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North America Innovation Ecosystem Report on H1 2023 Key Trends

Galen Growth is pleased to share with you our Mid-Year Analysis on North America Digital Health Innovation. We look across the United States, Canada, and Mexico startup ecosystems for Digital Health and explain the current trends that are driving demand. Our analysis focuses on private ventures and includes ecosystem growth, most active partners, regulatory approvals and venture funding. HealthTech Alpha, a Galen Growth proprietary solution, and the world’s leading Digital Health private market data, intel and insights platform powers this report!

North America Digital Health Ecosystem 2023 Mid Year Report

Don’t miss the North America H1 2023 Key Trends in Digital Health with this semi-annual report on the current state and future outlook of the global Digital Health ecosystem. The past year’s macro events are accelerating the sector’s maturity and driving consolidation of this highly fragmented industry. While this contraction signifies progress towards a stronger and more relevant future, addressing the hype surrounding Digital Health is crucial. Recent incidents like Babylon’s collapse and Pear Therapeutics’ bankruptcy serve as cautionary tales, emphasizing the need for substantiated proof points, realistic projections, and tangible results. The North America H1 2023 Key Trends report focuses on private ventures and includes current trends, ecosystem development, most active partners, and venture funding.
  • Venture funding in North America returned to pre-pandemic levels at $8.25B, falling 41% compared to the H1 2022 values to reach only $8.28B, but funding is up 13% from the H2 2022 values and remained nearly constant from Q1 to Q2.
  • North America captured 69% of all announced Digital Health partnerships in the first half of 2023. Despite the downturn in funding, the first half of 2023 has seen a 1.2x growth in partnerships compared to same period in 2022.
  • Medical Diagnostics and Patient Solutions capture together 40% of the ventures with an Evidence Signal (ES) greater than 40. Across all Digital Health Clusters, 19% of all N. American ventures have significant clinical evidence.
  • Ventures with products that focus on Neurology moved from the 4th place spot for funding value in 2022 into the top spot in H1 2023. Increasing by 15% over H2 2022, funding in the Neurology reached $901M in H1 2023. 26% of the 2023 funding was raised in Series A funding rounds.
The “North America Digital Health Innovation Ecosystem Report on H1 2023 Key Trends” report includes data on the following companies: Pear Therapeutics, Lucira Health, Babylon Health, Femtec Health, Pomelo Care, Finni Health, Caraway, BenchSci, Little Journey, and others
HealthTech Alpha, a Galen Growth proprietary solution, powers this report!

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