2023 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 other areas where entrepreneurs are driving healthcare innovation.

High profile failures and a general market slowdown across digital health has not prevented a strong crop of startups from emerging in HolonIQ’s 2023 North America Health Tech 200. The region’s startup scene continues to attract entrepreneurs seeking to address North America’s substantial healthcare challenges and, despite headwinds, the 2023 cohort includes some of the leading health startups globally. Rising expectations around the near and long term potential for generative AI is once again building hype in the health market, although this has been tempered by recent collapses. It is also driving a strong market for partnerships with health and insurance giants teaming up with startups focused on harnessing the power of GAI across healthcare. The inflated valuations of 2021 and early 2022 continue to loom over the market but innovation has continued despite suppressed investment activity and quality businesses with purpose and novel solutions are still being funded.

Exhibit 1

Download the Market Map. Companies are categorized by their main area of focus following the Global Healthcare Landscape

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North America’s Health Tech startup ecosystem maintains considerable depth and variety.

The 2023 North America Health Tech 200 is mapped to the HolonIQ Global Healthcare Landscape, an open-source taxonomy for the future of health and wellness. HolonIQ’s system of classification provides an immediate snapshot of the startup activity across the region and allows us to understand the strengths of the health ecosystem. And by viewing the North America 200 cohort against the taxonomy’s ‘clusters’ we are able to better understand where both capital and innovation is currently focused. With the region moving firmly beyond the pandemic phase, we’re now seeing a new generation of ‘virtual first’ platforms that marry technological capabilities with systemic issues of productivity. This has led to a range of fast-growth startups bucking the trend and raising significant sums of capital, including: Capital RX (pharmacy benefit manager); Headway (mental health platform); Evvy (POC testing FemTech startup); Aledade (primary care physician platform) and Diligent Robotics (robot health assistants)

Exhibit 2

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A tough funding market for BioTech and drug discovery has contracted the share of Research startups, with Diagnosis, Treatment and Systems expanding.

By examining the North America Health Tech 200 at a sub-sector level we are able to see how the distribution of startups has changed over the past 12 months. Compared to the 2022 cohort there is a significant shift in the number of startups in Research, however this has been offset by increased activity from startups focused on influencing patients at the earliest stages of healthcare pathways (Prevention, Diagnosis and Treatment).

Exhibit 3

Established health service providers are catching up with new delivery models, driving partnership opportunities but increasing competition.

The pandemic-driven Telehealth boom (and subsequent bust) has led to a new generation of hybrid health platforms, with platforms and providers offering a mix of in-person and virtual care all captured within patient-centric ecosystems. This has been harder to maintain in the direct-to-consumer market but there has been a strong market for B2B propositions, as established players have looked to develop their offering and protect their market position.

Exhibit 4

Startups in the North America Health Tech 200 are noticeably younger than last year’s cohort, following a range of market exits.

Contractions in valuations and adverse trading conditions have led to a number of established Health Tech players exiting the list in 2023, making room for a younger cohort. Over two-thirds of the 2023 list are 5 years old or younger and many of the stronger organizations in the 2023 North America Health Tech 200 list were created post Covid-19, such as: Author Health (behavioral health platform); Homeward (rural primary care); KeyCare Medical (virtual care platform); Alumis (precision medicine) and Caraway (Gen Z telehealth).

Exhibit 5

Track the Cohort

HolonIQ customers can track the most promising Health Tech startups from North America on the HolonIQ Market Intelligence Platform. Look for the 2023 North America Health Tech 200 list in the Lists tab. Request a Demo if you are not a customer and would like to learn more.