This story is part of Glossy’s week-long State of Luxury Survey, which examines what consumers and brands think is worth investing in in 2024. Click here to see all stories in the series.
The COVID-19 pandemic has created one of the first globally shared experiences in modern times centered on human health and long-term survival. Along with countless other economic and social changes, many of our shared values have also changed. Popular idioms such as “cash is king” and “health is wealth” have taken on new meaning against the backdrop of a global recession and the rapidly spreading coronavirus. Suddenly, our health became a luxury that money couldn’t buy.
It also opened the door for Americans to embrace the rapidly growing cottage industry currently disrupting America’s health care system: the rise of self-pay preventive products and services.
David Hamlett, health and wellness analyst at market research firm Mintel, said: “The pandemic has prompted a significant shift towards preventive health care, exposing the limitations of traditional healthcare systems and highlighting the critical need for proactive health maintenance. “Gender was emphasized.”
According to Mintel data, since 2020, 89% of consumers have adopted new solutions to stay healthy, with 72% of consumers opting for COVID-19 tests, allergy tests, glucose monitors, and blood pressure monitors. , using self-diagnostic tools such as blood pressure monitors. Personalized supplements. But perhaps the biggest new health-related financial investment consumers are making is selective MRI scans, which have traditionally been available only through hospitals and insurance.
Now, in a gold rush, a small number of well-funded companies are performing annual MRI scans that use magnets instead of radiation to search for hundreds of diseases, including cancer. This is a routine treatment for all adults. Meanwhile, more accurate mammograms using ultrasound technology, telemedicine services, at-home disease detection kits, and longevity-focused supplement brands, including one from infamous tech entrepreneur Brian Johnson, are popping up everywhere. There is.
“Our original customer population is biohacker types who are very health-conscious and longevity-focused. They want to get data. They want to look inside their bodies.” said Emi Gall, founder and CEO of Ezra, a company that offers full-body MRI scans. “In the last few years, it has shifted more towards what we call the ‘cancer-aware population,’ who typically have had a loved one diagnosed with cancer and are now worried about cancer. It’s about the people who are.”
Ezra’s full-body MRI scan screens for cancer in 13 organs and 500 other diseases, using AI technology to analyze the results. The company was founded in 2018 and has 18 locations in seven cities across the United States, with 50 more locations planned for 2024. To scale, the company made a $21 million investment earlier this year, co-led by VC firm Healthier Capital First and Mark. capital. To date, Ezra has raised a total of $41 million.
Ezra offers a 60-minute full-body screening for $1,950, a more thorough screening that includes the lungs for $2,500, and the recently introduced 30-minute “flash” MRI for $1,350. Ezra’s gal told Glossy that new $500 15-minute screenings will be released within the next 24 months.
After the scan, if there are any findings of concern, patients review their results within the Ezra app or with their Ezra representative. Findings are ranked from green, which means normal, to red, which means the patient should see a doctor as soon as possible. Yellow indicates that it is worth considering consulting your doctor if possible.
Gal told Glossy that the majority of consumers return for new scans every 18 months, and 80% of new customers come from referrals. The customer base is evenly split between men and women, the average age is 48 years old, and they are mainly from urban areas.
According to Google Trends, search interest in magnetic resonance imaging (MRI) reached an all-time high in April of this year, with searches for “whole body MRI” more than tripling in the past two years and increasing in May of this year. reached an all-time high. Meanwhile, MRI costs hit a record high in January of this year.
Ezra’s biggest competitor is Prenuvo, also founded in 2018. Prenuvo has raised more than $70 million to date and has 13 locations, with 12 in the pipeline. A 60-minute full body scan costs $2,499, a head and torso scan costs $1,799, and a torso scan costs $999. Like Ezra, the business is driven by word-of-mouth referrals, with a small percentage coming from celebrity endorsements from stars like Maria Menounos and Kim Kardashian.
“We believe that the best marketing is a customer who is truly satisfied and willing to share their story and tell their friends and family about our services. Because we saw the value,” said Alina Loani, Vice President of Business Development and Strategic Partnerships at Prenuvo. said Grossi. “To me, influencers are just like patients, but with a louder voice.”
Prenuvo garnered a lot of headlines this year for viral IG posts by Menounos, Kardashian and others, but neither was paid. Prenuvo’s Roani told Glossy that the company has never paid anyone to undergo a scan, but that it sometimes reimburses treatment costs in exchange for an honest evaluation.
However, medical experts share mixed opinions about the increase in elective MRI exams. Perhaps the biggest complaint is cost, and Ezra and Prenuvo are actively working to reduce costs, the companies told Glossy.
Another common complaint is that inconclusive results can leave patients stuck in the so-called “treatment cascade.” In other words, patients bring the results to their doctor, who often orders a second MRI or CT scan covered by insurance to focus on the underlying problem, followed by blood tests, biopsies, and excisions. is often done. Or, as in the case of journalist Dhruv Kalar, who wrote about her experience in The New Yorker, the results may be inconclusive and require annual monitoring.
Context is another big pitfall for beginners. Without previous scans to compare results to, something unique to a person’s body that is completely normal and healthy can appear abnormal compared to the average person. This is why annual scans are important and why the results become more accurate year after year.
Still, EzraScan and PrenuvoScan each reportedly detect cancer or other deadly conditions in 5% to 13% of patients.
President Joe Biden and Vice President and presidential candidate Kamala Harris are eyeing both that opportunity and its limited access. In August, the Biden-Harris administration awarded $9 million in grants to organizations that provide access to lifesaving cancer screenings in underserved communities.
But MRI scans are just one part of this new big change. In 2023, the FDA changed its regulations regarding mammograms, revealing that traditional mammograms are completely unable to detect cancer in people with “dense breast tissue,” which includes 50% of American women.
“People wake up and don’t have a standard “We’re starting to realize that our health care system is broken because it’s one-size-fits-all.” Like cancer. “Standard mammography involves radiation and misses 50% of breast cancers. That’s not enough.”
Khorsandi’s clients are often referred by functional and holistic physicians who do not want to expose their patients to radiation. Her customers, including Gwyneth Paltrow and Demi Moore, are often very satisfied and take to social media to spread awareness about breast health. Her breast ultrasound service is called Sonocin and costs $590.
Other screenings focused on women’s health include Qvin, a pap smear alternative. The A1c kit costs $29. The A1c kit includes menstrual pads that users wear to collect and track menstrual blood. It is then sent to Qvin to be tested for problems such as HPV, cervical cancer, thyroid problems, and anemia. Meanwhile, BodySpec is also growing in popularity. The company offers bone density scans and overall weight analysis using Dexa Scan technology for about $40 each. Bone density scans are especially important for mature women who may suffer from conditions such as osteoporosis.
On the aesthetic side, we’re introducing Persana, a new telemedicine service that gives you instant access to plastic surgeons to troubleshoot issues and treat aesthetic concerns. A 60-minute consultation with a doctor costs $100.
Meanwhile, Perelel Health and Binto, launched in 2020 and 2024 respectively, offer personalized supplements to women seeking support with reproductive health, menopause, and other life changes. Perelel’s supplement packs cost around $50 for a month’s supply, while Binto’s supplement packs range from $36 to $56 for 30 daily packs. They’re reaching women, but tech mogul Brian Johnson, who is spending his fortune trying to reverse his physical age to much fanfare on the internet, is also trying to reach men. This year, he launched a line of supplements called Blueprint, which is said to have been created with his longevity journey in mind. His daily supplements cost about $55 a month, while his Blueprint stack, which includes a month’s supply of supplements, snacks, protein powder, and cooking oil, costs $361.
Johnson gained international attention last year after documenting his longevity journey on YouTube as he attempts to reverse physical age through exciting biohacking techniques. These range from vitamin injections and nontraditional sleep schedules to eating your last meal at 11 a.m. to taking 100 different supplements a day. He reportedly spends about $2 million a year on his activities. In many ways, he has become the face of biohacking in 2024, and his YouTube channel currently has over 1 million followers.
These are all part of a movement that values health above all else, and is becoming increasingly accessible as this trend grows.
“The closest thing to a cure for cancer is early detection. I don’t think many people fully understand how big of a difference there is in survival rates between early and late cancer diagnoses. ” Ezraz Gal told Glossy. “My personal mission is to work hard to make sure these scans are very affordable and available to everyone. … This doesn’t have to be a luxury for people, it doesn’t have to be the default. I hope you do.”
