20 Most Valuable Digital Health Companies In The US
In this article, we will be taking a look at the 20 most valuable digital health companies in the US. If you are not interested in reading about the global health market, head straight to the 5 Most Valuable Digital Health Companies In The US.
As of the latest data, several digital health companies stand out as leaders in the United States, driving innovation and transforming healthcare delivery. Among the most valuable is Teladoc Health, which offers telemedicine services, connects patients with healthcare professionals remotely, and provides virtual care solutions for various medical needs. Another notable player is Epic Systems, renowned for its electronic health records (EHR) software used by numerous healthcare organizations to streamline patient data management and improve clinical workflows. Additionally, companies like Amwell and Livongo Health have gained prominence for their telehealth platforms and chronic disease management solutions, contributing significantly to advancing digital health services nationwide. These companies demonstrate substantial market value and play pivotal roles in shaping the future landscape of healthcare delivery in the US.
Explosive Growth in the Global Digital Health Market and Dominance of the US
The global digital health market is experiencing significant growth, with various estimates predicting substantial expansion in the coming years. According to Fortune Business Insights, the market is projected to reach US$1.9 trillion by 2030, with a compound annual growth rate (CAGR) of 23.3% from 2023 to 2030. The U.S. emerges as a critical player in this thriving market, with North America dominating the global market with a share of 40.79% in 2022. Factors contributing to this dominance include
adequate reimbursement policies,
high per capita expenditure on advanced technologies and
a rising demand for healthcare technologies in the region.
Regarding financial statistics specific to the U.S. market, North America was valued at USD 153.38 billion in 2022. The U.S. digital health market size was estimated at USD 217 billion in 2022 and is projected to reach USD 1,592 billion by 2032, highlighting the substantial growth potential within the U.S. digital health sector.
Teladoc Health is a leading telemedicine service provider that has set the standard with its remote patient consultation platform. The company's financial statistics reflect its significant growth and impact on the healthcare industry. In 2021, Teladoc Health delivered strong financial results, with revenue growing by 86% to $2.03 billion, total visits increasing by 38% to 15.4 million, cash flows from operations growing to $194 million, and adjusted EBITDA rising by 111% to $268 million. However, in 2022, the company reported a net loss of $13.7 billion, primarily due to noncash goodwill impairment charges following an acquisition.
Despite this, Teladoc Health remains a crucial player in the telehealth industry, offering a comprehensive virtual care platform that includes services for mental health, chronic condition management, and remote patient monitoring programs. The company's vision is to make virtual care the first step on any healthcare journey, providing whole-person virtual care that encompasses primary care, mental health, and chronic condition management. Teladoc Health's continued investment in expanding its leadership position in virtual care demonstrates its commitment to transforming the healthcare experience and improving accessibility to medical expertise through online platforms.
Epic Systems: Leading the Digital Health Revolution with Innovative EHR Solutions
Digital health companies are significantly reshaping traditional healthcare models and causing market disruption. According to a Deloitte study, digital health entrants are projected to dent health plans' net profits by approximately US$15 billion by 2027, with commercial business being impacted by approximately US$5 billion and government business (Medicare, Medicaid) by approximately US$10 billion.
The global digital health market is expected to reach a revenue size of $549.7 billion by 2028, with an estimated compound annual growth rate (CAGR) of 25.0%. This growth is driven by factors such as the increasing penetration of smartphones, tablets, and other mobile platforms and the rising advancements and adoption in digital health. The digital health market disruption is also evident in the United States, where the landscape is evolving, and companies face challenges such as declining investment and the need to demonstrate the impact of their offerings on outcomes and cost.
Epic Systems dominates the Electronic Health Records (EHR) market, offering comprehensive EHR solutions that have revolutionized patient care and healthcare services. The company's impact on the market is evident through its significant market share. According to Modern Healthcare, Epic is the leading EHR vendor by market share.
Epic's role in healthcare is further emphasized by its collaboration with Microsoft Corp (NASDAQ:MSFT), aiming to revolutionize patient care, improve healthcare services, streamline administrative tasks, and boost clinical research. Furthermore, Epic's influence is demonstrated by its partnership with the University of Pittsburgh Medical Center (UPMC), where it consolidates six million patient records into a single digital recordkeeping system, signifying a transformative shift in how patient data is managed.
The Epic EHR/EMR App Market, also known as Epic App Market, is a critical component of Epic's offerings, providing a platform for healthcare organizations to access a wide array of applications that can extend and tailor the functionality of Epic's EHR/EMR systems. This marketplace promotes interoperability and customization, allowing for securely exchanging protected health information (PHI) between disparate healthcare systems, which is a critical requirement in the interconnected healthcare ecosystem.
Regarding financial statistics, Epic's significant market presence is reflected in its collaboration with UPMC, a healthcare system giant boasting a $26 billion valuation. The initiative to consolidate six million patient medical records into a single digital recordkeeping system represents a substantial investment, underscoring the company's financial influence in the digital health market.
A smiling healthcare professional, treating a patient with the PLEX platform.
Our Methodology
For our methodology, we have ranked the US's most valuable digital health companies based on their current market caps as per Yahoo Finance.
20. Omnicell, Inc. (NASDAQ:OMCL)
Market Cap: 1.2 billion
Omnicell, Inc. (NASDAQ:OMCL), a leading US health tech company, recently launched a service aiding hospitals in setting up specialty pharmacy programs featuring medication-filling robots. At ASHP Midyear 2023, it showcased robotics, smart devices, and software to enhance healthcare outcomes. Financially, in Q3 2023, Omnicell reported $291 million in revenues with a net loss per share of $0.33. Omnicell, Inc. (NASDAQ:OMCL) is undergoing leadership changes to enhance operational efficiency and customer experience, solidifying its position as a key player in digital health and prioritizing technology for improved clinical and operational outcomes.
19. GeneDx Holdings Corp. (NASDAQ:WGS)
Market Cap: 1.7 billion
GeneDx Holdings Corp. (NASDAQ:WGS), a top US digital health company, focuses on genomic and clinical insights to enhance health outcomes. It provides comprehensive genetic testing with a Financial Assistance Program, including WGS and WES. Specializing in rare disorders, particularly in pediatric and NICU testing, for faster treatment access, GeneDx Holdings Corp. (NASDAQ:WGS) partners with Prognos Health. It aims to standardize genome testing, envisioning lifelong personalized health plans. Leveraging Centrellis, its health intelligence platform, GeneDx integrates digital tools and AI to advance precision medicine with large-scale clinical data.
18. Hims & Hers Health, Inc. (NASDAQ:HIMS)
Market Cap: 1.97 billion
Hims & Hers Health, Inc. (NASDAQ:HIMS), one of the most valuable digital health companies in the US, is on track to achieve profitability in early 2024. In Q3 2023, it saw a 57% YoY revenue growth to $226.7 million, beating Wall Street estimates. Leveraging technology and data, it's focused on personalized treatments, with its mental health offering surpassing 125,000 subscribers. Hims & Hers Health, Inc. (NASDAQ:HIMS) reported a reduced net loss of $7.6 million in Q3 2023 and launched MedMatch, an AI-enabled tool for healthcare providers. The company's market cap stands at 1.9 billion, and it recently appointed a Chief Design Officer to enhance user experience and brand accessibility.
17. Teladoc Health, Inc. (NYSE:TDOC)
Market Cap: 2.54 billion
Teladoc Health, Inc. (NYSE:TDOC) provides comprehensive virtual solutions for wellness, acute care, and chronic condition management. With a mission to enhance overall health and well-being, Teladoc offers services in primary care, mental health, and more through its new integrated digital app. Recently surpassing 50 million visits, Teladoc Health, Inc. (NYSE:TDOC) is committed to empowering individuals globally. Its 2022 CSR report underscores its dedication to diverse healthcare needs.
16. Privia Health Group, Inc. (NASDAQ:PRVA)
Market Cap: 2.3 billion
In September 2023, Privia Health Group, Inc. (NASDAQ:PRVA) partnered with Navina, an AI-powered primary care platform, to enhance provider workflows and support value-based care initiatives. This collaboration aims to improve patient care and support Privia Health Group, Inc. (NASDAQ:PRVA)'s growth. Privia Health's second-quarter revenue rose 23% to $413.4 million compared to the previous year, surpassing Wall Street expectations. The company raised its 2023 guidance, expecting its provider network to exceed 4,100 by year-end, with projected revenue between $1.55 billion and $1.65 billion. This success reflects Privia Health's leadership in the digital health industry, where integrating AI and technology is becoming increasingly important to improve patient outcomes and streamline workflows.
15. GoodRx Holdings, Inc. (NASDAQ:GDRX)
Market Cap: 2.65 billion
GoodRx Holdings, Inc. (NASDAQ:GDRX) , a top digital health company, launched GoodRx Health, offering expert-written content, drug FAQs, and financial guidance. Unique formats like GoodRx Answers aid users in accessing trustworthy health information. GoodRx Holdings, Inc. (NASDAQ:GDRX) introduced HCP media solutions, which have become a trusted prescription source. Site traffic and organic reach have surged, reflecting success in catering to consumers and healthcare providers.
14. Accolade, Inc. (NASDAQ:ACCD)
Market Cap: 2.8 billion
Accolade, Inc. (NASDAQ:ACCD), standing forteenth among the most valuable digital health companies in the US, is renowned for its innovative healthcare solutions. The company actively engages in initiatives and partnerships to advance digital health, including participation in the BIO International Convention's Digital Health Track. With rapid evolution in the industry, Accolade's expertise in areas like telemedicine and virtual care positions it well to capitalize on trends in personal health management, remote monitoring, and data analytics. Although specific financials are unavailable, Accolade, Inc. (NASDAQ:ACCD)'s significant role in raising $3.3 billion through November 2020 for digital health clients underscores its strong financial standing and market influence.
13. Streamline Health Solutions, Inc. (NASDAQ:STRM)
Market Cap: 2.8 billion
Streamline Health Solutions, Inc. (NASDAQ:STRM) a leading US digital health company has strengthened its position in the industry with recent announcements of improved liquidity and new board appointments. The company continues to expand its client base, securing agreements with primary healthcare providers. Streamline health celebrated its 20th anniversary in 2023 and saw record-breaking success with its SmartCare Behavioral Health EHR platform, hosted on Microsoft Azure. With a focus on empowering behavioral health providers and enhancing revenue integrity, Streamline Health Solutions, Inc. (NASDAQ:STRM) aims for sustained growth.
12. 23andMe Holding Co. (NASDAQ:ME)
Market Cap: 3.2 billion
23andMe Holding Co. (NASDAQ:ME), a leader in the digital health industry, went public through a merger with VG Acquisition Corp in Q2 2021, providing significant capital for research and development. The company utilizes genetic data to offer personalized health insights, aligning with trends in personalized medicine and preventive healthcare. With a focus on at-home genetic testing and integration into mainstream healthcare, 23andMe Holding Co. (NASDAQ:ME) aims to drive innovation in genomics, including drug discovery and expanding its genetic database for research.
11. American Well Corporation (NYSE:AMWL)
Market Cap: 3.3 billion
American Well Corporation (NYSE:AMWL), another one of the most valuable digital health companies, faced financial challenges in Q1 2023, with flat revenue of $64 million and a net loss of $398 million, including a $330 million impairment charge. However, the company pursued strategic partnerships and initiatives, including a collaboration with DarioHealth for a cardiometabolic program and a contract with the Defense Health Agency worth up to $180 million. Despite recent setbacks, American Well Corporation (NYSE:AMWL) is transitioning customers to its new telehealth platform, Converge, aiming for long-term growth and innovation.
10. Movano Inc. (NASDAQ:MOVE)
Market Cap: 3.4 billion
Movano Inc. (NASDAQ:MOVE), a prominent digital health company in the US, achieved notable milestones, including launching Evie Rings, securing HSA/FSA eligibility, winning the 2024 CES Innovation Award, and performing well during Black Friday. Movano Inc. (NASDAQ:MOVE) also closed a $4.1 million public offering and reported strong Q3 2023 financial results, showcasing stability and growth. Movano's focus on purpose-driven healthcare solutions, particularly women's health, aligns with industry trends. Participation in upcoming conferences further strengthens its presence in the digital health landscape.
9. DocGo Inc. (NASDAQ:DCGO)
Market Cap: 3.6 billion
DocGo Inc. (NASDAQ:DCGO), a top digital health company in the US, launched its first app integrated with Epic, enhancing on-demand mobile health services. The company aims to revolutionize proactive healthcare through AI-powered technology and a vast team of mobile medical clinicians. DocGo reported its most successful financial quarter, with revenues of $186.6 million in Q3 2023, and raised its 2023 revenue guidance. Trend-wise, DocGo Inc. (NASDAQ:DCGO) focuses on technology-driven mobile health services, sustainability, and social impact, exemplified by partnerships and aid to migrants. Future trends may include further tech integration, financial growth, and a continued focus on sustainable healthcare accessibility.
8. NeuroPace, Inc. (NASDAQ:NPCE)
Market Cap: 4.1 billion
NeuroPace, Inc. (NASDAQ:NPCE), based in Mountain View, California, is a leading digital health company focused on epilepsy treatment. Its flagship RNS System product delivers personalized treatment at the seizure source. Recent enhancements, including the nSight Platform and Tablet Remote Monitor, simplify patient interaction and receive FDA approval. Full-body MRI labeling approval expands treatment options. NeuroPace, Inc. (NASDAQ:NPCE) is involved in clinical trials for various epilepsy types. Financially, the company raised $67 million in financing in 2020 and received a five-year NIH grant of over $9 million.
7. Health Catalyst, Inc. (NASDAQ:HCAT)
Market Cap: 5.3 billion
Health Catalyst, Inc. (NASDAQ:HCAT), a leading US digital health company, recently acquired Electronic Registry Systems, Inc. (ERS) to enhance its managed services with oncology registry capabilities. Its MeasureAble earned ONC Health IT Certification, showcasing its commitment to enabling hospitals. Recognized for LGBTQ-inclusive policies and named in Modern Healthcare's Best Places to Work, Health Catalyst, Inc. (NASDAQ:HCAT) focuses on patient-centered care and data-driven healthcare trends. Expect continued involvement in pandemic preparedness and population health management amidst ongoing COVID-19 impact.
6. Doximity, Inc. (NYSE:DOCS)
Market Cap: 5.3 billion
Doximity, Inc. (NYSE:DOCS), standing sixth among the most valuable digital health companies in the US, provides a professional medical network with a large user base, including 80% of US MDs and 50% of NPs/PAs. It offers services like Doximity GPT, an AI writing assistant for healthcare professionals. Emphasizing current, clinical, and specialty-specific content, Doximity, Inc. (NYSE:DOCS) prioritizes valuable user experiences over ads. Upcoming trends include the creation of content hubs and the centralization of helpful information for healthcare professionals.
Click to see and continue reading the 5 Most Valuable Digital Health Companies in the US.
Suggested Articles:
Disclosure. None: The 20 Most Valuable Digital Health Companies In The US is originally published on Insider Monkey.
