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Top 150 most innovative digital health startups in 2022 – CB Insights

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CB Insights has announced the fourth Digital Health 150 — a list of innovative companies revolutionizing healthcare. This year’s remarkable selection includes health startups tackling every aspect of medical advancement, from integrating data systems and home care monitoring to bringing virtual reality into training programs. From reimagining clinical procedures, and using augmented reality and virtual reality (AR/VR) for surgical training to increasing accessibility for underserved communities, it’s clear that tech is making amazing strides in transforming how we approach our health. 

The 150 most innovative companies were selected from a pool of more than 13,000 applicants based on multiple criteria such as data submitted by them, including data submitted by the companies, proprietary Mosaic scores, business model of the company and momentum in the market, funds raised, business relationships, investor profiles, competitive positioning, and more. To uncover these truly game-changing players, CB Insight researchers went through 3k+ Analyst Briefings that had been presented. 

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Image source: CB Insights 

90% of 2022 winners are newcomers 

This year’s winners of the Digital Health Awards comprise an impressive 90% of newcomers. The digital health space has been flourishing due in part to extraordinary M&A and IPO activity this past 2021 fiscal cycle; long-standing champions such as Xealth, Redox, and Maven Clinic have not only weathered difficult economic conditions but successfully secured their places on the awards yet again. 

Moreover, this year’s winners list is a true milestone in global representation spanning 18 countries across 5 continents. Representation outside of the US has grown significantly since last year and now represents 25% of companies on the list. The US remains at its forefront as the leading country on the roster.  

The UK comes in second with 9 companies represented and is followed by 5 from Canada, 3 from Brazil, and 1 each across 15 other countries spanning all five continents. This broad range demonstrates that digital healthcare technologies are thriving around the world. 

Most health companies focus on diagnostics 

The Digital Health 150 highlights innovative efforts in healthcare diagnostics, with 29 companies spearheading new technologies to monitor and diagnose medical conditions. Among them are Skin Analytics providing breakthrough mobile analytics for skin lesions, Ellipsis offering voice biomarkers analysis through their platform, Kintsugi assessing vocal health indicators and Prevent Biometrics introducing concussion monitoring technology. Additionally, this year’s awardees span across interoperability & data solutions (12%), virtual care initiatives (11%) as well as digital front door systems and patient engagement tools rounding up 11%. 

Nearly half of the Digital Health 150 winners are health startups 

In comparison to last year’s unicorn count of 17 companies, only 5 made it into 2022 with a $1B+ valuation, accounting for just 3% total. Almost half of this year’s Digital Health 150 winners comprise promising health start-ups at the cutting edge of innovation. Among them are Vori Health, whose virtual and onsite musculoskeletal care services have proved invaluable to many, as well as Janus Health which promises streamlined revenue cycle management with their intelligent automation tools that allow for optimized process analysis and improvement. 

Innovative digital health solutions have seen a substantial boost in investor interest since 2017, with the Digital Health 150 winners having raised $5.6B across 378 deals over the years up to November of 2022 alone including $1.6B invested in 85 deals in 2022 Year to Date. The leading companies by total equity funding are SWORD Health, Maven Clinic, and Viz.ai. 

General Catalyst is standing as the most active investor in the Digital Health 150 companies. An impressive 13 investments since 2017 have backed a diverse portfolio of innovative tech-driven healthcare solutions including Homeward, Equip, Casana, and SWORD Health. Insight Partners follows with 10 investments while 7wire Ventures and Plug & Play Ventures back 6 each. 

You can download the complete Digital Health 150 list here. 

Read next: 11 tech trends you can expect to see in 2023

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