This year, The Healthcare Technology Report began recognizing the most important companies in the healthcare technology space. The Power 500 designation is awarded to the most innovative and impactful organizations in their segment of the healthcare technology market. Each has demonstrated a commitment to improving the health of people around the world. Healthcare technology, when invested in properly, can revolutionize how ailments, injuries, and diseases are prevented, detected, and treated. It can also dramatically alter a person’s ability to move their body or markedly increase lifespan.
The Power 500 Healthcare Technology Companies is a dynamic list which will be adjusted from time to time as new companies emerge as category leaders and as others decline or are acquired. Ultimately, the list aims to represent the top competitors in each major category of biotechnology, medical devices, healthcare software, and consumer healthtech. It includes those companies demonstrating product or service leadership, technical depth in their specific fields, consistent organizational growth or evolution, operational excellence, and high-caliber management teams, among other attributes.
The Impact of the Healthcare Technology Market
Due to rigorous testing requirements and strict regulations, the healthcare technology sector is often thought of as slow-moving — but if 2022 proved anything, it’s that this notion could not be further from the truth. After 2020 and 2021 pushed healthcare to new levels with the development of COVID-19 tests and vaccines as well as creative solutions for other healthcare challenges, there was a surge of new technology deployment.
Telemedicine saw new levels of engagement, and for the first time, insurance companies started offering coverage for telehealth visits. Customers experienced the convenience and cost savings offered by this dynamic, and thus, demand shot up as much as 38x compared to pre-pandemic levels. Telehealth has also made care more accessible to people who live in rural areas, struggle to find appointments, or have mobility issues.
Meanwhile, hospitals and other medical providers are starting to harness the power of digitization to operate more efficiently and offer better patient care. Staffing shortages and heightened demand for care have also pushed providers to adopt unique software solutions, and organizations and patients alike are benefiting from digital tools implemented throughout the care process.
A major challenge facing technological innovation within the healthcare field is the healthcare infrastructure itself. Will insurance support new, innovative tests when legacy testing methods are cheaper? Time and time again, the system healthcare-oriented organizations must work within has demonstrated its reluctance to change and hesitance to trust innovation. By highlighting the benefits of innovation from a results and cost perspective, perhaps this can be addressed.
Below, we provide brief summaries of the four major categories along with category leaders for each, and at the end of this article we include a link to the complete rankings. If you would like to nominate or submit a review of a healthcare technology company for the Power 500, please do so through our nominations page.
There are many avenues through which to employ technology and advance healthcare capabilities, and no one approach is more valuable than the other, nor does any one approach operate independently. Instead, advancements in biotechnology, medical devices, healthcare software, and consumer healthtech all come together to make real and lasting change for both providers and patients.
Biotechnology uses living cells or material from cells to advance pharmaceutical treatments and diagnostic capabilities. The biotech sector has brought about some of the ultimate advancements in how patients are treated and how care plans are approached. A few of the most innovative biotechnology advancements have been stem cell treatments, gene therapy, genetically-engineered insulin, molecular diagnosis capabilities, and individual treatments using pharmacogenomics.
Instead of invasive testing or surgeries, biotechnology has enabled seamless diagnosis processes, enhanced disease treatment plans, and advanced therapies. For instance, Biodesix uses AI to offer 5 non-invasive lung assessment tests that are covered by Medicare. Meanwhile, MedGenome is bringing tailored medicine to patients, changing how providers approach cardiology, ophthalmology, and rare disease treatment. And, BeiGene is discovering and developing innovative oncology treatments that are more accessible and affordable to cancer patients worldwide.
Category leaders include:
1. Charles River Laboratories International
2. Syneos Health
3. Catalent Pharma Solutions
5. Bio-Rad Laboratories
7. Exact Sciences
8. Moderna Therapeutics
9. BioMarin Pharmaceutical
10. Biocon Biologics
11. Agilent Technologies
12. Chr. Hansen
14. Horizon Therapeutics
15. Bausch Health
24. PTC Therapeutics
A rather broad category of healthcare technology, medical devices are the actual machines and products used for testing and treating a variety of ailments. Some have been around for decades; pacemakers make maintaining a heart’s natural rhythm easy and dialysis machines help those with kidney issues live fuller lives. Others, such as noninvasive catheters, medical radars for breast imaging, and closed-loop insulin delivery systems are newer to the market.
Medical devices have recently seen a massive uptick in the use of machine learning, data analysis, and artificial intelligence to optimize how patients get the care they need. Accelerate Diagnostics, for example, is changing how infections are treated by using advanced in vitro diagnostic testing that combines microbiology with machine learning to speed the diagnosis and treatment of infections. Meanwhile, providing an alternative to IV drug delivery, Enable Injections has developed proprietary technology that can deliver high volumes of drugs for a range of diseases. And CMR Surgical is transforming surgery with Versius®, a next-generation surgical robot which provides an optimal tool to make robotic minimal access surgery universally accessible and affordable. These companies highlight the impact innovative medical devices can have on the lives of patients all over the world.
Category leaders include:
2. Boston Scientific
3. Edwards Lifesciences
4. Thermo Fisher Scientific
9. Integra LifeSciences
10. Dr Lal PathLabs
16. Insulet Corporation
17. Meril Life
18. United Imaging Healthcare
20. Zimmer Biomet
21. Leica Biosystems
Every aspect of an individual’s health is a data point. Certain symptoms, when occurring together, can offer insight into what’s wrong; specific treatments might have long-term side effects that are not readily apparent; and patients themselves have their own individual histories and lifestyles. All of these data points can be challenging to manage, making it difficult to use data-driven insights to make care decisions or quickly access all of the relevant information about a patient.
Healthcare software is changing all of that. New software makes tracking health records easier and more secure, enhances customer service by making it more efficient and engaging, and democratizes access to new, innovative therapies, among other benefits. Moreover, software advancements can make it easier for patients to access new healthcare providers and improve relationships with their existing doctors.
For decades, RXNT has developed software that has heavily influenced the medical industry; but most recently, its patient-facing product, MyRXNT, has made it easier for patients to understand their medical information and navigate their health journeys. Meanwhile, Global Healthcare Exchange has developed cloud technology to connect healthcare providers with a massive selection of suppliers, driving down costs and simplifying supply chains. And Sema4 is applying AI and machine learning to multidimensional, longitudinal clinical and genomic data to build dynamic models of human health and define optimal, individualized health trajectories.
Category leaders include:
1. Access Healthcare
4. Osi Systems
6. Epic Systems
7. PHC Holdings
13. Definitive Healthcare
17. CompuGroup Medical
18. Global Healthcare Exchange (GHX)
23. TELUS Health
Consumer healthtech directly influences how patients interact with their providers, their own health, and the healthcare system as a whole. Organizations in this category focus on the patient experience and optimizing qualities like convenience and ease of use. It’s no secret that dealing with personal health hurdles takes a lot of work, but consumer healthtech seeks to remove as many of these barriers for patients as possible. Consumer healthtech has been responsible for innovations such as medications-by-mail, telehealth, digital mental health treatments, routing patients to proper care providers, and new patient payment collectives that subsidize insurance.
Going to the pharmacy can be exhausting, expensive, and frustrating, but Alto Pharmacy has developed a mobile application to provide best-pricing and same-day delivery to consumers. Meanwhile, Dispatch Health is making home health possible again by providing the infrastructure to manage logistics and changing how policymakers think about home health. And Sedera offers its clients a new approach to health insurance by bringing like-minded individuals together who pay a monthly fee. Then, when medical expenses are incurred, Sedera helps members pay them. The healthcare industry as a whole can thank consumer healthtech for revolutionizing how patients access care.
Category leaders include:
5. Teladoc Health
7. Caris Life Sciences
8. Magic Leap
10. Hinge Health
11. Carbon Health
12. iRhythm Technologies
17. Alto Pharmacy
22. Modern Health
25. Maven Clinic
Healthcare Innovation Compounds
Advancements in any area of healthcare are a push in the right direction for advancements in all areas of healthcare. A desire and commitment to make healthy lives more attainable for all is clear across every aspect of the healthcare technology market. Whether it’s new technologies to diagnose diseases, automated reporting systems for nurses, or miniscule life-changing medical devices, all signs point to the fact that innovation in healthcare will continue to advance more quickly over time.
Though not every Power 500 company could be highlighted above, there are many companies undertaking ambitious agendas and delivering impressive results that deserve our attention. Please join us in recognizing the achievements of the Power 500 Healthcare Technology Companies of 2023.