COVID-19 is expected to have a long-term effect on healthcare. But along with the adverse effects, the pandemic has promoted the accelerated growth of digital health. The latter relies on a robust combination of software and wearables to ensure better patient outcomes and data-driven treatments.
Today, we’ll go over the leader matrix of companies that spearhead digital health and advocate for more accessible and intelligent medical care. Our heat index is based on the top health tech companies in the United States, according to various industry reports, reviews, and dedicated platforms.
Where is health tech headed in 2022?
On a high level, health tech refers to a wide range of healthcare technology, including wearables, IT systems, algorithms, artificial intelligence, and the cloud aimed to deliver value to the healthcare sector. Over the last few years, the cohort was joined by blockchain technology.
The health tech industry has been growing in leaps and bounds with a projected $660 billion in 2025.
Before we dive into the top health tech companies in the USA, let’s go over the main trends in the field.
Digital health – a priority for top tech companies
The digital health market stands at over $220 million and is estimated to be worth over $551 million by 2027. As we’ve mentioned, digital health is the approach to healthcare, which significantly increases its efficiency by using the results of processing and analyzing large amounts of medical data in digital form.
The building blocks of digital medicine include:
- Electronic document flow between physician, patient, and medical organization
- Integration of digital diagnostic equipment
- Patient flow management system
- Emergency Medical Care Management System, and others.
Over the last few years, the digital health landscape has also welcomed the adoption of telemedicine technologies. The latter includes:
- Digital platforms for organizing telemedicine consultations between patient and doctor.
- Systems for remote monitoring of health conditions of citizens with the help of personal medical devices.
Telemedicine also relies on wearables. According to PwC, 49% of the US population owns a wearable device. The data collected allows care teams to get real-time insights into the individual’s health without a physical appointment.
Artificial intelligence steps in to improve health outcomes
AI-based healthcare is one of the pinnacles in the modern medical field. With a focus on automation, artificial intelligence takes over both routine and critical health data processing to minimize human error and assist healthcare professionals. The insights can then be used to generate predictions and find hidden patterns in data.
In 2020, AI in the healthcare market stood at over $8 billion and is slated to hit over $194 billion by 2030. The COVID-19 pandemic has also accelerated the adoption of smart technologies. Likewise, the growing amount of medical data and its complexity have also contributed to AI dominance in healthcare.
The application matrix of AI is diverse. From medical imaging to image recognition to gene editing, artificial intelligence has the potential to innovate health services and fast-forward precision medicine.
Top 5 Health tech companies in the US
The United States is home to at least 3K companies specializing in digital health, according to BuiltIn. The prolific business landscape owes its existence to an innovation-friendly atmosphere in the country.
The U.S. digital health market size is expected to surpass $549 billion by 2030, growing at a CAGR of 26.9% over the forecast period. Below, you’ll find a list of the leading health tech companies that are striving to transform traditional healthcare into an intelligent and data-driven field.
Akasa
Foundation date: 2019
Location: San Francisco, California
A new kid on the block, Akasa has carved a niche in the market by automating paper management for healthcare providers. Physicians spend around 20 hours or more a week managing mounds of paperwork and executing administrative tasks, according to Medscape. Akasa helps eliminate this time drain by delivering innovations for electronic health records and billing infrastructure to facilitate and streamline medical records and reimbursement. Akasa’a platform is based on evidence-based R&D and operates across 50 states.
The App Solutions
Foundation date: 2013
Location: Wilmington, Delaware
An established top app development company, The App Solutions builds on its almost decade-long experience in AI, Big Data, and cloud technologies to deliver trailblazing solutions for healthcare providers. The company clientele includes clinics, A-list tech giants such as Google, and entrepreneurs with a total of over 50 completed projects.
The App Solutions offers a whole suite of services that help innovate healthcare, including healthcare apps, electronic health record software, e-prescribing software, mental health solutions, gene sequencing software, and other solutions that help deliver better healthcare faster.
In collaboration with Google developers, the company designed and built Nanopore Genome Sequencer, an intelligent and innovative tool for genome sequencing.
CareRev
Foundation date: 2015
Location: Los Angeles, California
The CareRev caters to registered nurses, medical assistants, and other healthcare professionals who are looking for growth opportunities in the area. The application helps users find flexible shifts on their schedule with prior credentialing based on a professional’s state, facility, and specialty. CareRev screens candidates and matches them with their ideal job opportunities.
Big Health
Foundation date: 2010
Location: San Francisco, California
The idea for the service was born when one of the founders had trouble getting an alternative treatment for his insomnia. Big Heath is a digital therapeutics company that helps individuals uncover non-drug treatment options for mental health and make therapeutics accessible for all.
The company combines cognitive behavioral therapy with the latest technology to provide an innovative approach. Thanks to Big Health’s partnership with Macmillan Cancer Support newly diagnosed cancer patients across the UK are now able to easily access innovative and effective treatments to support their mental health.
Calm
Foundation date: 2012
Location: San Francisco, California
The Calm company is widely known for its meditation product. Thus, in 2017, the mobile product of Calm was named Apple’s “App of the Year”. Along with the mobile app, Calm produces other meditation products, including guided meditations, Sleep Stories, meditation videos, and others.
The Calm app is its flagship product that includes a wide variety of features to help users unwind and have a good sleep.
iRhythm Technologies, Inc.
Foundation date: 2006
Location: San Francisco, California
iRhythm Technologies is a US health tech company that delivers the Zio service as a hardware cardiac monitoring solution. The solution aims to provide tailored wireless Zio to easily monitor irregular heart rhythms. Patients need to press the patch whenever they feel any abnormal heartbeats and the patch logs a description.
Transforming healthcare in 2022 and beyond
The pandemic has shifted the dynamics in the US healthcare value chain, while also laying bare inefficiencies in the traditional healthcare industry. However, healthcare technology has the potential to fill the current gaps in healthcare and amplify the existing clinical pathways. Be it digital therapeutics or predictive analytics, the miscellany of tools and wearables can bridge the gap between technology and humans for better healthcare.
