New-age technologies are transforming the healthcare industry continuously. By leveraging digital health platforms, AI-powered apps, and other innovative solutions, there is a significant enhancement in diagnosis, treatment, and prevention
With a global market revenue of $180.2B in 2023, the market is projected to reach $549.7B by 2028, registering a CAGR of 25 percent. This year, Dialogue Health ranks first on our list with a market cap of $28.72B, followed by Doximity and Livongo Health
PharmaShots presents a concise report on the Top 20 Innovative Digital Therapeutic Companies based on market cap
Rank
Company
Parent Company
Market Cap ($)
1
Dialogue Health Technologies
Sun Life Financial
28.72B
2
Doximity
Doximity
5.41B
3
Livongo Health
Teladoc Health
1.87B
4
Volpara Health Technologies
Lunit
1.02B
5
MeVis Medical Solutions
Varex Imaging
0.62B
6
Talkspace
Talkspace
0.43B
7
Vitura Health
Vitura Health
0.34B
8
Sharecare
Sharecare
0.31B
9
PainChek
PainChek
0.28B
10
Physitrack
Physitrack
0.25B
11
OptimizeRx
OptimizeRx
0.2B
12
HealWELL AI
HealWELL AI
0.19B
13
Butterfly Network
Butterfly Network
0.19B
14
Cambridge Cognition
Cambridge Cognition
0.18B
15
MedAdvisor International
MedAdvisor International
0.16B
16
UniDoc Health
UniDoc Health
0.13B
17
Hydreight Technologies
Hydreight Technologies
0.1B
18
Augmedix
Augmedix
0.04B
19
PanGenomic Health
PanGenomic Health
0.01B
20
G Medical Innovations Holdings
G Medical Innovations Holdings
236.49K
Note: Column 1 represents rank, and columns 2, 3, and 4 depict the company’s rank, parent company, and market cap respectively
20. G Medical Innovations Holdings
Market Cap: $236.49K
Founded Year: 2014
Stock Exchange:
Headquarters: Grand Cayman, Cayman Islands
Known as a mHealth and digital health company, G Medical Innovations develops and markets clinical-class and consumer health-grade solutions. The company also offers end-to-end support for digital health projects
G Medical Innovations operates in four segments: Products, Patient Services, Covid-19 Testing, and Kits. The company’s primary product is Prizma, a portable multi-sensor device that seamlessly monitors vital signs
In 2023, G Medical Innovations announced that its ordinary shares would be traded on the Over-the-Counter (OTC) Pink market
19. PanGenomic Health
Market Cap: $0.01B
Founded Year: 2015
Stock Exchange:
Headquarters: British Columbia, Canada
PanGenomic offers plant-based health solutions tailored to individuals with mental health apps and wellness platforms
Nara, an app that focuses on women’s health, and Mindleap, a telehealth app with tools to improve mental health, are the company’s app-based solutions
In 2023, Mujn Diagnostics, a PanGenomic Health subsidiary, announced a services partnership with Hemex Health to help in the development of a mental health diagnostics system
18. Augmedix
Market Cap: $0.04B
Founded Year: 2013
Stock Exchange:
Headquarters: California, United States
Augmedix automates medical documentation through artificial intelligence, allowing physicians to devote more time to patients
Augmedix offers five AI-based solutions: Augmedix Go, Augmedix Go ED, Augmedix Prep, Augmedix Go Assist, and Augmedix Live
In 2023, Augmedix partnered with Google Cloud to enhance its ambient medical documentation
17. Hydreight Technologies
Market Cap: $0.1B
Founded Year: 2018
Stock Exchange:
Headquarters: Nevada, United States
A US-certified e-script and telemedicine provider, Hydreight offers mHealth and Wellness solutions
The platform provides built-in, integrated solutions for accounting, paperwork, sales, inventory, booking, and patient data management
In 2023, Hydreight added Semaglutide (anti-diabetic drugs) to its product offerings
16. UniDoc Health
Market Cap: $0.13B
Founded Year: 2021
Stock Exchange:
Headquarters: Ontario, Canada
UniDoc Health functions as a healthcare services company in Canada. The company collaborates with HP, Intel and AMD Global Telemedicine
UniDoc Health’s UniDoc TriAge Assistant and Virtual Care Model combine AI-powered software solutions with diagnostic hardware instruments to offer Virtual eHealth Clinic services
In 2023, UniDoc entered into an agreement with EGS for co-marketing and service activities for current and future collaborations
15. MedAdvisor International (Exalt Resources)
Market Cap: $0.16B
Founded Year: 2010
Stock Exchange:
Headquarters: Camberwell, Australia
MedAdvisor is known for developing a free prescription management app (MedAdvisor) that helps users track medications and reminders, ensuring medicines are prescribed timely
MedAdvisor offers solutions for patients, pharmacies, and pharma companies through apps, software solutions, and programs
In 2023, Adheris Health, a subsidiary of MedAdvisor, rebranded as MedAdvisor Solutions to consolidate business entities into one global B2B brand
14. Cambridge Cognition
Market Cap: $0.18B
Founded Year: 2002
Stock Exchange:
Headquarters: Cambridge, United Kingdom
Cambridge Cognition is a digital health company that discovers and develops solutions for brain health assessments. Cambridge Cognition also provides electronic questionnaires and Decentralised Clinical Trials (DCT) solutions
By leveraging technologies like touchscreen cognitive assessments, voice analysis, and high-frequency testing, among others, in 17 therapy areas
In 2023, Cambridge Cognition launched AQUA, an automated, scalable, and cost-effective quality assurance solution for clinical trials in the central nervous system
13. Butterfly Network
Market Cap: $0.19B
Founded Year: 2011
Stock Exchange:
Headquarters: Massachusetts, United States
Butterfly Network is a digital health company that develops and commercializes AI-driven medical imaging systems
Under full-body probes, the company develops iQ3 and iQ+, whereas, under the app-based probes, it offers iQ+ Bladder and iQ+ Vet
In 2023, under their global health partnership expansion, Butterfly Network and Razom brought an additional 200 Butterfly iQ+ ultrasound systems to Ukraine
12. Healwell AI (formerly MCI Onehealth Technologies)
Market Cap: $0.19B
Founded Year: 2012
Stock Exchange:
Headquarters: Ontario, Canada
A healthcare technology company with a focus on AI and data science for preventative care, Healwell aims to improve healthcare through early identification and detection of diseases
Healwell offers AI-based solutions through its subsidiaries, Khure Health, Pentavere Research Group, PolyClinic, and Well Health.ai
In 2023, Healwell AI completed the acquisition of Pentavere, a leading healthcare AI and data science company
11. OptimizeRx
Market Cap: $0.2B
Founded Year: 2006
Stock Exchange:
Headquarters: Michigan, United States
OptimizeRx offers health technology to facilitate care-focused collaboration between pharmaceutical businesses and healthcare professionals by leveraging intelligent technology within an omnichannel network
The company works in three areas: Pharma, Agencies, and Medtech. OptimizeRx offers several platforms, including DAAP, patient discovery, message infusion, digital field connection, and Access & Adherence
In 2023, OptimizeRx completed the acquisition of Medicx Health, a healthcare consumer-focused omnichannel marketing and analytics company
10. Physitrack
Market Cap: $0.25B
Founded Year: 2012
Stock Exchange:
Headquarters: London, United Kingdom
Physitrack is a global digital healthcare company focused on the B2B physiotherapy and musculoskeletal care industry
The company works in three areas: Wellness, Lifecare, and Group. Physitrack is an exercise library app through which patients can follow exercises with the correct form and proper technique
In 2023, Champion Health Nordic, a fully owned subsidiary of Physitrack, signed an agreement with one of the leading names in the European Energy Sector to support employees with employee well-being solutions
09. PainChek (formerly ePAT Technologies)
Market Cap: $0.28B
Founded Year: 2016
Stock Exchange:
Headquarters: Sydney, Australia
PainChek is a global healthcare company that focuses on pain management
The Painchek app uses AI-driven facial recognition to detect the presence of pain, calculate an overall pain score, and store the result. The result further helps implement pain management interventions and ongoing monitoring of their effectiveness over time
In 2023, PainChek was granted a patent by the European Patent Office (EPO)
08. Sharecare
Market Cap: $0.31B
Founded Year: 2009
Stock Exchange:
Headquarters: Georgia, United States
A global healthcare company, Sharecare is known for developing an app (Sharecare) that provides vital health information
The app helps track stress, diet, sleep, activities, and more. The app helps individuals collect, own, and train health data to generate health models for themselves
In 2023, Sharecare won its 22nd Digital Health Award in the Health Information Resource Center’s Fall 2023 competition
07. Vitura Health
Market Cap: $0.34B
Founded Year: 2018
Stock Exchange:
Headquarters: South Yarra, Australia
Vitura is a portfolio of brands that operate in multiple aspects of the medical cannabis industry and bridges the gap between doctors, suppliers, pharmacists, and patients through its platforms
Vitura’s subsidiaries include CanView, Doctors on Demand, Cortexa, CDA Clinics, Cannadoc, BHC, and Adaya
In 2023, Vitura Health announced the acquisition of the local pioneering telehealth provider Doctors on Demand
06. Talkspace
Market Cap: $0.43B
Founded Year: 2012
Stock Exchange:
Headquarters: New York, United States
Talkspace is a behavioral health company that provides access to a fully qualified network of certified therapists, psychologists, and psychiatrists
The company’s Talkspace platform connects millions of patients with licensed mental health practitioners through messaging, video, and audio
Talkspace and Evernow announced a strategic collaboration for better access to high-quality mental health and menopause care for their member base
05. MeVis Medical Solutions (Varex Imaging)
Market Cap: $0.62B Founded Year: 1997
Stock Exchange:
Headquarters: Bremen, Germany
MeVis Medical Solutions offers AI-powered medical software products for the early detection and diagnostics of cancer. MeVis’ software products are leveraged by medical device companies as well as suppliers of medical information technology platforms
The company operates in two segments: digital mammography and intervention and other diagnostics. Under digital mammography, the company develops and markets software products to assist in breast diagnostic imaging, whereas, under intervention and other diagnostics, MeVis develops digital radiology products
In 2023, Varex Imaging, MeVis’ parent company, signed a manufacture and supply agreement with Nano-X Imaging to supply x-ray tubes
04. Volpara Health Technologies (Lunit)
Market Cap: $1.02B
Founded Year: 2009
Stock Exchange:
Headquarters: Wellington, New Zealand
Volpara Health develops AI-powered software solutions for the treatment of cancer
The software leverages AI for image analysis, producing mammograms with optimal image quality, positioning, compression, and dose, and also quantifying breast tissue
In 2023, Volpara Health’s breast density and mammography quality software was featured in two peer-reviewed research studies at the RSNA annual meeting
03. Livongo Health (Teladoc)
Market Cap: $1.87B
Founded Year: 2014
Stock Exchange:
Headquarters: California, United States
A subsidiary of Teladoc, Livongo develops apps and devices for health management and monitoring
The app offers tools, support, and guidance that help understand and manage chronic diseases such as diabetes and high blood pressure. The app promotes healthy diet adoption, regular exercise, and other healthy lifestyle choices
In 2023, Teladoc, Livongo’s parent company, expanded its telehealth services to capture the obesity drug market
02. Doximity
Market Cap: $5.41B
Founded Year: 2010
Stock Exchange:
Headquarters: California, United States
Doximity is a digital health platform that aims to enhance HCPs’ productivity and gives free access to US physicians, nurse practitioners, physician assistants, and graduating medical student
The platform provides digital tools designed for medicine, allowing users to connect with colleagues, keep up with the most recent medical news and research, manage their careers and on-call schedules, expedite documentation and administrative paperwork, and conduct virtual patient visits
In 2023, Doximity launched DocDefender to protect and eliminate the personal contact information of healthcare professionals from public websites
01. Dialogue Health Technologies (Sun Life)
Market Cap: $28.72B
Founded Year: 2016
Stock Exchange:
Headquarters: Quebec, Canada
Dialogue Health is a global telemedicine company and is one of the largest virtual healthcare clinics in Canada for non-urgent medical issues and health conditions
By leveraging its integrated health platform, Dialogue Health offers programs on employee assistance, mental health, primary care, and wellness
In 2023, Sun Life acquired Dialogue Health and now operates as a standalone entity of Sun Life Canada
Sources:
Annual reports
SEC Filings
Press releases
Company websites
Market Cap Source: Google Finance (June 2024)
Currency Conversion: X-Rates (June 2024)
Related Posts: Top Innovative Digital Therapeutics Companies of 2022
