The Coronavirus pandemic caught healthcare systems off guard. It instilled a looming paranoia of sickness. Entrenched in misinformation, a distrust for doctors, and collapsing systems, the world demanded quality healthcare. Luckily, healthtech and medtech startups got the memo. Healthtech refers to the commercialization, delivery, and consumption of care. While Medtech delineates the technology developed to diagnose, monitor, and treat diseases. Here are the top startups in the industry in 2023.
In a concrete jungle, a sick day has huge implications. From going to the doctor to being fully healed, there is a lot that goes on behind the scenes. Chronologically: prevention of diseases, recording symptoms, booking an appointment, tracking medical history, diagnosis, treatment, purchasing medication, monitoring… The list goes on. After all, a hospital isn’t much different from a business. Healthtech and medtech startups use man’s gift to himself, technology, to make these processes more efficient.
Doctors are indispensable, but humans are bound by biases that machines are free from. In a study conducted by Mendel et al. in 2012, the researchers found that a clinical “confirmation bias” impacts the validity and reliability of diagnosis. Out of 75 medical students, 25% misdiagnosed an Alzheimer’s patient. Their confirmation bias prevented them from searching for new information after making a preliminary diagnosis. Medtech startups rely on artificial intelligence to carry out advanced analytics to identify patterns in biomedical data that helps with the early detection of ailments.
A good business sees a problem and innovates a solution. A better business may create a problem and capitalize on a solution. According to the New York Health Department, about 697.000 people die of heart disease annually in the US. Coronary heart disease is the most common, due to cholesterol deposits in the arteries. Incidentally, processed foods are cheaper in America as opposed to fresh produce. Medtech companies ideate and produce wearable heart monitoring devices that help save lives by being watchful of risks.
Healthtech plays an important role in the administration of medical institutions. Firms design applications to book shifts for healthcare professionals and improve workforce management. The automatization of bureaucracy through healthtech startups improves medicine, as it accelerates the process between diagnosis and treatment.
Digital health solutions enjoy a rapidly growing market, with more than 95 percent of hospitals using electronic health records, as specified by HealthIT.gov. The fertile business ground breeds more startups than it can handle, resulting in a struggle for funding and thus, startups tend to duplicate existing technology instead of bringing new solutions to the table. Raising capital for experimental technology is daunting, resulting in a decline in innovation. This is detrimental to the vast technological potential of the industry.
Healthtech startups require a strong team to be successful. A digital solution relies on a well-informed and creative engineer who knows their way through information technology. In combination with a persuasive marketer, to attract funds and sell the solution to hospitals. Healthtech startups hire professionals from a wide spectrum of fields, intensifying good management's role. Thus, the staffing for healthtech companies can make or break their progress.
Healthtech might seem invisible to a patient, but these startups directly impact our physical health. The Health Insurance Portability and Accountability Act, or HIPAA of 1996, is a federal law enacted to safeguard the patient’s medical information. This includes their medical history, test results, treatments, etc. A hospital would incur a penalty or criminal prosecution if such details were disclosed. This is one of the major challenges for healthtech startups, as software is vulnerable to hacking and phishing attacks. To prevent security breaches, healthtech startups must update their apparatus, which includes an additional financial burden.
Technology is characterized by change. Medtech startups translate scientific innovation into practical, daily use. The most significant trend in 2023 involves the use of machine learning, or artificial intelligence to invent drug molecules. In 2020, Exscientia, a British startup, used AI to create a medication for obsessive-compulsive disorder, which was cleared to be tested on humans. It takes years for medication to enter drugstores, but it took less than one year from its conception for this drug to take the form of a trial capsule.
Have you ever called the general practitioner’s office explaining your symptoms and waited to see if they deserve an appointment? Symptom checker chatbots conclude the hopeless waiting times to access the doctor’s office. Via mobile devices, chatbots are available at all times for a patient’s complaints. Increased access to medical assistance puts the patient at ease. While they cannot replace doctors, chatbots decrease the burden on clinics to respond to all callers. The objective questions a robot asks also enhance the doctor’s diagnosis accuracy.
Most strikingly, augmented reality allows for digital twin technology, which creates a prototype of the patient in a virtually controlled environment. The novel scope for visualization allows medical professionals to determine the drawbacks of possible surgical procedures, ultimately, assisting them in choosing the most suitable path for the patient. This facility is also indispensable in terms of gauging the dimensions of prosthetics.
According to StartupBlink, a research center for global startup ecosystems, healthtech was the second largest industry in 2022. Accounting for 12.7% of all sampled startups. A unicorn startup is one that has been in the business for less than ten years, is private, independent, and valued at one billion dollars or more. A testament to the fast-growing quality of the healthtech industry, in StartupBlink’s research, there were 73 unicorn startups in healthtech, of which 53 are located in North America. The following is a list of the most successful American and European startups in healthtech and medtech today.
Based in San Francisco, USA, Omada Health is a digital health firm offering data-driven, personalized care for chronic conditions such as diabetes, weight management, anxiety, and depression. Founded in 2011, it is valued at over $1 billion, partly funded by aMoon and Fidelity Management & Research Co.
From San Francisco, USA, Benchling is a cloud-based platform to help scientists accelerate their research and development lifecycle. Through tools that allow for collaboration and storing data, more than 200.000 scientists across academic institutions and fortune 500 companies depend on Benchling. Founded in 2012, the biotech platform has a valuation of $6.1 billion.
Based in Oxford, UK, the company develops and sells nanopore sequencing products, which allow scientists to analyze single molecules electronically. Nanopore sequencing studies the code of a single DNA strand, allowing scientists to access new avenues for research. Founded in 2005, Oxford Nanopore Technologies was valued at $4.6 billion in a London share sale in 2021.
Situated in Massachusetts, USA, Podimetrics provides management services and technologies to prevent foot amputations in diabetic patients. They developed a “Smart Mat” that detects foot ulcers when a patient stands on it for 20 seconds. That data is then sent to their healthcare provider. Founded in 2011, the organization has a valuation of about $225 million as of 2020.
According to the CDC, in one year, approximately 36 million older adults suffer a fall, resulting in over 32 thousand deaths. From Colorado, USA, Nymbl Science is a digital, in-home balance training program that helps prevent falls in older adults. The wellness and fitness service was founded in 2014 and is valued at $60 million.
In Shakespeare’s time, doctors made house visits to families who could afford it. Now, thanks to technology, at-home healthcare is accessible and affordable. Based in Denver, USA, DispatchHealth has board-certified medical members delivering emergency care to one’s doorstep. The practice updates healthcare providers and is affiliated with various health insurance providers. Founded in 2013, DispatchHealth is valued at over $1 billion.
In a private health economy, the abundance of practitioners and institutions leaves patients puzzled. Doctify found a solution: consumer's voice. Headquartered in London, UK, the startup enables doctors, clinics, dentists, and hospitals to consolidate patient feedback online. It also helps patients learn more about their healthcare providers. Founded in 2015, Doctify has secured funding of $10.5 million.
Based in London, UK, the software company has a web and mobile application for better workforce management. It simplifies the process of booking shifts for healthcare professionals and determines staff availability. Founded in 2012, Lantum has an estimated valuation of between $60 and $90 million.
Situated in Massachusetts, USA, Alto Pharmacy works with doctors and insurance providers to deliver prescriptions to the patient’s doorstep. According to Business Wire, the healthtech startup has filed over 1.5 million prescriptions and touched the lives of about 125,000 patients. Founded in 2015, the online drugstore is valued at over $1 billion.
When it comes to chronic illnesses, a second opinion is almost always advised. From Tennessee, USA, ThymeCare is an oncology management platform which grants users counseling from numerous cancer professionals like nurses and social workers. They also provide financial guidance, transportation, and childcare services. Founded in 2020, they now have over seven investors.
Based in Oulu, Finland, the healthtech company developed a wearable ring and application to measure sleep quality by measuring body temperature, heart rate, respiration rate, and movement. Oura creates a nightly sleep profile for the user. Founded in 2013, it is now valued at $2.55 billion.
Founded in 2014, in Helsinki, Finland, Aiforia uses artificial intelligence for image analysis. The cloud-based platform functions in all therapy areas, benefitting pathologists and researchers. In a recent round of funding, Aiforia raised approximately $21 million. The European Union is one of Aiforia’s multiple investors.
Headquartered in the Netherlands, Agendia administers genomic tests to help patients select the most suitable treatment for breast cancer. By identifying the exact gene causing a tumour to grow, the startup takes an individualized approach for each patient.
Founded in 2003, the healthtech startup has funding of about $182.3 million.
From Apple watches to an array of wellness apps, our collection of data is getting out of hand. Established in Vancouver, Canada, Metriport is a universal application programming interface for healthcare data. Through the standardized API, users can access all their health data across wearables and applications on one platform. Founded in 2021, Metriport has a valuation of $20 million.
Based in California, USA, Malama is a digital platform that helps monitor diabetes in pregnant women. It helps users track their glucose and meal data to lower the rates of preterm and C-section births. Launched in 2022, Malama has five partners, including Stanford Hospital and AMS Research.
Situated in Northern Ireland, PneumaHealth is an application programming interface aiming to democratize healthcare in Africa. The crucial need for efficient systems obscures questions of international dependency. The platform unites patients, developers, and providers, rendering healthcare more affordable. Founded in 2020, the software promotes health equity in Africa through digitization.
Since Covid-19, a newfound, cosmopolitan obsession with mental health is undeniable. Headquartered in California, USA, the virtual application helps its users with mindfulness through guided meditations. Founded in 2010, Headspace Health is valued at $3 billion. But in an ocean of similar applications, what makes Headspace successful? Aside from friendly graphics and colourful animation, the startup uses social media marketing to appeal to its target audience: millennials.
From Massachusetts, USA, FOLX Health provides quality healthcare services to the LGBTQ+ community. Designed to limit systemic discrimination in American healthcare, the startup offers virtual appointments, sexual health advice, hormone replacement therapy, and more. Founded in 2019, the startup has raised $59.4 million in funds.
From London, UK, DoctorLink is an application to catch up with the growing demand for centralised general practitioner services. Available on Google Play and the Apple Store, the application helps patients book an appointment with their general practitioner efficiently. Founded in 2016, the startup has raised $24 million from Eight Roads Venture.
Based in London, UK, Thriva is a blood testing subscription service that offers personalized diagnostics and helps Londoners gain insights into their health. Founded in 2015, Thriva allows users to take their health into their own hands. It ranked seventh in the Financial Times report on Europe’s fastest-growing companies.
Headquartered in London, UK, BenevolentAI is a knowledge graph platform that relies on machine learning to dissect biomedical data and develop efficient treatments. The startup used artificial intelligence to identify a drug to treat Covid-19 in early 2020. Founded in 2013 and valued at over $1.7 billion, investors, including Goldman Sachs, invested in BenevolentAI.
Headquartered in London, UK, the startup reduces hospital readmission rates via remote patient monitoring and predictive healthcare powered by artificial intelligence. Huma has over 1.8 million users across its platforms. Founded in 2011, in six rounds of funding, Huma Therapeutics has raised funds worth $184 million.
Acquired by Medtronic, an enterprise based in Minnesota, USA in 2021, Touch Surgery helps enhance surgeons’ performance by producing realistic visual guides for medical procedures. Originally established in 2012, Touch Surgery was developed by visual artists, AI engineers, and surgeons.
A British website where patients may order their prescription medication, which will be delivered for free. Patients can also track their orders and set reminders for taking their medicines on their mobile application. Launched in 2015, after five rounds of funding, the startup has obtained $11.5 million.
Headquartered in London, UK, DNANudge helps users make smarter health choices based on their DNA information. Users can access their genetic information on an application that also makes food recommendations based on results. Founded in 2020, the startup has signed a redistribution deal to conduct tests in Spain.
From San Francisco, USA, Carbon Health makes high-quality healthcare more accessible. It offers a “friendlier healthcare experience” sans membership payments. Founded in 2015, the startup partners with clinics to render healthcare seamless via virtual and in-person appointments. It is worth over $1 billion.
Based in Texas, USA, First Dollar is an insurance policy where the insurer begins to pay only when an insurable event occurs. In this manner, the client is not financially burdened and can go on with their day-to-day business. Founded in 2019, the startup innovates the healthcare benefits infrastructure.
Headquartered in Paris, France, the startup is a “clinical research ecosystem”. More data is always more reliable. Inato enhances the potential for research by inducting more patients and doctors into the research scene. Founded in 2016, Inato is valued between $48 and $73 million.
From New York, USA, Headway is a union of therapists who accept insurance. The startup aims to make mental healthcare more accessible. Founded in 2019, through Headway, patients may pay as low as $20 for a consult instead of $200.
Headquartered in New York, USA, Maven Clinic is a virtual clinic for women’s and family health. Their digital programs reduce costs and benefits, improving diversity, equity, and inclusion. Founded in 2014, the startup has touched the lives of 15 million individuals.
Based in the Netherlands, the biopharmaceutical startup develops oral medication for patients with metabolic diseases. At the clinical stage, it provides viable treatment for patients failed by currently approved therapies. Founded in 2019, the startup enjoys approximately $429.4 million in funding.
From Paris, France, Ganymed Robotics uses advanced artificial intelligence to develop technology for orthopaedics, that improves a patient’s outcome, a surgeon’s experience, and the efficacy of joint replacement surgeries. Established in 2018, the startup has raised $41.1 million over five rounds of funding.
Headquartered in Oxford, UK, OchreBio develops RNA therapies for chronic liver diseases. Liver disease is the third leading cause of premature death in the UK. In 2020, as stated by gov.uk, there were 9,666 deaths associated with liver disease. Founded in 2019, the startup has 19 investors, including EIT Health and Khosla Ventures.
In the spirit of sustainability, can materials that replace organs also go green? Based in Ireland, Lifelet Medical produces a biomimetic polymeric material for heart valve replacements, with increased durability, decreased costs and carbon footprint. Established in 2020, the startup has 3 investors.
Headquartered in Lausanne, Switzerland, Mindmaze now has offices in London, Paris, and Mumbai. Specializing in digital neurotherapeutics, the platform offers virtual reality products, overseen by healthcare specialists, that help patients of Alzheimer’s and Parkinson’s, or after a traumatic brain injury, recover their brain function. Started in 2016, MindMaze recently announced an investment of $125 million.
The surge in the use of technology after Covid-19 worsened the quality of sleep for many. In the Netherlands, Onera Health offers a diagnostic patch that monitors the user’s sleep quality. Founded in 2017, the healthtech startup accepted a grant worth $2.6 million from the East India Company.
From London, UK, Kheiron Medical introduced Mammography Intelligent Assessment (MIA), a software that uses advanced artificial intelligence to help doctors diagnose breast cancer with greater accuracy. Established in 2016, many NHS hospitals are now partnered with this startup.
Based in Croatia, the mobile application is a mental health assistant. Using cognitive behavioral therapy, and an anonymous mode, NAOMI allows the user to focus on a mental health issue, such as anxiety, stress, and anger and helps them through it. Founded in 2020, the startup collaborates with businesses to prevent employee burnout.
Founded in Switzerland, Ava helps women conceive via insights into their ovulating window. A watch that collects information like the user’s heart rate and body temperature and makes a recommendation on the perfect time for intercourse. Launched in 2014, the startup has approximately $42.2 million in funding.
A French application, Doctolib is a platform for patients to book appointments with their healthcare provider. Also operational in Germany and Italy, medical facilities may access their services for a monthly fee. Founded in 2013, more than three-quarters of immunization requests in France were booked through Doctolib. It is now valued at over $1 billion.
Headquartered in New York, USA, Ophelia is an online opioid addiction rehabilitation platform. The startup entails online consultations with a care team, and a prescription of Suboxone sent to the user’s local pharmacy. Founded in 2019, Ophelia is valued at about $275 million.
Amra, a Swedish startup, develops innovative medical devices for scanning the fat and muscle percentage in the body. Established in 2010, the startup has partnered with Pfizer, Maastricht University, and Mayo Clinic for medical research. It now has about $10.2 million in funds.
Headquartered in Munich, Germany, the healthtech startup offers users a range of insurance options, of which they may select the most beneficial. The application also presents calculations for predicted future payments. Launched in 2015, Ottonova has over $140.8 million in funding.
Oviva is an NHS provider based in London, UK, that helps diabetic patients regulate their blood glucose and pressure levels. By keeping tabs on their diet, weight, and physical activity, Oviva also entails learning resources like recipes and coaching. Founded in 2014, the startup has approximately $127.5 million in funds.
From London, UK, the AccuRx is a software that enables the communication between patients and their healthcare providers. Along with accessible communication between hospital staff. Founded in 2016, a whopping 98 percent of general practice institutions with the NS use the startup’s services.
Founded in 2015 in London, UK, Second Nature helps people find verified nutritionists to support their health and fitness needs. The application generates a grocery list for members and an abundance of healthy food. Second Nature has now raised $13.3 million in funding.
Headquartered in New York, USA, Peachy is digital insurance that evaluates bills to ensure fair prices. Founded in 2021, funding for the company was provided by investors from the private healthcare and insurance sectors, including former officials from Bupa and the Chartered Institute of Insurance.
Founded in 2016 in California, USA, Meru Health developed a wearable device to help users track their heart rate. The device is an ear clip-on, sent to the users by mail. In their most recent round of funding, in 2020, investors including Slack and Y Combinator contributed $8.1 million.
Based in California, USA, Modern Fertility connects women to various fertility and ovulation tests. They also produce prenatal vitamins, pregnancy tests, fertility hormone tests, and similar products. Founded in 2017, they raised $22 million in their most recent round of funding.
Headquartered in London, UK, Novoic uses artificial intelligence to detect early signs of neurological diseases such as Alzheimer’s and Parkinson’s. The unique, non-invasive initiative does so using a patient’s voice recordings, “based on the way people speak”. Founded in 2019, the startup generated funds worth $2.6 million in its seed round.
Legal provisions sometimes need a nudge from the private sphere to be more effective. From Texas, USA, Aunt Bertha is a platform that connects people to the social service resource they require. Started in 2010, the startup has since helped 4 million individuals.
From California, USA, the startup provides phone-based care or telehealth. Doctors and professionals are on call for patients’ physical and mental health needs. Founded in 2015, the startup was acquired by Accolade in 2020, a business that presents various healthcare options.
Based in California, USA, the healthtech startup offers private medical institutions a technology to expand their base of patients and gain insights from patient feedback. Founded in 2014, it is informally known as the social media for healthcare providers. PatientPop now has 8 investors, including Vivo Capital.
From Chicago, USA, Tempus delivers “the power of data and artificial intelligence to healthcare”. The startup collaborates with academic health institutions to expand its data and improve precision. Founded in 2015, Tempus recently announced $275 million in funding from equity and existing investors.
Headquartered in San Francisco, USA, Calm is an application for sleep, meditation, and relaxation. Founded in 2012, with a persistent focus on mental health, the startup now has a valuation of $2 billion. Similar to Headspace, Calm capitalizes on mental health, with over 4 million paying users.
A majority of senior citizens feel a sense of profound abandonment, that often worsens their health issues. Based in Massachusetts, USA, Reviving Mind is a telehealth provider helping senior Medicare members with chronic illness and loneliness, to adhere to their program. Founded in 2020, the platform increases the efficacy of treatment.
Based in New York, USA, the healthtech startup created a digitized space for patient records. It allows professionals to access their patient’s medical records in an instant. Over 2 million patients have received prompt treatment for critical health needs through eHealth Technologies. Founded in 2006, eHealth Technologies has collaborated with about 100 top hospitals.
From New York, USA, clinicians rely on Parachute Health to order medical equipment for their patients from a range of suppliers. The startup is a bridge between clinics and suppliers and has more than 40,000 customers. Founded in 2014, the startup can offer over 10,000 products and services.
Founded in 2011 in San Francisco, USA, BetterUp helps corporates create high-performing work environments. It is a coaching platform that helps professionals strengthen leadership skills. According to their reports, the employees who work with them see a 130 percent increase in their job performance.
Headquartered in Berlin, Germany, Ada is a self-evaluation application that produces statistically possible diagnoses. It does so by recording a user’s symptoms and matching them with signs of patients in the same age group and gender. Founded in 2011, the startup has received a total funding of about $69.3 million.
It is the year 2020. Your daughter has a high fever. It might be Covid-19, but you cannot leave your house. Who do you call? You have a chronic illness. Conventional treatments refuse to work. Who do you call? You are a single mother. You need to pick the kids up from school and attend chemotherapy. Who do you call? You are 80 years old. You live alone. You cannot remember when to take medicines. Who do you call?
This is where healthtech enters our lives. When the fear of losing a loved one is not quelled by public health systems that are already overwhelmed, technology gives us hope. Overlooking a rise in hypochondriacs prone to excessive monitoring and startups’ infamous lust for profit, the future of healthtech is accessible, inclusive, and innovative.
From telehealth for transgender people to artificial intelligence inventing medicine, healthtech has much to offer. Aside from being an incredibly profitable industry, healthtech and medtech are the future of medicine. People are beginning to rely on technology for the simplest of things. Why should medicine fall behind?
