Using cutting-edge technology, health tech companies deliver unprecedented benefits, from significantly reducing costs to offering highly personalized care. Imagine having your health monitored in real-time, with actionable data guiding every step of your wellness journey. This is the exciting reality shaped by today’s health tech industry.
From remote patient monitoring to personalized wellness solutions, innovative health tech companies are at the forefront, reshaping how we approach healthcare delivery and wellness management.
According to Grand View Research, the global digital health market was valued at USD 240.9 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 21.9% from 2024 to 2030.
These companies span numerous applications, from electronic health records (EHRs) and telemedicine to advanced data analytics and artificial intelligence. For instance, AI technology helps these companies get a clearer overview of an individual’s genetic makeup, environment, and lifestyle to deliver personalized care and treatment. Additionally, AI can process large amounts of data, providing an advantage in the early detection of diseases.
Telemedicine or virtual health care, has become more popular, particularly since the COVID-19 pandemic. Yet, its wide use continues due to its numerous benefits, especially enhanced accessibility. Additionally, people appreciate the convenience of receiving care within their own homes, ensuring privacy and comfort while diminishing the logistical difficulties of travel, childcare arrangements, or work disruptions.
The rise of health tech companies is a response to the growing challenges in the traditional healthcare system. These challenges include increasing healthcare costs, an aging population, and a higher prevalence of chronic diseases. Health tech companies address these issues by offering innovative solutions that streamline operations, improve access to care, and customize treatment plans.
The startup ecosystem is the one that drives the rapid pace of healthcare innovation. These emerging companies are agile, adaptable, and driven by ambition, continually influencing the industry on a global level.
In 2021, global investments in health tech startups reached $17.6 billion, marking a 68% increase from 2020. Based on CB Insights in 2023 alone, digital health companies secured 41 equity deals totaling nearly $1.5 billion.
Read below a list of top health tech companies that are worth watching in 2024.
Curated List of Top Health Tech Companies to Watch in 2024
Noom
Noom is a popular health tech platform due to its innovative psychology-based approach to health and wellness. Its effectiveness is backed by over 50 peer-reviewed publications and over 10 academic medical research collaborations.
This company’s bold mission focuses on changing the underlying habits and behaviors that contribute to weight gain and poor health. Noom’s platform incorporates cognitive-behavioral therapy (CBT) techniques to help users build sustainable healthy habits.
The platform also provides daily lessons and quizzes to educate users on nutrition, exercise, and psychology, helping them understand the “why” behind their habits.
Like many health tech companies, Noom offers tailored coaching. But apart from helping users reach their target weight, it also helps with changing users’ mindset about food and developing sustainable healthy habits. For instance, Noom’s Healthy Swaps feature – part of the Food Lookup tool, helps users make healthier food choices by suggesting better alternatives.
In terms of integrations, Noom connects with smart devices like Fitbit and Apple Health, allowing users to track their health data effortlessly. Additionally, Noom can integrate with major electronic health record (EHR) platforms, providing a seamless experience for both healthcare providers and patients, and reporting key engagement and outcome metrics.
Forward
Forward’s mission is to empower people everywhere to live better, healthier lives.
Additionally, the company’s combination of advanced AI technology and collaborations with doctors from prestigious institutions such as Harvard, Johns Hopkins, and Columbia contribute to this company’s popularity in the health tech industry.
Among Forward’s platform standout features is Forward CarePods – AI-powered stations designed to empower users with immersive health experiences, giving them control over their well-being. These stations are mostly available in malls, gyms, and offices and offer advanced diagnostics, personalized health plans, and a premium in-person experience. From disease detection to biometric body scans and blood testing, CarePods provides comprehensive health services.
Forward leverages the same AI technology to translate clinical expertise and the latest medical research into powerful diagnostic tools and comprehensive care plans known as Health Apps. These apps cater to a wide range of health concerns, including diabetes, hypertension, and mental health issues like depression and anxiety. Forward plans to broaden the scope of its Health Apps in the future to cover additional health conditions.
When it comes to data accessibility, Forward ensures seamless and secure transmission of data from CarePod visits to its platform, facilitating continuous progress monitoring, disease risk identification, and thorough evaluations. Users have 24/7 access to all their health data through the Forward mobile app, empowering them with insights into their health status and progress.
Ro
Ro.co, also known as Ro, is an extensive telehealth platform that offers numerous healthcare services, catering to diverse health needs. Ro services include mental health care, sexual health, fertility support, skincare, and more.
The platform’s personalized care plans are meticulously crafted by licensed healthcare professionals, ensuring tailored support and guidance to meet individual health goals. Users have access to these professionals for chat consultations around the clock, seven days a week.
Leveraging proprietary AI technology, Ro transforms clinical expertise and the latest medical research into advanced diagnostic tools and comprehensive care plans, enhancing the quality and precision of healthcare services.
Additionally, the company enables users to conveniently collect samples at home and seamlessly access their lab test results through the Ro app, streamlining the diagnostic process and promoting proactive health management.
Prioritizing user convenience and privacy in healthcare delivery, Ro ensures prompt and discreet delivery of medications through its network of six nationwide pharmacies.
Recognizing the significance of mental health care, Ro facilitates affordable access to mental health services from anywhere through its virtual mental health care and online therapy programs.
BETR Health
With “struggle-free wellness” as its tagline, Betr Health company is on a mission to help people reduce internal stress and energize their metabolism.
Betr Health crafts personalized plans to suit each user’s unique lifestyle, initiating the journey by restoring their internal chemistry and vitality. The company covers a comprehensive three-phase food protocol designed to rejuvenate gut health. These phases include a 30-day purification stage, followed by a 30-day reintroduction phase, and finally, a maintenance phase.
With a focus on healthy diets, Betr Health offers a specialized blend of gut-friendly foods that helps swiftly replenish the user’s individual microbiome within just 24 hours. This restoration process leads to enhanced sleep, increased energy levels, and reduced cravings.
Additionally, Betr Health’s program incorporates daily plant-based supplements and promotes increased water intake to facilitate toxin elimination, support digestion, enhance nutrient absorption, and improve circulation.
What users appreciate about Betr Health’s approach is the fact that they’re not required to count calories or points, replace meals with shakes, or resort to starvation tactics to achieve results.
Medifast
With over 40 years in the health and wellness industry, Medifast is one of the US’s leaders in weight management. One of the factors that contributed to the company’s success and popularity lies in its collaboration with LifeMD, Inc., a leader in virtual primary care.
Medifast takes pride in positively impacting over 3 million lives on their journeys to optimal health and well-being. The company stands out with innovative products and clinically proven plans, supported by an integrated Coach model.
One of its services is OPTAVIA community which includes a wide network of coaches who guide customers in developing healthy habits through the proprietary Habits of Health® Transformational System. OPTAVIA combines a personalized, habit-based, coach-guided approach with medical expertise from board-certified LifeMD clinicians and access to weight loss medications, including GLP-1s.
Medifast also offers corporate on-site wellness programs, including biometric screenings and flu immunizations.
Form Health
Specializing in weight loss, Form Health offers personalized programs tailored to patients’ medical history, lifestyle, and preferences. Customized plans cover nutrition, physical activity, and mindset shifts, and may include FDA-approved weight loss medications if appropriate.
In terms of proven results, the company reports that its patients lose 16% of their body weight in 18 months. Beyond weight loss, patients experience health benefits like lower blood pressure, reduced joint pain, and increased confidence in maintaining a healthier lifestyle.
Through Form Health’s telemedicine service, patients can engage in telehealth through regular video consultations and unlimited messaging. They have monthly appointments with their doctor and bi-weekly sessions with their dietitian, with the option to communicate with their care team between scheduled visits.
Patients can also use Form Health’s app which provides helpful weight and food tracking tools along with educational content to support their journey.
Hims
Trusted by over 1 million subscribers, Hims’ telehealth services aim to make men’s healthcare more accessible, convenient, effective, and discreet.
Hims allows men to consult with healthcare professionals from the comfort and privacy of their own homes, eliminating the need for in-person doctor visits.
The platform provides access to licensed healthcare professionals, including doctors and nurse practitioners, who can address numerous men’s health concerns. Services include treatments for issues such as erectile dysfunction, hair loss, skincare, and mental health. Additionally, prescription medications, over-the-counter products, and lifestyle recommendations are among Hims’ offers of tailored plans.
The company also invested in weight-loss programs and has recently announced a new treatment: GLP-1 injections for managing obesity and diabetes.
In terms of user experience, Hims platform provides round-the-clock access to healthcare providers. Users can engage in free consultations with licensed doctors, coaches, and nurses via chat at any time. The platform may offer follow-up consultations and ongoing support to monitor progress and adjust treatment plans as needed. Additionally, users can manage all their healthcare needs effortlessly with the Hims app. From viewing lab test results to communicating with your provider and receiving fast medication delivery, it’s all conveniently accessible in one place.
Hers
Like its counterpart Hims, Hers offers a range of innovative features tailored specifically for women’s health needs through its telehealth services. The company’s wide range of telehealth services covers various aspects of women’s health, including birth control, sexual health, skincare, haircare, mental health, and more.
Hers offers personalized treatment plans tailored to individual needs and preferences. Like Hims, these plans may include prescription medications, over-the-counter products, skincare routines, and lifestyle recommendations.
Hers connects users with licensed healthcare professionals, including doctors, nurse practitioners, and therapists, who specialize in women’s health issues and provide expert guidance and support. The platform offers educational resources and information on a range of women’s health topics, enabling users to make informed decisions about their health and well-being.
Additionally, patients can manage all their healthcare needs conveniently with the Hers app. It’s all at their fingertips, from viewing lab test results to communicating with your provider and receiving speedy medication delivery.
Overall, Hers’ telehealth services aim to make women’s healthcare more personalized, with a focus on addressing specific health concerns effectively and providing comprehensive support throughout the process.
Profile Plan
Developed by leading medical experts at Sanford Health, Profile Plan was designed to make weight loss simple and sustainable. As one of the world’s largest healthcare, Sanford Health ensures a robust and effective weight loss program. Profile Plan guarantees that users will lose at least 15% of their body weight in the first year, or more.
Covering top-rated weight loss plans, Profile Plan combines a science-backed approach with personalized health coaching.
Profile Plan’s nutrition programs are crafted by doctors, researchers, and dietitians to help users safely lose and maintain weight. These healthy meal plans, developed by medical experts and nutritionists, aim for safe and sustainable weight loss. Profile Plan provides users with certified health coaches who meet with them weekly, as an additional weight loss support. This helps users achieve their health goals and guides them through lifestyle changes.
Users have full access to the Profile Journey App, which connects to their scale for tracking weight loss, meal plans, and communication with their coach. Those near a Profile location can use Profile 3D, a 3D body scanner, for more detailed progress tracking.
Final Thoughts
Health tech companies are teeming with innovation and promise, driven by companies committed to revolutionizing healthcare delivery and wellness management. The common thread among these innovative companies is their commitment to leveraging technology to enhance patient care, improve healthcare delivery, and make health services more accessible and personalized.
The global digital health market will further rise and develop, as Statista points out, and the industry is anticipated to exceed 650 billion dollars by 2025. Mobile and wireless health are expected to be key drivers of this growth, leading the way to a more efficient and patient-centered system.
