20 Fastest Growing Health Tech Companies in the World

Published on April 25, 2024 at 11:34 am by Laiba Immad in Lists, News

In this article, we will be taking a look at the 20 fastest growing health tech companies in the world. If you do not want to learn about the trends in digital health market, head straight to the 5 Fastest Growing Health tech Companies in the World.

Explosive Growth and Key Trends in the Digital Health Market

The digital health market has been striding and was valued at $180.2 billion in 2023 with an expectation to grow to $549.7 billion by 2028, growing at a CAGR of 25% between 2024-2028. The digital health industry consists of a wide range of technologies that include mHealth (mobile health) devices and apps, telehealth, digital therapeutics, and healthcare management systems. The key players in the digital health industry include DexCom, Biotricity, iHealth Labs, and AirStrip Technologies, among others.

If we talk about the digital health market in the US, it is one of the biggest with a value of $88 billion in 2023. The US healthcare system is mainly known because of its high costs. The country spent around 17.3% ($4.5 trillion) of its GDP on healthcare in 2022.

Telemedicine is one of the most transformative technologies in the digital health sector. The global telemedicine market which was valued at $87.41 billion in 2022, is expected to reach $286.22 billion by 2030 with a CAGR of 17.2% between 2023-2030. Teladoc Health is one of the biggest telemedicine platforms with approximately 90 million members. The company reports that 92% of its member issues are resolved without the need for follow-up visits. Teladoc Health also provided $24 million in financial aid to cover therapy costs for people with low incomes through its BetterHelp mental health service in 2023. The company reported strong financials in Q4, 2023 with a 4% increase in year-over-year revenue reaching $660.5 million. Their full-year revenue for 2023 reached $2.602 billion. Teladoc aims to reach the revenue goals of $2.635-$2.735 billion. Teladoc also acquired Livingo for $18.5 billion in 2020, further strengthening its position in the telemedicine market.

Innovations Driving Transformations in Healthcare Technologies

When talking about the components of digital health, wearable devices can not be left behind. The usage of these devices has been increasing rapidly which can be seen by the growth in the wearable device market which was valued at $25 billion in 2023 and is expected to reach $70 billion by 2029. Remote patient monitoring is another technology that has been gaining traction with the market worth $14 billion in 2023 and is expected to grow to $41.7 billion by 2028 at a CAGR of 20.1% from 2023-2028.

Precision medicine has been widely transforming healthcare by leveraging advanced technologies, and data analytics which helps personalizing medical interventions based on an individual’s unique preferences, characteristics, and genetic makeup. The global precision market, valued at $73.4 billion in 2022, is expected to grow to $175.64 billion by 2030 at a CAGR of 11.5% from 2023-2030, per Precedence Research. North America accounted for the largest revenue share of 47.9% in the market in 2022. Precision medicine startups like Nebula Genomics, GRAIL, and Mobile Health have been transforming the market.

The cutting-edge medical imaging technologies are also driving the health sector. The two most widely used and advanced medical imaging modalities include computed tomography (CT) and magnetic resonance imaging (MRI). The use of these modalities has increased in recent years with an annual growth rate between 1-5% between 2012-2016 across various age groups. The rate of CT imaging in the US increased to 141 per 1000 people in 2016, while MRI use increased to 63.3 per 1000 people in the same year.

Ultrasound imaging can’t be left behind when it comes to medical imaging technologies. This technology has seen immense growth over the past few years with the ultrasound imaging market expected to reach $8.2 billion by 2025, growing at a CAGR of 6.1% during 2021-2025.

20 Fastest Growing Health Tech Companies in the World

A robotic arm picking up a product assembly line, displaying the company’s consumer healthcare and wellness offerings.

Our Methodology

For our methodology, we have ranked the 20 fastest-growing health tech companies in the world based on their latest fiscal years’ YoY revenue growth rates.

Here is our list of the 20 fastest growing health tech companies in the world.

20. Merck & Co., Inc. (NYSE:MRK)

YoY Growth: 1.40%

Merck & Co., Inc. (NYSE:MRK) has emerged as one of the fastest-growing health tech companies in the world because of its innovative pharmaceutical products like Keytruda, Gardasil, and Januvia. Keytruda became a blockbuster drug for Merck in 2022 which brought in $20.9 billion in revenue for the company. Merck & Co., Inc. (NYSE:MRK)’s vaccine portfolio includes products for diseases like COVID-19, Ebola, and pneumococcal infections. The company’s Animal Health business saw a 4% increase in sales and their overall net sales saw a 6% increase, reaching $14.6 billion in Q4 2023.

19. Sanofi (NASDAQ:SNY)

YoY Growth: 1.42%

Sanofi (NASDAQ:SNY), one of the biggest healthcare companies in the world had a revenue of $43 billion in 2023. Recently, Sanofi collaborated with organizations like the Meningitis Research Foundation and the Confederation of Meningitis Organizations to launch The Meningitis Flag which is a global initiative aimed at raising awareness about meningitis. One of their key contributions to healthcare is the development of the Beyfortus (nirsevimab-alip) vaccine which protects infants against respiratory syncytial virus disease. Sanofi (NASDAQ:SNY)’s specialty care sales reached $19.24 million in 2023. Their vaccine sales reached $7.9 billion and their general medicines sales reached $13.55 billion in the same year.

18. AstraZeneca PLC (NASDAQ:AZN)

YoY Growth: 3.29%

AstraZeneca PLC (NASDAQ:AZN) played a great role in the development of the effective vaccine. The company’s TAGRISSO (osimertinib) and LYNPARZA (olaparib) have become standard-of-care treatments for certain types of lung and ovarian cancer, respectively. Their FARXIGA (dapagliflozin) and BRILINTA (ticagrelor) have become widely used treatments for type 2 diabetes and acute coronary syndrome. Financially, AstraZeneca PLC (NASDAQ:AZN)’s total revenue increased 8% at constant exchange rates (CER) to $12,024 million in Q4 2023 and their cardiovascular, Renal & Metabolism (CVRM) Product Sales grew 18% at CER, with Farxiga up 35%, Lokelma up 38%, and roxadustat up 27%, partially offset by a 4% decline in Brilinta.

17. GSK plc (NYSE:GSK)

YoY Growth: 3.42%

GSK plc (NYSE:GSK) stands among the fastest-growing health tech companies in the world. Their vaccines, such as Bexsero (meningitis B), Fluad (influenza), and Flucelvax (influenza), have played a crucial role in preventing and controlling infectious diseases around the world. Their notable pharmaceutical products include Trelegy Ellipta (COPD), Benlysta (lupus), and Nucala (severe asthma). In 2022, GSK plc (NYSE:GSK) acquired Affinivax, which gave the company access to disruptive MAPS technology for higher valency and broader coverage in a single vaccine, as well as a next-generation 24-valent vaccine for pneumococcal disease.

16. Align Technology, Inc. (NASDAQ:ALGN)

YoY Growth: 3.42%

Align Technology, Inc. (NASDAQ:ALGN) is a leading global medical device company that has revolutionized the orthodontic and restorative dental industries. The company reported a revenue of $3.9 billion in 2023. The Invisalign system is the company’s flagship product, offering a revolutionary alternative to traditional metal braces. In response to the COVID-19 pandemic, Align Technology, Inc. (NASDAQ:ALGN) launched Invisalign Virtual Care, a set of digital tools that enable remote communication between Invisalign doctors and their patients. This solution has been recognized as the “Best Virtual Care Platform” by the MedTech Breakthrough Awards

15. IQVIA Holdings Inc. (NYSE:IQV)

YoY Growth: 3.98%

IQVIA Holdings Inc. (NYSE:IQV) is a leading provider of clinical research services, conducting operations in more than 100 countries with approximately 86,000 employees. The company’s research has shown significant growth in the digital health landscape, with more than 250 digital therapeutic and digital care products identified, including about 150 that are commercially available. IQVIA Holdings Inc. (NYSE:IQV) reported a revenue of $14,984 million in 2023.

14. Medtronic plc (NYSE:MDT)

YoY Growth: 5.03%

Medtronic plc (NYSE:MDT) is one of the world’s largest and fastest-growing healthcare technology companies with a revenue of $31.2 billion in 2023. Medtronic plc (NYSE:MDT) company has partnered with Cosmo Pharmaceuticals and NVIDIA to develop the GI Genius, an AI-powered endoscopic system that can easily detect precancerous polyps with a high degree of accuracy, which has the potential to significantly improve early detection and treatment of GI cancers, which accounts for 26% of global cancer cases and 35% of all cancer-related deaths.

13. Takeda Pharmaceutical Company Limited (NYSE:TAK)

YoY Growth: 5.69%

Takeda Pharmaceutical Company Limited (NYSE:TAK) is one of the biggest health tech companies in the world with a revenue of $29.79 billion in 2023. One of Takeda’s most prominent contributions is its support for the Canadian IBD (Inflammatory Bowel Disease) medical research community. In 2022, Takeda Pharmaceutical Company Limited (NYSE:TAK) founded the first $1 Million Pioneer Grant through the Canadian IBD Research Consortium (CIRC) to support high-quality, impactful Canadian clinical research.

12. Amgen Inc. (NASDAQ:AMGN)

YoY Growth: 7.09%

Amgen Inc. (NASDAQ:AMGN) stands thirteenth among the fastest growing HealthTech companies in the world with a revenue of $28.2 billion in 2023. Amgen is also a leader in the development of high-quality biosimilars, which have the potential to deliver significant savings to healthcare systems. In 2022, Amgen Inc. (NASDAQ:AMGN) generated positive phase 3 clinical trial data for its biosimilar candidates to EYLEA, SOLIRIS, and STELARA. Their acquisition of Horizon Therapeutics in October 2023 added a significant new rare disease business, which is now Amgen’s fourth growth pillar alongside general medicine, oncology, and inflammation

11. Enovis Corporation (NYSE:ENOV)

YoY Growth: 9.22%

Enovis Corporation (NYSE:ENOV) had $455 million in net sales in theQ4, 2023. Enovis Corporation (NYSE:ENOV)’s most prominent contribution includes the recent launch of ARVIS which is the only augmented reality surgical guidance system, which is designed to improve total hip and knee replacement surgery.

10. Boston Scientific Corporation (NYSE:BSX)

YoY Growth: 12.29%

Boston Scientific Corporation (NYSE:BSX) is one of the biggest health companies in the world. The company’s one of the most important contributions is its WATCHMAN FLX Pro Left Atrial Appendage Closure Device, which recently received FDA approval. It helps reduce the risk of stroke in patients with atrial fibrillation which is a common heart rhythm disorder. Boston Scientific Corporation (NYSE:BSX) had a revenue of $14.24 billion in 2023.

9. Definitive Healthcare Corp. (NASDAQ:DH)

YoY Growth: 12.92%

Definitive Healthcare Corp. (NASDAQ:DH) had a revenue of $65.9 million in Q4, 2023. Definitive Healthcare Corp. (NASDAQ:DH) went public in September 2022 and raised $420 million and its customer base has grown to over 3,000 clients which includes leading pharmaceutical, medical device, and healthcare IT companies.

8. Doximity, Inc. (NYSE:DOCS)

YoY Growth: 16.58%

Doximity, Inc. (NYSE:DOCS) had a revenue of $419 million in 2023. The company has raised over $82 million in funding from investors like Emergence Capital, Morgenthaler Ventures, and InterWest Partners. Doximity, Inc. (NYSE:DOCS)currently boasts a user base of over 1.8 million healthcare professionals which includes more than 80% of U.S. physicians across all specialties

7. Eli Lilly and Company (NYSE:LLY)

YoY Growth: 19.56%

Eli Lilly and Company (NYSE:LLY) is one of the best healthcare companies with a revenue of $34.12 in 2023. Their antidepressant medication Prozac (fluoxetine), is one of the game-changing medications and became one of the most widely prescribed psychiatric medications, which helps to destigmatize mental health treatment. Eli Lilly and Company (NYSE:LLY)’s marketing, selling, and administrative expenses increased 3% to $2.2 billion, while research and development expenses increased 5% to $1.7 billion in Q4 2023.

6. ResMed Inc. (NYSE:RMD)

YoY Growth: 19.69%

Resmed, Inc. stands sixth among the fastest-growing health tech companies in the world. Their most prominent innovations include the AirSense 11 PAP device, which won the CES 2022 Innovation Award in Health & Wellness, and the AirFit N30i and F30i CPAP masks, which won the Good Design Awards Australia in 2019. Resmed, Inc. had a revenue of $4.22 billion in 2023.

Click to see and continue reading the 5 Fastest Growing Health Tech Companies in the World.