Digital Health Radar 2024
Published July 12, 2024
- IT Strategy & CTO Advisory
- Life Sciences
What is the potential for digital health?
The potential for digital health to revolutionize healthcare delivery is immense. However, recent trends show a decline in investment in startups, from $3 billion in 2021 to $1.1 billion in 2023. This shift suggests a possible cooling of interest, influenced by economic and geopolitical factors. Despite this, exploring the European market reveals a dynamic landscape of startups that continue to drive innovation in healthcare.
Wavestone’s analysis has identified 17 high-interest startups in the European digital health market. These startups provide innovative support across the healthcare value chain, from research and training to diagnosis, treatment, and patient symptom management. They are poised to make significant impacts by leveraging technology to enhance patient care and operational efficiency.
4 key characteristics likely to shape the market in the coming years:
Startups that effectively use validated research to educate patients and investors like TaraCares stand out. Accurate and actionable information enhances credibility and drives engagement, essential for patient adherence and overall success.
An open and patient-centered approach yields invaluable insights. Startups like Charco Neurotech exemplify this by integrating patient feedback into their product development, which not only improves patient outcomes but also attracts investor interest.
Startups that cater to various stages of the patient journey—from initial diagnosis to ongoing management—demonstrate significant growth potential. For instance, Ikerian‘s RetinAI platform supports clinical research and AI-driven diagnostics, showcasing the benefits of a multifaceted approach.
The demand for evidence-backed digital health solutions is increasing. Regulatory bodies and healthcare providers prioritize startups that can demonstrate clinical efficacy and robust scientific validation. This trend is driving startups to invest in rigorous clinical trials and data-driven methodologies.
The Global Landscape
While the U.S. digital health startup ecosystem is well-established, Europe presents unique challenges and opportunities. The universal healthcare models in Europe, coupled with its fragmented market structure, require innovative approaches to achieve profitability and scalability. Nevertheless, successful examples like Owlstone Medical illustrate the potential for European startups to expand globally and achieve significant impact.
The Digital Health Radar 2024 reveals that the European digital health startup landscape continues to thrive with potential. Despite the decline in investment, the sector is driven by startups that leverage technology, patient insights, and evidence-based approaches to improve healthcare delivery. As the market evolves, these startups are well-positioned to lead the way in transforming patient care and operational efficiency in healthcare systems across Europe and beyond.
Our analysis of the European Digital Health startup space revealed 17 high-interest companies that are innovating across the healthcare value chain, from research to patient management. These start-ups demonstrate how significant growth potential comes from leveraging emerging technologies and using patient insights to enhance care and operational efficiency.
List of the startups:
Clinithink
Opendialog.ai
Hoppen
Limbic
Tooth Fairy
miDiagnostics
Elypta
Quibim
Solvemed
Bloom Diagnostics
Owlstone Medical
RetinAI
Queen Square Analytics
Optellum
nicolab
cirdan
icometrix
Genome Key
Panakeia
Novoic
DeepSpin
Thymia
Numinous
Context Flow
Image Biopsy Lab
MindPeak.AI
Pockit Diagnostics (Now Upfront Diagnostics)
Cardiologs
Insight Out
NeuraLight
C The Signs
ImERAI
Therapixel
Perspectum
Feebris
VineHealth
Tilak Healthcare
fibricheck
Kalium Health
scase
Sensome
Idoven
Implicity
Cara Care
Acurable
Nuubo
oxehealth
Proxximos
Noah Labs
Akuity Care
Bioserenity
Doccla
Luciole Medical
Diabetech
Mika
Kanjo
Entia
Chronomics
BrightLobe
TrialBee
uMotif
Sano Genetics
Proximie
Think Sono
BeneTalk
Strolll
vira
Dana, by a thousand Colibris
Five Lives
Perfood
Rcube Health
OncoDNA
PearBio
Vesynta
Sidekick
CharcoNeuroTech
Neurovalens
GaitQ
Koa Health
oxfordVR
Congenica
TaraCares
Ieso
Closed Loop Medicine
Avegen