Health Systems are a Driving Force for Digital Health in the U.S.
Transforming Healthcare Delivery: US Health Systems Leading the Way in Digital Health
Uncover the power of Health Systems as a driving force for Digital Health across the United States. Spearheading a revolution in healthcare delivery, these systems enhance patient outcomes, address internal challenges, and play a pivotal role in nurturing the ecosystem. Explore their dynamic involvement, backed by accelerator programs and venture capital initiatives, making Health Systems and hospitals the linchpin of the Digital Health landscape in 2024. HealthTech Alpha, a Galen Growth proprietary solution, and the world’s leading Digital Health private market data, intel and insights platform powers this report!Highlights from the 2023 North America Digital Health Innovation Report
Addressing Healthcare Challenges: Surge in Digital Health Adoption by U.S. Health Systems in 2023
Amidst healthcare staff shortages and outdated processes, 2023 witnessed a significant shift as Health Systems in the United States embraced Digital Health solutions. Experiencing a remarkable 1.3x year-over-year increase in partnerships with Digital Health ventures, these systems are actively tackling their most pressing pain points. Noteworthy is the fact that, excluding venture-to-venture collaborations, Health Systems announced more than twice the number of partnerships compared to companies in the Biopharma vertical in 2023. In continuation of the inaugural report from 2023, this comprehensive analysis by Galen Growth zooms in on the activities of U.S. Health Systems over the past 5 years, shedding light on their transformative journey in the realm of Digital Health.1. Health Systems Leading Global Digital Health Partnerships:
In the dynamic landscape of Digital Health, a remarkable 26% of global partnerships in 2023 involved health systems and hospitals, eclipsing other industry verticals.2. Key Players Shaping Digital Health Collaborations:
Over the last 5 years, a formidable cohort of 75 Health Systems and hospitals within the healthcare vertical took center stage, contributing to 50% of partnerships in the Digital Health domain.3. AI Integration Across U.S. Health Systems:
Embracing the future, 55% of ventures entering into partnerships with U.S. Health Systems are harnessing the power of Artificial Intelligence (AI) technology.4. Strategic Partner Selection for Long-Term Viability:
Recognizing the importance of longevity in partnerships, Health Systems are discerning in their choices. Notably, 61% of Digital Health ventures collaborating with U.S. Health Systems have not secured funding in the past 18 months, indicating a focus on stability.5. Telemedicine Surges in 2023:
While Health Management Solutions remain pivotal for operational efficiency, the year 2023 witnessed a significant surge in the adoption of Telemedicine solutions, underscoring the evolving priorities of Health Systems.Ventures and Companies Covered in the Report
The “Health Systems are a Driving Force for Digital Health in the U.S.” includes data on the following
- Healthcare providers: Mayo Clinic, Mass General Brigham, Cleveland Clinic, Northwell Health, Memorial Sloan Kettering Cancer Center, Intermountain Health, Banner Health, Mount Sinai Health System, Johns Hopkins Health, CommonSpirit Health,
- Digital Health ventures: Truveta, DispatchHealth, TransformativeMed, Innovaccer, Kyruus, Carrum Health, Ada Health, Withings, Proximie, Biofourmis, Holmusk, AI Medical Service, Hippocratic AI, Recora, Transcarent, Unite Us, Tempus, Helix, BostonGene, CardioOne, Stork Club, Concert Health, Synchron, Paige, Notable Health, Navina, Memora Health, Cedar, Suki, Arrive Health, Omada Health, Digital Diagnostics, Brightline, Medically Home, Osso VR, Freenome, Kaia Health, Epitel