepping into Nigeria’s underserved healthcare market by offering accessible, preventive care solutions outside the traditional hospital system.
The company estimates a $30 million addressable market across Nigeria. Devices are already stocked in major pharmacy chains such as Medplus and Justrite, priced between ₦80,000 ($50) and ₦120,000 ($80).
Platos Health joined the ranks of MDaaS and WellaHealth to tackle access to healthcare, which has been a problem in Nigeria for many decades.
