Top 7 Healthtech Companies to Watch in 2023
The digital healthcare market was valued at $211 billion in 2022 and has massive growth prospects with an expected compound annual growth rate (CAGR) of 18.6% from 2023 to 2030, per Grand View Research. In 2023, several emerging trends will be reshaping the sector, including advancements in chronic disease management, healthcare data management, bloodstream infection detection, and digital CO2 monitoring. This article will explore accelerating health tech startups with unique business models like Maven, Cerca, and Huma, among others leading in innovation in the sector.
What is Healthtech?
Healthtech refers to technology-enabled healthcare services or products that help enhance healthcare delivery, improve patient outcomes, increase accessibility, and optimize the healthcare experience. It encompasses various digital solutions, software applications, devices, and platforms that leverage technology to address healthcare challenges beyond hospital facilities and health practitioners' offices.
Healthcare technology companies span various areas such as telemedicine, wearables, mobile health (mHealth) apps, electronic health records (EHR), artificial intelligence (AI), and data analytics. These technologies empower healthcare professionals, patients, and caregivers by providing diagnosis, treatment, monitoring, and health management tools.
Is Medtech the Same as Healthtech?
While there is some overlap, medtech and healthtech are not interchangeable terms. medtech, short for medical technology, specifically focuses on applying technology in medicine and medical devices. It encompasses a narrower scope compared to healthtech.
Medtech primarily refers to developing and using medical devices, equipment, and diagnostic tools for medical purposes. This includes devices such as pacemakers, insulin pumps, imaging systems, surgical instruments, and other technologies designed to diagnose, treat, and monitor medical conditions.
To summarize, here are the key distinctions between healthtech and medtech:
Scope: The main goal of healthtech is to enhance personal and preventative care. Alternatively, MedTech focuses explicitly on medical devices and equipment to diagnose, detect, treat, and monitor medical conditions.
Usage: Healthtech is primarily utilized by patients outside the hospital, excluding practice management software. Whereas MedTech is used within the confines of a hospital or healthcare facility.
Regulation: The Healthtech market is not heavily regulated, but MedTech solutions need more regulatory approvals before launching.
Application: Healthtech spans various areas such as telemedicine, data analytics, mHealth apps, and AI, while MedTech predominantly centers around medical devices, equipment, diagnostics, and prosthesis.
Top 7 Healthtech Companies in 2023
As the healthcare market continues to expand and witness significant economic growth, we’ve dissected some of the most interesting health tech startups and companies in terms of innovation and growth from across the globe that we feel are worth keeping an eye on in 2023.
Maven Clinic
Year Founded: 2014
Country: USA
Total Funds Raised: $291.9 million
An innovative disruptor in the women’s healthcare industry, Maven Clinic is trailblazing with its virtual care model for better outcomes at affordable costs. The company offers digital health support through all the phases of a woman’s pregnancy, from preconception to post-pregnancy and family care. Maven helps women match and connect virtually to doctors and health specialists from over 250 subspecialties, ranging from egg donor advisors to fertility educators. The leading women’s and family health platform was recognized in the 2022 CNBC Disruptor list and Time100 Most Influential Companies 2023.
Cera
Year Founded: 2015
Country: United Kingdom
Total Funds Raised: $467.07 million
Cera is one of the leading digital-first health tech companies providing at-home nursing, telemedicine, and prescription services. Cera nurses conduct in-home visits to collect patient data, which is then analyzed by A.I. algorithms to anticipate a decline in patient health in advance, thereby minimizing the necessity for hospitalization. With a strong focus on preventive support, Cera has partnered with the NHS(National Health Service) and local authorities to reduce hospitalizations by at least 52%. Cera has been recognized widely for its technology, with the company being featured in Deloitte Fast 50, Sunday Times Fast Track, and Home Care Awards’ Most Outstanding Home Care Provider.
Huma
Year Founded: 2011
Country: United Kingdom
Total fund Raised: $217 million
Huma is at the forefront of transforming patient care and accelerating clinical trials. Their digital "hospital from home" technology helps hospitals manage health records and improve patient outcomes by monitoring data in real-time and providing doctors instructions through an app. Huma utilizes biomarker data and predictive algorithms to monitor patients and conduct clinical trials for researchers and pharmaceutical companies. The data can be gathered through smartphones or diagnostic devices that measure glucose, blood pressure, or oxygen saturation.
More than 27 million patients utilize Huma's platform, employed by over 3000 hospitals and clinics. The NHS states that utilizing Huma’s application means they can cater to double the number of patients at a time. Huma has proven its potential to enhance healthtech and has raised funds from Bayer, Samsung, Unilever, Sony, and Hitachi to continue scaling its impact.
Kry
Year Founded: 2015
Country: Sweden
Total fund Raised: $729.4 million
During 2021, Kry, a Swedish telehealth startup, raised a whopping $300 million, placing it among the top five European healthtech fundraises for that year. Kry has established itself as one of the prominent providers of virtual doctor appointments in Europe, where one can receive a diagnosis from the comfort of their home. It operates as ‘Kry’ in Sweden, Norway, and Germany and ‘Livi’, in the U.K. and France. Although Kry expanded its presence in the United States by launching Livi Connect, a free video consultation platform, its primary focus remains on the European market. Kry has facilitated 200+ million patient interactions, providing instant online access to doctors, nurses, and psychologists.
DnaNudge
Year Founded: 2015
Country: London
Total fund Raised: $60 million
DnaNudge has revolutionized personal health management by offering wearable healthtech solutions. Their DNA-based approach analyzes a user's genetic factors crucial to obesity, diabetes, hypertension, cholesterol, and skin-related conditions, to guide users to make healthier food and product choices while shopping. Additionally, DnaNudge's direct-to-consumer genetic tests provide immediate results. Collaborations with retail and biotech companies highlight their potential to reshape personal health and genetic diagnostics, evident by the company’s recent pilot with Holland & Barrett to offer in-store testing.
In a series of seven fundraising efforts, DnaNudge has successfully secured $60 million in funding, having received significant financial support from undisclosed investors and angel investors, with additional backing from Ventura Capital, a fund based in the United Arab Emirates.
Helium Health
Year Founded: 2016
Country: Nigeria
Total fund Raised: $42.2 million
Helium Health, one of the leading African health startups, provides software-as-a-service (SAAS) tools for healthcare providers and aims to leverage finance, data, and tech to make healthcare accessible to all. The company raised $30 million in Series B funding in 2023 to drive growth in its fintech offering, HeliumCredit, aimed at expanding lending to 1,000 healthcare facilities by 2024. As clinics and hospitals in Africa face difficulties procuring equipment and medical supplies, the company has determined that the healthcare financing shortfall in the region amounts to $66 billion annually. To bridge the deficit and enhance healthcare delivery in the continent HeliumCredit uses operational data to assess creditworthiness and has grown its credit from $250,000 to over $3.5 million across 200+ facilities.
Healthcare technology company Helium Health's core product, HeliumOS, offers Electronic Medical Records and Hospital Management Information System solutions across Africa. Over 10,000 healthcare professionals use the product, and it has helped support the care of approximately one million patients.
Infermedica
Year Founded: 2012
Country: Poland
Total Funds Raised: $43.9 million
This Polish SaaS startup aims to make primary care accessible and affordable through artificial intelligence and automation. Doctors can benefit from the platform as it makes it simpler to pre-diagnose, triage, and support patients by directing them to medical services when needed. The platform supports patients from symptom to outcome through its AI-powered Symptom Checker tool, allows for timely triage recommendations, and has reached 10 million users globally. The platform has established its presence in 30 countries and has partnered with over 90 healthcare leaders, including Microsoft, Allianz, and Optum.
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