This year, the Healthcare Technology Report began honoring the most significant companies in the healthcare technology sector. The Power 500 title is given to the most innovative and influential organizations in each segment of the healthcare technology market. Each organization is committed to improving the health of people around the world. With the right investments, healthcare technology can revolutionize how we prevent, detect and treat illness, injury and disease. It can also dramatically change a person’s ability to move and significantly extend their lifespan.
The Power 500 Healthcare Technology Companies is a dynamic list that is adjusted over time as new companies emerge as category leaders and others decline or are acquired. Ultimately, it is intended to represent the top competitors in each of the major categories of biotechnology, medical devices, healthcare software and consumer healthtech. It includes companies that demonstrate characteristics such as product or service leadership, technical depth in a particular field, consistent organizational growth or evolution, operational excellence and outstanding management team.
Healthcare Technology Market Impact
The healthcare technology sector is often thought of as slow-moving due to strict testing requirements and heavy regulations, but 2022 has proven that this notion couldn’t be further from the truth. After 2020 and 2021 saw the development of COVID-19 tests and vaccines, as well as creative solutions to other healthcare challenges, propelled healthcare to new levels, the adoption of new technologies skyrocketed.
Telehealth saw a new level of engagement, with insurers beginning to cover remote health visits for the first time. Customers experienced the convenience and cost savings the move brought, and demand soared 38 times compared to pre-pandemic times. Telehealth also made healthcare more accessible for those who live in rural areas, struggle to make appointments, or have transportation issues.
Meanwhile, hospitals and other healthcare providers are beginning to harness the power of digitization to operate more efficiently and provide better care to patients. Staff shortages and increasing demands for care have led healthcare providers to adopt unique software solutions, and both organizations and patients are benefiting from digital tools implemented throughout the care process.
A big challenge facing innovation in healthcare is the healthcare infrastructure itself. Will insurance support new innovative tests if traditional testing methods become cheaper? The system that healthcare organizations must engage with has time and again demonstrated a reluctance to change and a reluctance to trust innovation. Perhaps this issue can be addressed by emphasizing the benefits of innovation in terms of outcomes and costs.
Below we provide an overview of the four major categories and the leaders in each, with links to the full rankings at the end of this article: If you would like to nominate or submit a review for a healthcare technology company for the Power 500, you can do so on our nominations page.
Sector Breakdown
There are many ways to leverage technology to improve healthcare capabilities, but no approach is more valuable than another, and no approach works in isolation. Rather, advances in biotechnology, medical devices, healthcare software, and consumer health tech are all working together to create real, lasting change for both healthcare providers and patients.
Biotechnology
Biotechnology uses living cells or cell-derived materials to improve pharmaceutical therapeutics and diagnostic capabilities. The biotechnology sector has brought about some of the ultimate advancements in how we treat patients and approach their care plans. Some of the most innovative biotechnology advancements include stem cell therapy, gene therapy, genetically modified insulin, molecular diagnostic capabilities, and personalized treatments using pharmacogenomics.
Biotechnology has enabled seamless diagnostic processes, enhanced disease treatment plans, and advanced therapies in place of invasive tests and surgeries. For example, Biodesix is using AI to offer five non-invasive lung assessment tests covered by Medicare, while MedGenome is delivering personalized care to patients and changing the way healthcare providers approach the treatment of cardiology, ophthalmology, and rare diseases. And BeiGene is discovering and developing innovative oncology treatments that are more accessible and affordable for cancer patients around the world.
Category leaders include:
1. Charles River Laboratories International
2. Syneos Health
3. Catalent Pharma Solutions
4. Pfizer
5. Bio-Rad Laboratories
6. Genentech
7. Exact Sciences
8. Moderna Therapeutics
9. BioMarine Pharmaceuticals
10. Biocon Biologics
11. Agilent Technologies
12. Reverend Hansen
13. Basine
14. Horizon Therapeutics
15. Bausch Health
16. Invitation
17. Abcam
18. Hematology
19. Siegen
20. Tempus
21. Genmab
22. Galapagos
23. Idorsia
24. PTC Therapeutics
25. Exelixis
Medical equipment
Medical devices are a fairly broad category of healthcare technology: actual machines and products used to test and treat a variety of illnesses. Some have been around for decades: pacemakers help maintain the heart’s natural rhythm, dialysis machines help people with kidney disease live fuller lives, and others are newer to the market: non-invasive catheters, medical radar for breast imaging, and closed-loop insulin delivery systems.
Medical devices have recently seen a significant increase in the use of machine learning, data analytics, and artificial intelligence to optimize how patients receive the care they need. For example, Accelerate Diagnostics is changing the way infectious diseases are treated by using advanced in vitro diagnostic tests that combine microbiology and machine learning to speed diagnosis and treatment. Meanwhile, Enable Injections has developed a unique technology that allows for the administration of larger doses of medication for a range of diseases by providing an alternative to IV drug administration. And CMR Surgical is transforming surgery with its next-generation surgical robot, Versius®, which provides the perfect tool to make robotic minimally invasive surgery accessible and affordable for everyone. These companies highlight the impact that innovative medical devices are making on the lives of patients around the world.
Category leaders include:
1. Medtronic
2. Boston Scientific
3. Edwards Lifesciences
4. Thermo Fisher Scientific
5. ResMed
6. Hologic
7. Getinge
8. Dexcom
9. Integra Life Sciences
10. Dr. Lalpass Lab
11. Striker
12. LabCorp
13. Teleflex
14. Conmedo
15. New Vasive
16. Insulet Co., Ltd.
17. Merrill Life
18. United Imaging Healthcare
19. AdaptHealth
20. Zimmer Biomet
21. Leica Biosystems
22. Bioventus
23. Massimo
24. Envista
25. Penumbra
Healthcare Software
Every aspect of an individual’s health is a data point. When certain symptoms occur together, it provides insight into what might be wrong. Certain treatments may have long-term side effects that aren’t immediately apparent. And patients themselves have their own personal histories and lifestyles. Managing all these data points can be difficult, making it difficult to use data-driven insights to make treatment decisions or quickly access all the relevant information about a patient.
Healthcare software is changing all of this. New software makes tracking health records easier and more secure, enhances customer service by making it more efficient and engaging, democratizes access to new and innovative treatments, and much more. Additionally, software advancements are giving patients better access to new healthcare providers and improving relationships with existing doctors.
For decades, RXNT has developed impactful software for the healthcare industry, most recently with its patient-facing product, MyRXNT, making it easier for patients to understand their medical information and navigate their health journey; while Global Healthcare Exchange is developing cloud technology that connects healthcare providers with a vast array of suppliers, reducing costs and simplifying the supply chain; and Sema4 is applying AI and machine learning to multi-dimensional, longitudinal clinical and genomic data to build dynamic models of human health and define optimal, personalized health trajectories.
Category leaders include:
1. Access to healthcare
2. Allscript
3. Meditech
4. OSI System
5. Athenahealth
6. Epic System
7. PHC Holdings
8. Citius Tech
9. Babylon
10. Advanced MD
11. Axtoria
12. Health Edge
13. Definitive Healthcare
14. Praise
15. ModMed
16. Truly
17. CompuGroup Medical
18. Global Healthcare Exchange (GHX)
19. Sema 4
20. Therapy Notes
21. Relias
22. Web PT
23. TELUS Health
24. Bench Ring
25. Color
Consumer Health Tech
Consumer health tech directly impacts how patients interact with providers, their own health, and the healthcare system as a whole. Organizations in this category focus on optimizing the patient experience and quality, such as convenience and ease of use. We all know that addressing health barriers for individuals takes a lot of work, but consumer health tech aims to remove as many of these barriers for patients as possible. Consumer health tech has been responsible for innovations such as mail-order medication, telehealth, digital mental health treatment, directing patients to the right healthcare providers, and new patient payment co-operatives to subsidize insurance.
While trips to the pharmacy can be exhausting, expensive, and frustrating, Alto Pharmacy has developed a mobile app that gives consumers the best prices and same-day delivery. Meanwhile, Dispatch Health is making home health care possible again by providing the infrastructure to manage logistics and changing how policymakers think about it. And Sedera is giving its customers a new approach to health insurance by bringing together like-minded individuals who pay a monthly fee. And when medical expenses arise, Sedera helps members pay. The entire healthcare industry can thank consumer health tech for revolutionizing the way patients access healthcare.
Category leaders include:
1. Make adjustments
2. Pharmacy Easy
3. Brains
4. Pract
5. Teladoc Health
6. Model
7. Charis Life Sciences
8. Magic Leap
9. Amwell
10. Hinge Health
11. Carbon Health
12. Irhythm Technologies
13. Tebra
14. Queue
15. Zokudok
16. Dispatch Health
17. Alto Pharmacy
18. 23andMe
19. Talk Space
20. True Pill
21. Cry
22. Modern Health
23. B
24. Thrive
25. Maven Clinic
Healthcare Innovation Compounds
Advancements in any area of healthcare push advancements in all areas of healthcare in the right direction. The desire and commitment to empowering everyone to live healthier lives is evident in every aspect of the healthcare technology market. Whether it’s new technologies to diagnose illnesses, automated reporting systems for nurses, or tiny, life-changing medical devices, all signs point to healthcare innovations continuing to advance more rapidly over time.
While we couldn’t feature every Power 500 company above, there are many that are working on ambitious plans and achieving impressive results that are worthy of attention. Join us as we evaluate how Power 500 healthcare technology companies will perform in 2023.
