The healthcare industry is facing disruption due to accelerating technological innovation and growing demand for improved delivery of healthcare and lower costs. Tech startups are leading the way by seizing opportunities in the areas of the industry that are most vulnerable to disruption, including genomics, pharmaceuticals, administration, clinical operations, and insurance.
Venture funds and businesses are taking notice of these startups’ potential. In the US, digital health funding reached $1.6 billion in Q1 2018, according to Rock Health — the largest first quarter on record, surpassing the $1.4 billion in venture funding seen in Q1 2016. These high-potential startups provide a glimpse into the future of the healthcare space and demonstrate how we’ll get there.
In this report, a compilation of various notes, Business Insider Intelligence will look at the top startups disrupting US healthcare in four key areas: artificial intelligence (AI), digital therapeutics, health insurance, and genomics. Startups in this report were selected based on the funding they’ve received over the past year, notable investors, the products they offer, and leadership in their functional area.
Here are some of the key takeaways from the report:
Tech startups are entering the market by applying the “Silicon Valley” approach. They’re targeting shortcomings and legacy systems that are no longer efficient.
AI is being applied across five areas of healthcare to improve clinical operation workflows, cut costs, and foster preventative medicine. These areas include administration, big data analysis, clinical decision support, remote patient monitoring, and care provision.
Health tech startups, insurers, and drug makers are rapidly exploring new ways to apply digital therapeutics to the broader healthcare market that replace or complement the existing treatment of a disease.
Health insurance startups are taking advantage of the consumerization of healthcare to threaten the status quo of legacy players.
Genomics is becoming an increasingly common tool within the healthcare system as health organizations better understand how to extract the value from patients’ genetic data.
In full, the report:
Details the areas of the US health industry that show the greatest potential for disruption.
Forecasts the industry adoption of bleeding edge technology and how it will transform how healthcare organizations operate.
Unveils the top five startups in AI, digital therapeutics, health insurance, and genomics, and how they’re positioned to solve big issues that key players in healthcare face.
Explores what’s next for the leading startups, providing a glimpse into the future of the healthcare space and demonstrating how we’ll get there.
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Source:: Business Insider – Science