The 2024 Healthcare Outlook report delves into a sector reaching for transformative growth amidst recent challenges. This comprehensive analysis provides insight into the expansion of global healthcare, spotlighting innovative startups and the surge in employment, with 3.2 million new jobs created last year. Despite a marginal industry growth decline, the report shows how stakeholders are expanding the boundaries of medical innovation.
This healthcare industry outlook serves as a reference for stakeholders within the industry, investors, policymakers, and economic analysts, providing a snapshot of the industry’s health to map its trajectory for innovation and growth in the coming years.
StartUs Insights Healthcare Outlook 2024
- Executive Summary
- Introduction to the Healthcare Report 2024
- What data is used in this Healthcare Report?
- Snapshot of the Global Healthcare Industry
- Funding Landscape in the Healthcare Industry
- Who is Investing in Healthcare?
- Emerging Trends in the Healthcare Industry
- 5 Healthcare Startups impacting the Industry
Executive Summary: Healthcare Industry Report 2024
This report is created using data obtained from the Big Data and AI-powered StartUs Insights Discovery Platform, covering more than 4.7 million global companies, as well as 20K+ technologies and emerging trends. We also analyzed a sample of 5500+ healthcare startups developing innovative solutions to present five examples from emerging healthcare industry trends.
- Industry Growth Overview: The 2024 Healthcare Industry Report shows a sector at the cusp of growth despite facing challenges. It exhibits a slight decline in growth rate (-0.01%) yet maintains resilience with 691000+ companies.
- Manpower & Employment Growth: Manpower has surged, with an increase of 3.2 million new jobs in the last year, bringing the total to 57 million workers globally.
- Patents & Grants: Innovation is evidenced by over 281K patents and more than 20.5K grants, showcasing a strong commitment to research and development within the industry.
- Global Footprint: The report identifies the USA, UK, India, Canada, and Australia as leading hubs, with key cities – New York City, London, Sydney, Melbourne, and Toronto – spearheading the industry’s global reach.
- Investment Landscape: The average investment value stands at USD 27 million, with over 186000 funding rounds closed, reflecting a dynamic investment landscape supported by over 33000 investors.
- Top Investors: Top investors, including SoftBank Vision Fund, Tiger Global Management, and RA Capital Management, have collectively invested over USD 40 billion, driving substantial industry growth and innovation.
- Featured Startups: THERAPHA (Conversational Chatbot), nSWX (Nanotechnology), Roseman Labs (Data Privacy), SIMULANDS (Training Simulation), and Orange Biomed (Diabetes Management).
- Recommendations for Stakeholders: Stakeholders should capitalize on the robust growth in AI, data privacy, and biotechnology, encouraging investment in these high-potential areas. Further, they should support policies that foster innovation, enable manpower availability, and streamline patent and grant processes to flip the sector’s growth trajectory.
Explore the Data-driven Healthcare Report for 2024
The Healthcare Outlook 2024 report uses data from the Discovery Platform and encapsulates the key metrics that underline the sector’s dynamic growth and innovation. The report presents an overview of the sector’s current standing, revealing a slight contraction with a -0.01% growth in the last year. Despite the minimal downturn, the industry boasts a remarkable total of 691000+ companies, reflecting a vast and diverse landscape of healthcare entities. Employee growth tells a more positive story, with a substantial increase of 3.2 million in the previous year, suggesting a dynamic market with expanding employment opportunities.
What data is used to create this healthcare report?
Based on the data provided by our Discovery Platform, we observe that the healthcare industry ranks among the top 5% in the following categories relative to all 20K topics in our database. These categories provide a comprehensive overview of the industry’s key metrics and inform the short-term future direction of the industry.
- News Coverage & Publications: The healthcare industry stands out with more than 750000 publications, contributing significantly relative to all news coverage and publications.
- Funding Rounds: With data on over 186000 funding rounds available in our database, the healthcare sector is abuzz with investment activity.
- Manpower: Boasting more than 57 million workers and the addition of over 3.2 million new employees in the last year, the healthcare industry is growing rapidly in manpower.
- Patents: The industry’s innovation is underscored by over 281000 patents filed.
- Grants: With more than 20500 grants awarded, the healthcare sector is a top receiver of research and development funding.
A Snapshot of the Global Healthcare Industry
The data above underscores the global reach and impact of the healthcare industry, pointing towards a future ripe with opportunities for growth, innovation, and employment despite the slight dip in overall industry growth. The healthcare industry has seen a substantial expansion in manpower, with the workforce growing by more than 2.3 million in the last year, reaching a total of 57 million. This growth signifies the sector’s increasing demand and capacity to accommodate more professionals, highlighting the industry’s resilience and its pivotal role in global health and employment sectors.
Explore the Funding Landscape of the Healthcare Industry
On the financial side, the average investment value in the healthcare sector stands at USD 27 million, showcasing the high level of confidence and financial commitment investors have in this industry.
With more than 33000 investors actively participating, the industry has closed over 186000 funding rounds, a testament to the dynamic and robust nature of investment activities within the sector. Further, these investments have spanned more than 68800 companies, indicating a broad interest across various niches within healthcare, from biotechnology to healthcare services and digital health solutions. This financial engagement fuels innovation and growth within the industry and also underscores the critical importance of healthcare in improving healthcare outcomes.
Who is Investing in Healthcare?
The top investors in the healthcare industry have collectively poured more than USD 40 billion into various companies, reflecting their substantial impact on the sector’s growth and innovation. This remarkable sum underscores the strategic importance of healthcare investments and the potential these financiers see in the industry’s future.
- SoftBank Vision Fund: it stands out with investments in 50 companies, totaling USD 8.6 billion, demonstrating its significant influence on healthcare innovation.
- Tiger Global Management: it has invested USD 6.1 billion across 75 companies, showcasing its commitment to fostering growth and development within healthcare.
- RA Capital Management: with investments amounting to USD 5.9 billion in 94 companies, it continues its strategic approach to financing promising healthcare ventures.
- New Enterprise Associates: its significant contribution of USD 5.2 billion in 145 companies makes it one of the most active investors in the industry.
- Insight Partners: it invested USD 4.8 billion in 94 companies, underscoring its focus on driving scalability in healthcare startups.
- Warburg Pincus: with USD 4.7 billion invested across 60 companies, it reflects its strategic approach to nurture growth and expansion.
- General Atlantic: it has demonstrated its confidence in the healthcare industry by investing USD 4.6 billion in 58 companies. This emphasizes its role in supporting healthcare innovation.
- OrbiMed: it has spread its USD 4.6 billion investment across 120 companies, showcasing a broad interest in healthcare’s diverse opportunities.
These investments not only fuel the growth of individual companies but also significantly contribute to the evolution of the healthcare industry, promoting advancements in technology, services, and institutional and patient care.
Gain Access to Top Healthcare Innovations & Industry Trends with the Discovery Platform
The visual highlights the emerging trends within the healthcare sector over the past year, showcasing areas where technological advancements are most pronounced. AI Algorithms and Conversational AI top the list with the highest number of mentions at 15.9K and 14.1K respectively, and each with 2.2K companies involved, indicating a significant focus on artificial intelligence in healthcare.
Recombinant DNA-technology also shows a strong presence with 639 mentions. These trends, with their steep trendlines, demonstrate the industry’s emphasis on integrating cutting-edge technology to revolutionize patient care, research, and data management. It also reflects the healthcare sector’s rapid adaptation to new technological progress.
Explore Firmographic Data for All Healthcare Trends
The healthcare sector is witnessing significant transformations, underscored by the firmographic data of three leading trends:
- AI Algorithms are at the forefront, with 2185 companies harnessing this technology, employing over 53000 workers—a workforce that expanded by 1200 in the last year. It reflects the industry’s robust annual growth rate of 31.89%.
- Meanwhile, Data Privacy & Security remains critical, with 2153 companies and a substantial workforce of 185000, enhanced by 13400 new hires last year. This trend is growing at an annual rate of 6.55%.
- Recombinant DNA Technology, though smaller in scale with 78 companies and 4200 employees, shows promise with a 5.92% growth rate and added 295 employees last year.
These trends highlight the industry’s dynamic evolution, driven by technological advancements and a growing emphasis on security and innovative research fields.
5 Top Examples from 5500+ Innovative Healthcare Startups impacting the Industry
The five innovative healthcare companies showcased below are picked based on data including the trend they operate within and their relevance, founding year, funding status, and more. Book a platform demo to find promising startups, emerging trends, or industry data specific to your company’s needs and objectives.
THERAPHAUSA offers a Chatbot for Healthcare Training & Decision Support
Therapha is a US-based startup developing a conversational chatbot that helps with musculoskeletal triaging and clinical decision support. It gathers a patient’s medical history through friendly dialogue to create a clinical summary. This information allows clinicians to make accurate diagnoses and enhanced treatment plans.
The chatbot also streamlines documentation and empowers patients to share health concerns from home. The startup further represents the patient’s medical history directly rather than through a clinician’s interpretation, potentially avoiding bias in the information used for clinical decisions.
nanoSkunkWorkX (nSWX) builds Nanotechnology-based Testing Kits
nanoSkunkWorkX (nSWX) is a Malaysian startup developing technologies in healthcare, biosensing, electronics, semiconductors, and energy storage. Its nanotechnology-based hybrid rapid test kit for COVID-19 detection is the nanoSkunkBox Dx. It utilizes electrodes and antibodies to detect specific proteins from the SARS-COV-2 virus.
Its technology follows a low-energy, low-footprint wet e-chem process, through which graphene is aligned vertically, horizontally, or both by itself and/or with other polymers. The graphene is then bound on device substrates to unlock its potential for high-performance, high-value, mission-critical applications in multiple domains.
Roseman Labs enables Data Privacy for Healthcare Organizations
Dutch startup Roseman Labs offers its Virtual Data Lake solution to enable health and healthcare organizations to connect their data on a granular level, without compromising sensitive patient information. This approach allows for comprehensive analysis without compromising confidentiality. The Virtual Data Lake also simplifies legal requirements and shortens the path to insights to weeks instead of years.
With technical measures to secure purpose binding, all collaborating parties keep control. This means that sensitive information remains protected at all times. Moreover, fragmented data can also be transformed into actionable intelligence through this solution. The solution addresses the challenge of scattered data stored across diverse organizations while prioritizing patient privacy.
SIMULANDS advances Healthcare Training Simulation
SIMULANDS, a Swiss startup designs simulators using real patient data to provide accurate tactile and haptic feedback. The simulators replicate various anatomical structures and can be set up quickly. Some of their simulators like simuSLICE and simuPULSE are designed for real ultrasound imaging and can be used with fluoroscopy and contrast media, allowing for a realistic procedural experience.
SIMULANDS replaces training on patients by creating equivalent simulation experiences through precision engineering and expertise. Its use of additive manufacturing techniques, along with proprietary materials, creates tissue-like structures with natural echogenic properties. These enable simulations that feel real, look real, and behave real.
Orange Biomed simplifies Diabetes Management
South Korean startup Orange Biomed enables anytime-anywhere healthcare for people with diabetes. By integrating lab-level technology into point-of-care devices, it makes healthcare more accessible and affordable for everyone. Its rapid A1c test called OBM rapid A1c solves the gap in diagnosis rates and enables earlier prevention and treatment by allowing for more frequent screening.
Looking for Comprehensive Insights into Healthcare Trends, Startups, or Technologies?
The healthcare industry is growing fast in manpower, investment, and market activity. Despite a slight contraction in growth rate, the industry’s massive employment surge and the proliferation of companies signal resilience and potential. The remarkable number of patents and grants reflect a relentless pursuit of advancement and a dedication to improving global health outcomes. Book a platform demo to explore all 5500+ startups and scaleups, as well as all industry trends impacting healthcare companies.
