The pandemic fallout has laid bare the flaws and lacunas of the modern healthcare system. And while the public health system has always been known for high costs, COVID-19 has also reinforced the need for automation and proactive monitoring. These two capabilities are now at the mercy of innovation and intelligent technologies, which, in their turn, are among the flagship offerings of top healthtech companies in the USA.
Today, we’ll look at the state of healthtech in 2022 as well as go over the best healthcare technology companies in the USA.
What is the current state of the healthcare industry?
In simple terms, healthtech sits on a wide range of technologies and services, including wearables, artificial intelligence (AI), machine learning, Big data analytics, and blockchain.
The industry has been growing at an exponential rate for the last few years, and it’s not stopping any time soon. The market is expected to grow from $175 billion in 2019 to $660 billion by 2025.
The following are some of the key trends that have taken off over the last few years.
Digital health for healthcare providers and top tech companies
The digital health market is already worth over $220,160.45 million and is slated to hit $551,090.78 million by 2027. Therefore, it is still in its infancy. The niche encompasses a miscellany of technologies, tools, and devices combined with healthcare.
For example, fitness trackers are great for tracking your activity levels, but they also help you understand what types of activity work best for you and provide feedback on your progress over time. That level of personalization is what makes digital health so powerful and valuable in the long term. It allows us to tailor our lifestyles around our goals, rather than simply trying to meet them through sheer willpower alone.
Telehealth enters healthcare system
The use of telehealth has increased significantly over the last few years. As such, telehealth stands at the intersection of digital information and communication technologies that allow patients to access health care services remotely and manage their health care. Driven by the proliferation of wearables, telehealth enables real-time healthcare data exchange between providers and patients.
According to PwC, 49% of the US population owns a wearable device. It helps them track their heart rate and sleep patterns, monitor their glucose levels, and give them real-time feedback on how they can improve their health by making changes to their diet or exercise habits.
Artificial intelligence improves health outcomes
One of these trends is the increasing role of AI or artificial intelligence in healthtech products and services. Technology can take many shapes. However, its main goal is to enable automation among healthcare professionals. Nextgen healthcare organizations are harnessing AI to improve patient care, reduce costs and increase operational efficiency.
AI can be used for predictive analytics and prescriptive analytics, to find patterns in data and make predictions about future events. Healthcare data and analytics solutions help predict future outcomes based on historical data, such as physician behavior or patient outcomes. Prescriptive analytics uses machine learning techniques to suggest actions that will achieve given goals for patients or providers.
Artificial intelligence can also be used for image recognition, which can help healthcare providers detect diseases more quickly and accurately than humans can do alone. For example, artificial intelligence can identify cancerous cells in a biopsy more quickly than a human doctor could do alone.
Top 5 healthcare technology companies in the USA
The United States has always stood at the forefront of innovation. The US healthcare system is no exception. Thus, The U.S. digital health market size is projected to reach over $549 billion by 2030, which translates into a CAGR of 26.9% over the forecast period. So, it’s no wonder that the United States is home to one of the most prolific healthtech companies in the USA. Below, we’ve curated a list of the best healthtech companies that are striving to make a difference in the world of healthcare. Let’s explore top tech companies that operate across the country.
Foundation date: 2010
Location: San Francisco, California
Ranking high among tech companies on Built In, Doximity is the first high quality healthcare company to open our list. Established over a decade ago, Doximity has become a leading digital platform for medical professionals and is listed among our top healthtech companies in the USA. The company’s main product is its eponymous online networking service that caters to US physicians.
The platform of this technology company includes over 80% of U.S. physicians across all specialties and practice areas. Doximity provides its members with the robust functionality to collaborate with colleagues, securely coordinate patient care, hold virtual patient appointments, and read the latest medical news and research.
The App Solutions
Foundation date: 2013
Location: Wilmington, Delaware
As one of the top health tech companies, The App Solutions has accumulated solid tech expertise to deliver innovative solutions for the medical niche. The company has worked with healthcare providers, clinics, and high-flying tech giants and delivered over 50 projects. Its flagship services include medical practice management software, electronic health record software, e-prescribing software, mental health care, remote patient monitoring, and other solutions that improve patient outcomes and medical response.
The App Solutions is also known for contributing to Google’s Nanopore Genome Sequencer, a hallmark of genome engineering. The tool was built in collaboration with The University of Queensland researchers and the Google Cloud Platform developers and is targeted at saving patients from septic shock.
Foundation date: 2012
Location: New York
Click Therapeutics is among other healthcare technology companies in the USA that aims to amplify clinical pathways. The provider specializes in prescription healthcare software apps as medical devices that support pharmacotherapies or work as stand-alone solutions to treat a disease.
The company’s proprietary healthcare software such as Clickotine, Clickheart, and others rely on the Click Neurobehavioral Intervention (CNI) platform and is fueled by a custom machine learning and healthcare data science engine. All solutions are evaluated by the FDA for safety and effectiveness.
Foundation date: 2016
Location: New York
Striving to democratize healthcare, Kaia Health is one of the leading platforms for musculoskeletal medicine also known as MSK. The platform covers over 500K users and is a go-to choice of around 100 US employers, including Alstom, Holcim, Harvard Pilgrim Healthcare, and others.
Kaia’s algorithm adjusts the platform to fit unique users’ needs, including psychological and physical. Thanks to computer vision capabilities, the Kaia Health platform enables the user to get automated exercise feedback and gamified warmups. According to a clinical trial, the platform delivers better health outcomes compared with other treatments.
Foundation date: 2014
Location: Waltham, Massachusetts
Just like a sci-fi protagonist, Vicarious Surgical transforms traditional surgeries into next-gen medical procedures that rely on robotics and virtual reality. The company’s proprietary Robotic System is designed with a focus on abdominal access and visualization through a single port, thus allowing surgeons to perform minimally invasive surgery.
Vicarious Surgical is an advocate of an accessible healthcare industry that provides advanced quality care, at affordable costs. Currently, the technology company is working on enhancing its offerings and is planning to make an FDA submission for its surgical robot in 2024.
Foundation date: 2019
Location: San Francisco, California
Although a newcomer to the top healthcare technology companies, Akasa has already managed to make a dent in the market. Striving to eliminate administrative hassle, the company leverages artificial intelligence to automate and digitize healthcare workflows. Their AI and ML algorithms are rigorously trained on customer data and deliver supreme analytics for complex processes.
Delivering smart solutions, the company drives automation to the miscellany of administrative tasks, including electronic health records and billing infrastructure to facilitate medical billing and reimbursement. Its platform sits on evidence-based R&D and operates across 50 states.
Foundation date: 2017
Location: Fully remote
Beyond clinics and healthcare providers, there is a whole wealth of other health-related solutions that improve our wellbeing. Future is a healthcare technology company that specializes in personalized fitness coaching. Coupled with technology, Future’s fitness application taps into the Apple Watch and iPhone to uncover insights into detailed biometrics.
Foundation date: 2018
Location: Fully remote
Virtual healthcare is considered to be the future of the medical sphere. Wheel is a company that helps telemedicine gain traction as they deliver everything that doctors need for remote care. From a tech stack to white-labeled platforms to behavioral science, this company scored over 1.3 million patient visits. Wheel’s also hires certified clinicians to provide medical services and caters to digital companies, pharmacies, and tech providers.
Foundation date: 2015
Location: Fully remote
A provider of medical equipment ordering software, Parachute Health’s mission is to elaborate patient care through sturdy medical equipment and digital ordering. The company offers clinicians a fast and simple ordering platform to get medical equipment, supplies, and services for patients. According to the company, the median time to order is less than 3 minutes, while equipment is delivered in less than one day.
By digitizing the DME ordering process, Parachute Health helps health providers increase patient experience, get suppliers’ support, and order life-saving products fast.
Foundation date: 2005
Location: Boston, Massachusetts
Since 2005, Lumeon has been striving to innovate care pathways and help clinicians deliver measurable health outcomes. As a leader in care journey orchestration, the company tackles fragmentation in the healthcare journey, by bringing all patient data into one place. Lumeon collaborates with over 70 leading health organizations in the U.S. and Europe.
The company innovates EHRs, the US healthcare system, and health data to unlock actionable insights and amplify the decision-making to help care professionals work productively, while actively engaging patients. Lumeon’s flagship intelligent platform automates patient data management, streamlines manual tasks, and promotes digital and data transformation.
Top healthcare technology companies: The Final Word
Sometimes, it takes an AI algorithm and tech expertise to make our world a better place. Leading healthtech companies know first-hand how technology can make a difference in traditional healthcare and improve population health performance. Driven by artificial intelligence, data excellence and healthcare technology , healthtech companies aim to reduce healthcare costs, minimize medical errors, ensure continuity of care and reimagine the traditional health industry.