Innovations spotlighting patient needs and satisfaction drive the global healthcare industry. According to the Grand View Research report, services like remote monitoring have seen increased adoption rates over the last few years, while consulting saw a jump from 13% in 2016 to 22% in 2019.
The digitalization of healthcare is a growing trend that has been gaining momentum in recent years. Demand for preventive care solutions, emerging entrepreneurship ventures, and partnerships drive market growth to new heights! Grand View Research says that the global healthcare IT market size was valued at USD 135.6 billion in 2021 and is projected to exhibit a CAGR of 29.3% by 2030.
Some healthcare companies use their own IT platforms, while others have great ideas and use customized third-party solutions. But who are those propelling the market growth? Let us have a closer look at the most impressive healthcare tech startups. Some of them could have attracted more investment, but their ideas are still worthy of attention.
It is always interesting to watch what pioneers do. Embleema’s healthcare blockchain network is the first of its kind and allows patients to share their medical records with researchers. They can also provide consolidated data to drug researchers and get profit in cryptocurrency from it. Although it has some space to raise more funds, the technology may attract new investors in the future.
9. Big Health
The new way of treatment always grabs attention. Big Health focuses on common mental health conditions, including insomnia and anxiety. To help address these issues, Big Heath has developed non-drug alternatives. Products like Sleepio and Daylight provide digital therapeutic effects through smartphone apps that help patients achieve better sleep quality and lower stress levels on the go! It didn’t raise as many funds as other startups, but the firm valuation now is around $500 million, and the team continues to develop new solutions.
People always want to eliminate routine tasks, and innovators do their best to automate them and increase efficiency. Olive is a software company that specializes in automating tasks for healthcare organizations. They use Artificial Intelligence to allow customers to run their organizations more effectively. AI takes on tedious processes like order management and eligibility determination so humans can focus on the important stuff – patient care!
7. Click Therapeutics
Breaking a bad habit? Easy! New technologies by Click Therapeutics, like the online platform for prescription digital therapeutics, will help. Their leading product, Clickotine, is designed for smoking cessation. It also works with a phone app that helps people stop smoking, with input from Magellan Health Company’s behavioral healthcare provider.
Found in 2007, this company is still considered a startup. NantHealth solutions have been advancing diagnostics to identify disease characteristics better, transforming clinical & operational delivery with real-time actionable clinical information. It raised around $1 billion in funding over the company’s life.
Ro startup is interesting as it applies innovative approaches for remote care and specific issues. The company was initially named Roman. Its goal was to provide telemedicine services and operate in the pharmaceutical field by distributing drugs for diseases related to men’s and women’s health. In 2018 it changed its name to Ro and added smoking cessation products. Ro has been ranked second by Fast Company in their list of the World’s Most Innovative Companies for 2019.
4. Bright Health
Want to know how to optimize EMR? Learn from this company. The main idea was to provide affordable medical care using customer-centric technology and improve patients’ experience through convenient digital interfaces and intelligent use of medical records. As of September 30, 2022, Bright Health Group served more than 1.6 million customers. Company expects their revenue for the entire year to reach $6.8 billion.
A former Google division decided to act as a separate company to fight aging and aging diseases. Calico calls itself a research and development company with a mission “to harness advanced technologies to increase our understanding of the biology that controls lifespan.” Despite the challenges of losing its top scientists and criticism, it raised substantial funding and worked on possible ways to extend human life duration.
Cancer is becoming more and more dangerous, and it’s crucial to detect it at an early stage. The team of GRAIL had a very ambitious and noble goal to find an efficient way of diagnosing cancer at its early stages and giving people more chances for a successful recovery. With a single blood draw, GRAIL has developed an early cancer detection test that can identify over 50 types of cancers – 45 of them unavailable in current screening programs. The test is called “liquid biopsy.” The company has raised $2 billion in funding over five rounds, with its latest round closing in May 2020.
Another former Google X division decided to become a subsidiary in 2015. The purpose was to create a new platform for clinical research and evidence generation for quick and proper decision-making during the treatment process. Research participants gain access to related studies that can help them. The total funding amount raised by Verily reached $3.5 billion. A part of that sum went to expanding their virtual clinic, called Onduo, to cover multiple chronic conditions. The company also launched digital services for mental health care. The strategic goal is to deliver whole-person treatment through these innovative products.
Implement your business ideas
As you see, technologies and innovative approaches are driving the market. If you are in the healthcare industry and interested in joining the list of leaders, we can help. Glorium Technologies works closely with startups and assist them in bringing their great ideas to life. With 12 years of experience, we are committed to helping new ambitious market players grow their businesses with cutting-edge solutions tailored to this industry’s specific needs and requirements.