Galen Growth has developed the industry-standard taxonomy that defines Digital Health, now adopted as the industry standard by numerous corporations. Each venture is categorized with a minimum of one primary category and up to four supporting categories. For detailed insights into our taxonomy, visit the Knowledge Page on HealthTech Alpha.
The majority of ventures analyzed in this year’s assessment fall within the Drug Discovery (10%), Medical Imaging (9.6%), and Prescriptive Analytics (8.0%) categories. The prominence of Drug Discovery at the top signifies a stark contrast to last year’s HealthTech 250, where the research cluster did not rank within the top 5 most represented categories.
Drug Discovery constitutes a Digital Health category within the Research Solutions Cluster, emerging as the largest segment among the HealthTech 250 ventures in 2023, encompassing 25 Digital Health ventures (10%). Globally, the Research Solutions cluster remains relatively youthful, housing nearly 600 ventures, with nearly 30% of these ventures incorporated within the last five years.
MindRank AI (德睿智药) stands as a notable player within this cluster, pioneering PharmKG™️, a comprehensive AI-driven drug discovery platform, alongside Molecule Pro™️, a specialized drug design platform. Notably, in July, the company secured a Series A extension (Series A1) amounting to $20 million, further fueling its innovative initiatives.
Additionally, Qubit Pharmaceuticals, a physics-oriented drug discovery firm, entered a strategic partnership with quantum computing company PASQAL. This collaboration aims to harness the power of quantum computing to expedite the discovery process for novel drugs, signifying a significant advancement at the intersection of physics and drug discovery within the digital health landscape.
The Medical Imaging Digital Health category resides within the broader Medical Diagnostics cluster, encompassing Medical Imaging, Diagnosis Tools, and Omics Related Diagnosis segments. Collectively, these segments contribute to a total of 50 ventures (20%) listed in the 2023 HealthTech 250.
Among these, EarliTec Diagnostics stands out as a company dedicated to developing diagnostic and therapeutic solutions for children affected by Autism Spectrum Disorder (ASD) and associated developmental disabilities. Notably, in June 2023, they received FDA 510(k) Authorization for their products EarliPoint and EarliPoint System, marking a significant milestone in their regulatory journey.
Similarly, Nox Health, a company specializing in sleep health diagnostics, has significantly bolstered its scientific contributions in 2023. They have co-authored five publications this year, reflecting an enhanced focus on scientific research and knowledge dissemination within the realm of sleep health diagnostics.
The Prescriptive Analytics Digital Health category, a segment within the Health Management Solutions (HMS) cluster, ranks as the third most represented category in this year’s HealthTech 250. This analytics approach is increasingly embraced by Health Systems, offering decision-making support tools via Chatbots and Generative AI, aiming to streamline physicians’ workflows. Earlier this year we delved in depth into US Health Systems and their touchpoints with Digital Health.
PreciseDx, a Cancer Risk Stratification company, delivers patient-specific risk information by analyzing morphology features, enhancing personalized treatment and outcomes. In November, PreciseDx published their research on the Analytical Validation of the PreciseDx Digital Prognostic Breast Cancer Test for early-stage breast cancer in the peer-reviewed journal Clinical Breast Cancer.