2022 North America Health Tech 200

The North America Health Tech 200 is HolonIQ’s annual list of the most promising startups from across digital health, biotech, medtech and related areas where entrepreneurs are driving healthcare innovation.

The past 12 months have proved particularly challenging for tech-focused startups in healthcare, with many fast-growth organizations in North America forced to make staff cutbacks to account for changing markets. The return to traditional models of delivering healthcare services now that the restrictions of the pandemic have been lifted has undoubtedly checked momentum for digital health players. However, Health Tech remains a critical focus across healthcare systems and investment portfolios as technology is harnessed to provide greater access and improve outcomes - all against the backdrop of rising costs of delivery across all aspects of healthcare. As our 2022 cohort demonstrates, as a sector, healthcare continues to attract high-quality entrepreneurs determined to address the substantial challenges facing healthcare systems across North America and globally.

The North America Health Tech 200 is focused on identifying young, fast growing and innovative health, biotech and medtech start-ups in Canada and the United States. Powered by data and insights from our Impact Intelligence Platform together with qualitative assessments by HolonIQ’s Intelligence Unit, and local market experts in each region, organizations are evaluated and scored based on our eligibility and assessment criteria.

Exhibit 1

Download the Market Map. Companies are categorized by their main area of focus following the globalhealthcarelandscape.org

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Research is the strongest performing sub-sector in this year’s list, as BioTech and precision medicine attracts funding as digital health market constricts.

The 2022 North America Health Tech 200 is mapped to the HolonIQ Global Healthcare Landscape, an open-source taxonomy for the future of health and wellness. Compared to 2021, the 2022 cohort is much more weighted towards research - with nearly half of all organizations focused on clinical breakthroughs (compared to 24% in 2021).

Exhibit 2

The 2022 cohort also reflects a greater focus on the early diagnosis of conditions and the management of healthcare data at a system level. Many of the organizations in the 2022 list have raised capital over the past 12 months by bringing to market new models of data analytics based around machine learning and artificial intelligence. Start-ups such as Viz (focused on how healthcare data is represented to patients), Owkin (bringing data analytics to oncology and other forms of personalized medicine) and Innovaccer (a healthcare data activation platform) are all bringing fresh approaches to what can be achieved through analytics. Elsewhere in the North America Health Tech 200 the last 12 months has seen a continued focus on prevention and wellness, with organizations such as Brightline (virtual behavioral and mental health care), Well (wellness engagement platform) and Hello Heart (cardiovascular digital health) all performing strongly.

Exhibit 3

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2022 cohort represents younger firms than prior year as the impact of the pandemic is felt across the healthcare landscape.

2021 was a record-setting year for digital health funding with many tech-led businesses benefitting from the rapid adoption of platforms that powered remote treatment during the Covid-19 pandemic. While valuations and growth plans have been difficult to maintain since the peak of the market, the Covid-19 period has fundamentally changed attitudes towards healthcare and technology. This is reflected in some of the newest and fastest growing organizations in 2022 North America Health Tech 200. Despite being founded less than three years ago the following four Health Tech organizations on this year’s list have already achieved Unicorn status: Cadence (remote patient monitoring), Cerebral (mental health telemedicine), SalioGen Therapeutics (genomics), Transcarent (bookings & referrals).

To view the comprehensive list of Global Health Tech Unicorns click here.

Exhibit 4

Mix of Direct-to-Consumer, B2B2C and B2B remains similar from 2021 to 2022.

The 2021 and 2022 cohorts track similarly in terms of how start-ups have positioned their business models, with the respective lists moving only slightly over the past 12 months.

Exhibit 5

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