Firefly Health, one the top US startups transforming healthcare

The US healthcare industry is undergoing significant disruption as the coronavirus pandemic catalyzed the need for improved healthcare delivery—and digital health startups are at the helm of this transformation.

As the vanguards of the digital transformation of healthcare, investors are taking notice of digital health startups’ potential—and committing record funds to them. Globally, healthcare funding to private firms reached $18.09 billion in Q2 2020, according to CB Insights—establishing a new quarterly record, with equity investments growing 6.3% quarter-over-quarter (QoQ) from 1,197 deals in Q1 2020 to 1,272 deals in Q2 2020.

In this report, Insider Intelligence examines the top five US digital health startups in AI, telehealth, and medical devices—the areas of digital health with the most number of deals in the first half of 2020.We first explore the AI in healthcare market and the US startups leveraging AI to transform this space. Next, we detail the explosive expansion of the US telehealth market amid the coronavirus pandemic, and look at the startups working to address consumers’ growing virtual care needs.

Finally, we explore the burgeoning medical device space and examine the US startups disrupting this market via their health tech. Startups in this report were selected based on their total disclosed funding at the time of writing, notable investors, the products and solutions they offer, and leadership in their functional market area.

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Insider Intelligence examines the top five US digital health startups in AI, telehealth, and medical devices. Business Insider Intelligence

The companies mentioned in this report are: 98point6, Abbott, Aetion, Anthem, Bigfoot Biomedical, Biofourmis, Bright.md, Chugai, Cigna, Element Science, Firefly Health, Gaido Health, Genesis Health, Happify Health, K Health, Komodo Health, Mindstrong, Modern Fertility, Oak Street Health, Onera Health, Premera Blue Cross, Vicarious Surgical, and Virta Health.

Here are some key takeaways from this report:

  • Digital health startups are transforming the US healthcare system amid the growing demand for improved healthcare delivery catalyzed by the coronavirus pandemic.
  • The AI, telehealth, and medical device spaces are the three areas of healthcare where technology is causing the biggest disruptions. These spaces represent the digital health market areas that scored the most number of deals in the first half of 2020.
  • AI’s ability to rapidly sift through vast sums of data, facilitate remote patient monitoring, and power digital therapeutics highlights the transformative power of the tech in healthcare—and it’s attracting substantial investor attention.
  • Telehealth usage—and investments—have surged amid the coronavirus pandemic, underscoring how virtual care solutions are already making a sizable impact on the US healthcare delivery landscape.
  • The medical device market, with tech ranging from remote monitoring devices to robotics-based surgical tools, is experiencing record-breaking investment activity.

Learn more about Firefly Health.

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