Leading Health Tech Startups That Should Be on Your Radar
The medical industry is an imperative one, not just for individuals’ well-being, but also to handling global health crises at both a national and regional level. New human innovation technologies on a mass scale, across a wide range of industries, have the capacity to eventually help the whole world. The healthcare sector itself also has had to adapt to constantly changing landscapes like providing primary through quaternary care, or moving more towards remote healthcare.
Technologies developed by health tech startups aim to improve the quality of healthcare and provide greater accessibility for patient care. Many are also designed to make healthcare more efficient, help diagnose and treat conditions accurately, and provide positive patient experiences – such as through convenient virtual visits or remote patient monitoring.
Below we’re looking at some of the healthcare innovations being conjured up within the health tech startup ecosystem. There are common themes that arise when seeking out health technology companies. We’ve noticed that many fall into these categories; Telehealth Startups, Internet of Medical Things (IoMT) Startups, FemTech Startups, Mental Health Tech Startups, and Remote Patient Monitoring Startups. For this article, the companies will be organized under those headings. Read on to find out which companies in this growing industry have staying power.
Given personal contact restrictions in place as a result of the pandemic, many startups have focused on tackling the issue of lack of proximity. Telehealth – or providing medical care without an in-person office visit – has exploded in necessity and demand. This has led to a swathe of health tech startups growing specifically within the Telehealth category, attempting to assist doctors in providing healthcare remotely.
Ro is a telehealth platform that allows users to connect with healthcare providers from anywhere in the world. It provides 24/7 access to doctors, nurses, and other medical professionals who can assist with anything from minor injuries and respiratory issues to more serious conditions. Ro has been described as the "Uber for healthcare."
Ro has already expanded into over 100 countries, with more than 10 million users signed up for its services. It was founded in 2015 by CEO Krishna Kumar, who previously worked at Walmart Labs and Microsoft.
Kry Healthcare is an advanced technology company that designs, develops, and markets healthcare software and services. The Company’s platform is designed to provide actionable insights into population health management.
Kry Healthcare was founded in 2015 by a team of healthcare professionals with over 100 years of combined experience in patient care, technology development, research and development, and business operations.
The Company has developed a proprietary platform, Kry Platform, which enables healthcare organizations to capture data from multiple sources including EMRs (Electronic Medical Records), claims systems, lab results, pharmacy records, and radiology reports to create a comprehensive view of each patient’s clinical history. The Kry Platform allows clinicians to make better-informed decisions about their patients’ care through real-time access to clinically relevant data with no manual data entry required by the clinician.
Babylon Health is a London-based technology company that offers a range of Artificial Intelligence-powered healthcare solutions to the NHS and other public health systems. It uses voice recognition, machine learning, and natural language processing to help doctors make diagnoses, write prescriptions, and triage patients.
They offer a range of digital health services that are available through its mobile app. The app provides users with access to doctors and other caregivers who can provide phone consultations or video calls. The company also provides personalized recommendations for healthy living based on the user’s medical history and lifestyle choices.
Maven Clinic is an online health and wellness platform that connects users to a network of expert health professionals, including doctors, dietitians, mental health providers, and more. Through the platform, users can access virtual care from the comfort of their homes, on their own schedule.
Maven Clinic also provides telemedicine services, allowing users to access medical advice and diagnosis remotely. Additionally, users can access health and wellness content, such as articles, videos, and podcasts.
Their services are affordable and often cost less than traditional in-person visits. Plus, everything’s available online, so it’s easy for patients to find the care they need without having to take time out of their busy days.
Internet of Medical Things (IoMT) Startups
The Internet of Things is a term used to describe devices, or ‘things’, that are connected to the Internet to engage in an exchange of data. Given that the medical field consists of hardware that also relays data, it makes sense then that the industry is seeing growth in the use of IoT, specifically as it relates to medical devices. According to a scientific journal article by Dwivedi et al:
“Sudden spurting of Coronavirus disease (COVID-19) has put the whole healthcare system on high alert. Internet of Medical Things (IoMT) has eased the situation to a great extent, also COVID-19 has motivated scientists to make a new ‘Smart’ healthcare system focusing on early diagnosis, prevention of spread, education, and treatment – facilitating living in the new normal.”
Fortune Business Insights estimates that the global market for the Internet of Medical Things will grow to $187.60 USD by 2028, from $30.79 USD in 2021.
Let’s take a look at the health tech startups making waves in the field of IoMT, along with their taglines. If you’d like to understand more about the IoT field in general, feel free to check out this Pangea.ai article.
Here are some of the latest companies in this field:
AliveCor is a company that makes the AliveCor Heart Monitor, a smartwatch that measures your heart rate. It also has an app that can test for abnormal heart rhythms.
The company was founded by Dr. David Albert, who also invented the first wireless ECG device in 2005. He holds a Ph.D. in engineering from Stanford University and an M.D. from Harvard Medical School.
AliveCor's products are FDA-cleared to help people detect atrial fibrillation (AFib), a common heart condition that affects 2 million Americans each year, according to estimates from the American Heart Association. AFib can cause blood clots to form in the heart and travel through the bloodstream to the brain where they could lead to stroke or death if not treated promptly with anticoagulants or surgery.
The company's technology helps doctors diagnose AFib by analyzing electrical signals generated by heart cells when they beat — called electrocardiograms (ECGs). The ECG is used by cardiologists as one of several diagnostic tools to determine whether someone has AFib or another type of irregular heartbeats such as atrial flutter or paroxysmal supraventricular tachycardia (PSVT).
Sensely is a health AI company that uses cognitive computing to predict and prevent disease. The company's first product, Sensely Pro, is a mobile app that helps people manage their health and wellness by translating personal data into actionable insights.
Sensely Pro users can track their health data and use Sensely's built-in AI to give them personalized advice on how to improve their lifestyles. For example, if someone’s trying to lose weight, Sensely can provide weight loss tips based on that person’s eating habits. If they’re having trouble sleeping, Sensely can recommend better ways to get more shut-eye.
Clover Health is a health company that is focused on improving care for individuals and families, as well as lowering costs for employers. We do this by bringing together the best parts of the current healthcare system and combining them with new technologies to create a more efficient and effective system.
Clover Health was founded in 2017 by Ben Golub, the former CEO of consumer electronics company Plaxo, who brought his experience building online businesses to healthcare. Clover Health’s goal is to make it easier for people to get the care they need when they need it.
The Clover Health app helps people find great doctors near them who are ready to see them as soon as possible, with no appointment necessary. The app helps patients book appointments with a doctor or get same-day appointments if they have symptoms like chest pain or fever. They can also use the app to get advice from nurse practitioners or request prescription refills from the pharmacy without having to call or go into the doctor’s office.
In their article about the ‘dawn of the FemTech revolution,’ McKinsey addresses the burgeoning opportunities within the field of startups tackling topics within female health. They define the field as the following:
“FemTech provides a wide range of solutions to improve healthcare for women across a number of female-specific conditions, including maternal health, menstrual health, pelvic and sexual health, fertility, menopause, and contraception, as well as a number of general health conditions that affect women disproportionately or differently.”
Women’s health has traditionally been sidelined in the medical world, which means that from a scientific standpoint, much remains to be known, let alone managed. It may be time for the focus to shift toward underrepresented areas of human health. Perhaps such an overcorrection could be of benefit, to shed light on female health processes previously steeped in mystery, so that the balance can be restored of all genders receiving equal amounts of attention. The following companies are making a splash in this principal facet of health tech startups:
Progyny is a fertility benefits management company that offers a comprehensive fertility benefits solution for employers. Progyny provides employers with access to a nationwide network of fertility specialists and fertility centers, as well as financial coverage for fertility treatments and medications. The company also offers a range of support services for individuals and families, including fertility coaching, nutrition counseling, and mental health services.
Progyny has a strong track record of growth as the company has experienced a surge in demand for its fertility benefits due to the cost savings associated with the plans, as well as its high-touch customer service. This startup has also been partnering up with leading healthcare organizations to offer comprehensive fertility benefits to employers and their employees.
Kindbody is an innovative healthcare company that offers personalized reproductive health services for women and men. Its mission is to make it easier for people to access the care they need to help them build the families they want. Kindbody offers a wide range of services, including fertility testing and treatments, reproductive health assessments, hormone therapy, and more. Kindbody also provides telehealth services to make it easier for people to access the care they need.
The company is backed by major investors and has a strong team of experienced industry experts. This gives Kindbody a competitive edge in the market and makes it a sound investment.
Carrot Fertility is a fertility benefits platform that helps employers provide comprehensive fertility care coverage to their employees. Carrot’s platform is designed to make it easier for employers to provide fertility care coverage to their employees, while also providing support to employees as they navigate their fertility journey.
With Carrot, employers can offer discounts on fertility treatments and medications, access to fertility specialists, and fertility coaching services. This also helps employers navigate the complex regulations and laws surrounding fertility care in their state.
Mental Health Tech Startups
Mental health tech startups are innovative ventures that focus on developing and implementing technological solutions to improve the mental well-being of individuals. From using AI-based chatbots to deliver therapy sessions to leveraging mobile apps to track emotional states over time – these companies strive to create tailored solutions that help people manage their mental health more effectively.
Examples of such services include online counseling, virtual therapy sessions, AI-powered psychological assessment and monitoring tools, telemedicine apps, and personalized content curation. These startups are often composed of a team of professionals with expertise in psychology, psychiatry, engineering and business development. Additionally, they may partner with established healthcare organizations or tap into the insights of leading academics in the field to ensure their products meet high-quality standards.
Meru Health is a digital therapeutic platform designed to help individuals suffering from depression, anxiety, and stress. The platform combines evidence-based psychological treatments with personalized online coaching to enable individuals to better manage their mental health and well-being.
The program includes cognitive behavioral therapy, mindfulness and relaxation techniques, and goal-setting activities. With Meru Health, individuals can access individualized, step-by-step guidance from expert coaches to help them better manage their mental health and find the support they need to make positive changes in their lives.
By partnering with Meru Health, you can provide your customers with access to an evidence-based, personalized digital solution that can help them address mental health challenges in their lives.
PlushCare is a telemedicine service that connects patients to board-certified doctors online. Through their online platform, patients can access diagnoses, prescription medications, and telehealth visits. With PlushCare, patients can see a doctor from the comfort of their own home or office, with no need to wait in a crowded waiting room.
PlushCare partners with leading insurance providers, companies, and other healthcare organizations, to give their members the convenience and quality of care they deserve. With the aim of making healthcare more accessible to everyone, PlushCare is an ideal partner for companies, healthcare organizations, and insurance providers, offering an innovative and convenient solution to help patients access quality healthcare.
Lyra Health is a mental health technology and services company that works with employers, health plans, and provider networks to help their employees and members access high-quality, personalized mental health care.
Through its integrated technology platform, Lyra Health offers providers a suite of digital tools to better manage their patient populations, while employers and health plans can access data-driven insights around utilization and outcomes.
Additionally, Lyra Health provides clinical care by leveraging its network of specialized providers, who offer a wide range of evidence-based therapies, such as cognitive behavioral therapy (CBT), mindfulness, and other modalities. By partnering with Lyra Health, employers and health plans can reduce the strain on employees and members struggling with mental health issues and improve their quality of life.
SonderMind is a technology-enabled behavioral health platform that partners with mental health professionals to provide personalized, convenient, and affordable mental healthcare services. It offers both in-person and telehealth sessions, allowing clients to access the care they need from wherever they are. With SonderMind's proprietary patient engagement tools, therapists can customize their practice settings to meet the needs of their patients.
The company also provides comprehensive reporting features for tracking clinical performance and outcomes. For partners, SonderMind allows them to easily connect with clients, promote their practices, and receive payments directly through the platform.
With its cutting-edge tech and modern approach to mental health services, SonderMind offers an unbeatable combination of convenience, accessibility, and affordability – making it an ideal partner for any organization looking to expand or optimize its mental health offerings.
Remote Patient Monitoring Startups
Remote patient monitoring startups are companies that provide technology and services to enable healthcare providers to monitor patients’ health remotely. Their solutions may include real-time monitoring of vital signs, medication adherence and symptom tracking, real-time telehealth, and messaging between physicians and patients.
Partnering with remote patient monitoring startups can benefit your healthcare organization in several ways. It can provide cost savings by reducing in-person visits and potential hospital readmissions, improve patient outcomes and satisfaction by providing better access to care, and provide enhanced data analytics to enable better decision-making and care delivery. Additionally, you can gain access to innovative solutions and stay up to date with the latest technology developments in healthcare. The following health tech startups are leading the way in this category:
Biofourmis is a digital health company that uses AI-powered technology to monitor biometrics and provide personalized health insights. The company offers a range of digital health solutions that use AI-driven algorithms and data analytics to improve patient health outcomes, reduce costs, and improve the quality of care. Biofourmis also offers personalized insights, patient engagement, and healthcare management services.
By teaming up with Biofourmis, companies can leverage their advanced AI technology to better understand and improve the health of their patients. This will enable them to make informed decisions when it comes to treatment and care, as well as save money. It will also provide a better patient experience by providing more efficient and tailored care.
Forward Health is a digital health company that offers a comprehensive suite of services designed to improve the way healthcare is delivered. Forward Health provides access to health data, analytics, and tools to help organizations improve the quality and cost-effectiveness of healthcare.
Teaming up with them allows you to leverage a range of services to streamline operations and improve patient outcomes, from predictive analytics and population health management to digital health platform integration and virtual care delivery. Additionally, Forward Health’s services are tailored to meet the unique needs of each organization, allowing for tailored solutions and improved performance. Overall, partnering with Forward Health allows organizations to access the tools and data they need to optimize their operations and provide better care for their patients.
Athelas is a medical technology company that aims to leverage machine learning, artificial intelligence, and other advanced technologies to revolutionize the way healthcare is delivered. The company has developed a platform that provides real-time clinical data insights and analytics to help healthcare providers make better decisions and deliver better care.
The platform is designed to empower clinicians to become more efficient, productive, and effective in their practice. It also enables organizations to improve care quality and patient outcomes while reducing costs. With its comprehensive data platform,
Athelas offers a comprehensive set of tools and services to help healthcare providers and organizations get the most out of their clinical data. It is an efficient, cost-effective, and secure platform that helps providers and organizations optimize their clinical data and make better-informed decisions. Athelas’s cloud-based platform is also designed to integrate seamlessly with existing electronic health record (EHR) systems.
Healthcare is an incredibly important topic, the scale of which can be measured individually as well as collectively. Health tech startups are gaining traction not only because of their new, innovative ideas but also due to a rapidly changing landscape that is becoming increasingly inclusive and digital.
The factors that contribute to this massive scale of change include more autonomy in medical decision-making, more focus on issues of inclusivity, as it pertains to different health demographics, as well as the information at every individual’s fingertips allowing them to be informed of not only health diagnostics and treatment but also preventative care. In short, the medical world is changing, and the people on the receiving end are changing right there with it.
Other approaches within healthcare exist. Apart from large pharmaceuticals, national health services, and health tech startups. Nonprofits such as the Endometriosis Foundation of America can tackle specific challenges that impact a large population of patients.
Use our list to research the market and identify sectors and products that are particularly attractive for investments or partnerships. Look for startups that have innovative products and services and have a good track record of success.
Finally, familiarize yourself with the regulations that govern health tech investments or partnerships. Understand the compliance requirements and determine whether you will need to seek professional guidance or not. Conduct due diligence on any health tech startup you’re considering investing in or partnering up with. Research their financials, technology, management team, competitive landscape, and other factors.
Looking for support with your health tech startup’s challenges? Try our search tool here and see if one of Pangea’s vetted vendors might be able to partner with you for your next level of growth.
Q1. What is the reason behind the new inventions of health technologies?
The main reason behind the new inventions of health technologies is to improve the quality of healthcare, reduce costs, and provide better patient care. Many of these technologies are designed to make healthcare more efficient or help diagnose and treat conditions more accurately. Additionally, new health technologies are often built to provide better patient experiences, such as virtual visits or remote patient monitoring.
Q2. What is healthcare technology?
Healthcare technology relates to innovations that aid with health issues. It can relate to digital technology, especially in the case of health tech startups, but it can be simpler than this. Some businesses offer hardware that aids in healthcare.
Q3. Which healthcare companies use AI?
Some examples of healthcare companies using AI include Medtronic, Wellframe, AliveCor, Medopad, Flatiron Health, Imagen Technologies, CloudMedx, and Viome.
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