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Top 20 Digital Health Companies Leading the Industry in the US

This article highlights the top 20 US-based digital health companies, including the top five, to provide insights into the US digital health industry.

By Newsd
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Top 20 Digital Health Companies Leading the Industry in the US

Top 20 Digital Health Companies Leading the Industry in the US: This article will examine the twenty most valuable digital health companies based in the United States. If reading about the global health market does not pique your interest, proceed directly to the list of the five most valuable digital health companies in the United States.

According to current research, some US digital health companies are leading healthcare innovation. One of the most valuable is Teladoc Health, which provides virtual care solutions for a variety of medical needs and telemedicine services that connect patients with healthcare specialists remotely. Epic Systems, a major competitor, is known for its EHR software, which improves clinical workflows and streamlines patient data management.

Due to their telehealth platforms and chronic illness management solutions, Amwell and Livongo Health have helped improve digital health services nationwide. These companies have enormous market value and shape US healthcare.

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The United States’ Dominance in the Global Digital Health Market and Its Explosive Growth

The worldwide digital health market is currently undergoing substantial expansion, as indicated by numerous forecasts for the future years. According to Fortune Business Insights, the market will grow at a compound annual growth rate (CAGR) of 23.3% between 2023 and 2030, reaching US$1.9 trillion. The United States established itself as a significant participant in this flourishing industry, as North America retains a 40.79% share of the worldwide market in 2022. Among the elements that contribute to this dominance are

Sufficient reimbursement policies,
elevated expenditures per capita on cutting-edge technologies, and
the region’s increasing need for medicinal technologies.

In terms of financial data about the United States market, the valuation of North America in 2022 was USD 153.38 billion. The market size for digital health in the United States was valued at USD 217 billion in 2022 and is anticipated to increase to USD 1,592 billion by 2032, indicating a significant capacity for expansion within the digital health industry in the United States.

Teladoc Health is an industry leader in telemedicine services, and its platform for remote patient consultations has established a new benchmark. The financial data of the organization demonstrates its substantial expansion and influence within the healthcare sector. Teladoc Health’s 2021 financial performance was strong, with 86% revenue growth to $2.03 billion, 38% total visits growth to 15.4 million, $194 million cash flows from operations, and 111% adjusted EBITDA growth to $268 million. However, after an acquisition, the company lost $13.7 billion in 2022 due to noncash goodwill impairment charges.

Despite this, Teladoc Health is a key player in telehealth, including mental health treatments, chronic disease management, and remote patient monitoring. The business aims to make virtual care the first step in healthcare by providing mental health, chronic disease management, and primary care. Teladoc Health’s continued investment in virtual care leadership shows its commitment to changing healthcare and improving medical knowledge through digital platforms.

Epic Systems: Innovative EHR Solutions at the Front of the Digital Health Revolution

Digital health companies are causing market disruption and substantially reshaping conventional healthcare models. A study by Deloitte projects that by 2027, digital health entrants will reduce the net profits of health plans by about $15 billion. The impact on commercial business is estimated to be around $5 billion, while the government sector (including Medicare and Medicaid) is anticipated to experience a reduction of around $10 billion.

By 2028, the worldwide digital health market is anticipated to generate $549.7 billion in revenue, expanding at a compound annual growth rate (CAGR) of 25%. Numerous factors, such as the rising use of smartphones, tablets, and other mobile platforms as well as the advancement and acceptance of digital health, are driving the expansion. The digital health market is transforming the United States as well, where organizations encounter obstacles including decreased investment and the requirement to illustrate the cost-effectiveness and effectiveness of their products or services.

Epic Systems is the market leader in Electronic Health Records (EHR) and has significantly transformed patient care and healthcare services through its comprehensive EHR solutions. The market influence of the organization is readily apparent in its substantial market share. By market share, Epic is the dominant EHR provider, per Modern Healthcare.

Epic’s collaboration with Microsoft Corp (NASDAQ: MSFT), which seeks to revolutionize patient care, enhance healthcare services, expedite administrative tasks, and advance clinical research, further emphasizes Epic’s role in healthcare. Moreover, Epic’s impact is exemplified through its collaboration with the University of Pittsburgh Medical Center (UPMC), in which it performs a revolutionary transition in the management of patient data by integrating six million patient records into a solitary digital recordkeeping system.

The Epic App Market, alternatively referred to as the Epic EHR/EMR App Market, is an indispensable element of Epic’s product portfolio. It furnishes healthcare organizations with a platform to utilize an extensive collection of applications that can augment and customize the capabilities of Epic’s EHR/EMR systems. The marketplace facilitates the exchange of protected health information (PHI) between disparate healthcare systems in a secure manner, thereby promoting interoperability and customization. This is an essential requirement in the interconnected healthcare ecosystem.

In terms of financial data, Epic’s substantial market presence is evident in its partnership with UPMC, a healthcare system behemoth valued at $26 billion. The considerable investment in the consolidation of six million patient medical records into a solitary digital recordkeeping system demonstrates the organization’s financial clout in the digital health industry.

The Methodology We Employ

Yahoo Finance’s current market capitalizations were utilized to rank the most valuable digital health companies in the United States for our methodology.

20. OMCL: Omnicell, Inc. (NASDAQ)

Cap of Market: $1.2 billion

A prominent US health technology company, Omnicell, Inc. (NASDAQ: OMCL), has recently introduced a service that assists hospitals in establishing specialty pharmacy programs that incorporate medication-filling robots. It displayed intelligent devices, robotics, and software designed to improve healthcare outcomes at ASHP Midyear 2023. With a net loss per share of $0.33, Omnicell disclosed $291 million in revenues for the third quarter of 2023. As a result of implementing leadership transitions aimed at improving customer experience and operational efficiency, Omnicell, Inc. (NASDAQ: OMCL) is reinforcing its standing as a market leader in digital health and placing technology at the forefront of its efforts to enhance clinical and operational results.

19. GeneDx Holdings Corporation (WGS: NASDAQ)

Cap of Market: $1.7 billion

Leading digital health company in the United States, GeneDx Holdings Corp. (NASDAQ: WGS) focuses on clinical and genomic insights to improve health outcomes. It offers comprehensive genetic testing, including WGS and WES, through a Financial Assistance Program. Collaborating with Prognos Health, GeneDx Holdings Corp. (NASDAQ: WGS) focuses on rare disorders, specifically pediatric and NICU testing, to expedite care access. It seeks to standardize genome testing in anticipation of personalized health programs for life. GeneDx utilizes its health intelligence platform, Centrellis, to incorporate artificial intelligence and digital tools to propel precision medicine forward with massive clinical data sets.

18. The NASDAQ: HIMS represents Hims & Hers Health, Inc.

Cap of Market: 1.97 billion

Early in 2024, Hims & Hers Health, Inc. (NASDAQ: HIMS), one of the most valuable digital health companies in the United States, is projected to turn a profit. Q3 2023 revenue increased by 57% year-over-year to $226.7 million, exceeding Wall Street expectations. It is committed to personalized remedies by utilizing technology and data; its mental health service has amassed over 125,000 subscribers. Hims & Hers Health, Inc. (NASDAQ: HIMS), disclosed a reduced net loss of $7.6 million in Q3 2023 and unveiled MedMatch, an artificial intelligence-powered tool for healthcare providers. Recently, the organization with a market capitalization of $1.9 billion designated a Chief Design Officer to improve brand accessibility and user experience.

17. TDOC: TDEAC Health, Inc. (NYSE)

Value at Market: 2.54 billion

Teladoc Health, Inc. (NYSE: TDOC) is a provider of all-encompassing virtual solutions that address the management of chronic conditions, emergent care, and wellness. To improve holistic health and well-being, Teladoc provides a range of services including mental health, primary care, and more via its recently incorporated digital application. With over 50 million visits recently surpassed, Teladoc Health, Inc. (NYSE: TDOC) remains dedicated to empowering individuals on a global scale. It emphasizes in its 2022 CSR report its commitment to addressing a variety of healthcare requirements.

16. Ascendant Health Group, Privia, Inc. (NASDAQ: PRVA)

Cap of Market: $2.3 billion

Navina, an AI-driven primary care platform, and Privia Health Group, Inc. (NASDAQ: PRVA) formed a partnership in September 2023 to optimize provider workflows and bolster value-based care initiatives. The purpose of this partnership is to enhance patient care and contribute to the expansion of Privia Health Group, Inc. (NASDAQ: PRVA). Privia Health’s 23% second-quarter revenue increase of $413.4 million outpaced Wall Street. The company now expects its provider network to exceed 4,100 by 2023 and earn $1.55 billion to $1.65 billion in revenue. This success shows Privia Health’s leadership in digital health, where AI and technology are increasingly needed to optimize processes and patient outcomes.

15. Howdy Holdings, Inc. (GDRX) (NASDAQ: GDRX)

Cap of Market: $2.65 billion

An industry leader in digital health, GoodRx Holdings, Inc. (NASDAQ: GDRX) has introduced GoodRx Health, a platform that provides financial guidance, expert-written content, and drug FAQs. Distinct formats, such as GoodRx Answers, facilitate users’ access to reliable health information. HCP media solutions were introduced by GoodRx Holdings, Inc. (NASDAQ: GDRX); since then, they have become a reliable source for prescriptions. Increased site traffic and organic reach are indicators of effective customer and healthcare provider engagement.

14. Accolade, Inc. (ACCD: NASDAQ)

Cap of Market: $2.8 billion

Renowned for its cutting-edge healthcare solutions, Accolade, Inc. (NASDAQ: ACCD) is positioned sixteenth among the most valuable digital health companies in the United States. The organization actively participates in partnerships and initiatives aimed at promoting digital health, such as the Digital Health Track at the BIO International Convention. Accolade’s proficiency in domains such as telemedicine and virtual care situates it favorably to leverage developments in personal health management, remote surveillance, and data analytics, owing to the industry’s swift evolution. While precise financial figures are not available, Accolade, Inc. (NASDAQ: ACCD) has demonstrated its robust financial position and market influence by playing a substantial role in raising $3.3 billion for digital health clients through November 2020.

13. NASDAQ:STRM: Streamline Health Solutions, Inc.

Cap of Market: $2.8 billion

Leading US digital health company Streamline Health Solutions, Inc. (NASDAQ: STRM) has fortified its industry standing with recent declarations of enhanced liquidity and new board appointments. The organization sustains its growth trajectory by establishing contractual commitments with primary healthcare providers. In 2023, Streamline Health commemorated its two decades of existence and achieved unprecedented prosperity with its Microsoft Azure-hosted SmartCare Behavioral Health EHR platform. Streamline Health Solutions, Inc. (NASDAQ: STRM) endeavors to achieve consistent expansion while continuing to empower behavioral health providers and improve revenue integrity.

12. Merriam-Pacific: 224 (NASDAQ: ME)

Cap of Market: $3.2 billion

In the second quarter of 2021, 23andMe Holding Co. (NASDAQ: ME), an industry leader in digital health, went public via a merger with VG Acquisition Corp, thereby securing substantial funding for research and development. Through developments in preventive healthcare and personalized medicine, the organization provides individualized health insights by leveraging genetic data. By emphasizing at-home genetic testing and seamless integration into conventional healthcare, 23andMe Holding Co. (NASDAQ: ME) endeavors to propel genomics innovation forward, encompassing drug discovery and the expansion of its genetic database for research purposes.

11. (NYSE: AMWL) American Well Corporation

Cap of Market: $3.3 billion

In the first quarter of 2023, American Well Corporation (NYSE: AMWL) reported steady revenue of $64 million and a net loss of $398 million, including a $330 million impairment charge. However, the firm actively sought strategic relationships and projects, such as a cardiometabolic initiative with DarioHealth and a $180 million Defense Health Agency contract. Despite recent setbacks, American Well Corporation (NYSE: AMWL) is transitioning clients to its new telehealth platform, Converge, for long-term growth.

10. Moving Forward (NASDAQ: MOVE)

Cap of Market: $3.4 billion

Movano Inc. (NASDAQ: MOVE), a leading digital health company, introduced Evie Rings, achieved HSA/FSA eligibility, won the 2024 CES Innovation Award, and performed well on Black Friday. Movano Inc. (NASDAQ: MOVE) reported strong third-quarter 2023 financial results, including a $4.1 million public offering that showed the company’s stability and growth. Industry trends are in line with Movano’s emphasis on purpose-driven healthcare solutions, specifically women’s health. By actively participating in forthcoming conferences, the organization enhances its standing within the digital health domain.

9. DCGO is the NASDAQ symbol for DocGo Inc.

Cap of Market: $3.6 billion

DocGo Inc. (NASDAQ: DCGO), a prominent US digital health provider, unveiled its first Epic-integrated app to improve on-demand mobile health services. The company aims to revolutionize healthcare with AI and a large army of mobile doctors. DocGo earned $186.6 million in Q3 2023, its largest quarterly revenue. The corporation raised its 2023 revenue forecast. DocGo Inc. (NASDAQ: DCGO) collaborates with migrant organizations and supports projects to focus on social impact, technology-driven mobile health services, and sustainability. Technological integration, financial growth, and sustainable healthcare accessibility may continue.

8. NPCE: NeuroPace, Inc. (NASDAQ)

Cap of Market: $4.1 billion

NeuroPace, Inc. (NASDAQ: NPCE), headquartered in Mountain View, California, is an industry-leading provider of digital health solutions for the treatment of epilepsy. Its flagship product, the RNS System, administers individualized treatment at the site of the seizure. Recent FDA-approved enhancements, such as the Tablet Remote Monitor and nSight Platform, facilitate patient interaction. Approval of full-body MRI labeling broadens treatment options. Clinical trials are being conducted by NeuroPace, Inc. (NASDAQ: NPCE) for a variety of epilepsy subtypes. The organization secured financial backing totaling $67 million in 2020 and was awarded an NIH grant of over $9 million over five years.

7. Investors Bank of America (NASDAQ: HCAT)

Cap of Market: $5.3 billion

A prominent digital health company in the United States, Health Catalyst, Inc. (NASDAQ: HCAT), recently acquired Electronic Registry Systems, Inc. (ERS) to add oncology registry capabilities to its managed services. Its MeasureAble has demonstrated its dedication to empowering hospitals by attaining ONC Health IT Certification. Health Catalyst, Inc. (NASDAQ: HCAT), the Best Place to Work in Modern Healthcare and LGBTQ-inclusive company, prioritizes patient-centered care and data-driven healthcare trends. Expect continuous participation in pandemic preparation and community health management due to COVID-19.

6. Doximity, Inc. (DOCS: NYSE).

Cap of Market: $5.3 billion

Sixth among the most valuable digital health companies in the United States, Doximity, Inc. (NYSE: DOCS) provides a professional medical network that is utilized by a substantial number of individuals, including 80% of US MDs and 50% of NPs/PAs. It provides services such as Doximity GPT, a healthcare professional AI writing assistant. Value-added user experiences take precedence over advertisements at Doximity, Inc. (NYSE: DOCS), which prioritizes current, clinical, and specialty-specific content. The establishment of content centers and the consolidation of valuable information for healthcare professionals are forthcoming developments.

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