The Top 10 Fastest Growing Healthcare Companies in the United States

The healthcare industry is experiencing a paradigm shift, propelled by innovative startups that are transforming patient care and enhancing operational efficiency. From telehealth solutions that provide convenient care to benefits solutions that improve access to treatments, these companies are reshaping how healthcare is delivered and experienced.

This article highlights the top 10 fastest-growing pharmaceutical and biotechnology companies from the Financial Times’ list of the Americas’ Fastest Growing Companies 2024. The selection method emphasizes growth rate rather than absolute size or revenue, spotlighting smaller, innovative companies experiencing rapid growth alongside more established industry players. The companies were chosen based on their impressive compound annual growth rate (CAGR) from 2019 to 2022, as reported in the Financial Times’ ranking, rather than metrics like total revenue, market capitalization, or number of employees.

Below, we’ll explore some of the fastest-growing healthcare companies making waves in the industry. We will highlight their unique marketing approaches, how they’re leading in their individual markets, and their greater impact on the future of healthcare. As we dive into these companies’ stories, you’ll gain insights into how they meet today’s healthcare needs and lay the groundwork for a more responsive and patient-focused healthcare ecosystem.

10 Top Healthcare Innovators to Watch in 2024

Companies embracing digital health, biotechnology, and personalized medicine are leading the growth in the healthcare sector. Let’s explore some dynamic companies that are at the forefront of integrating cutting-edge technology into healthcare solutions, addressing critical medical challenges, and elevating the patient journey. 

1. CareBridge

CareBridge¹, a trailblazing healthcare service founded in 2019, has rapidly ascended into the nation’s leading Medicaid value-based company. CareBridge services patients with physical, intellectual, and developmental disabilities by offering 24/7 access to telehealth services with an interdisciplinary clinical team of healthcare providers and social workers.

• Healthcare Sector:​​ Telehealth
• Flagship Product: 24/7 virtual support to patients, including facilitating care plans.
• Strategic Healthcare Partnerships: Medicaid and D-SNPs
• Upcoming Products: CareBridge’s rapid growth suggests they may be working on new offerings to meet the evolving needs of their growing patient base and health plan partners.

CareBridge Growth Metrics

• Healthcare Revenue Growth: 157,144%² year-over-year increase in 2023.
• Financial Highlights: In 2022, CareBridge raised $140 million³ in a financing round, bringing its total funding to $180 million. This investment boosted their valuation to over $1 billion, achieving “unicorn” status.

CareBridge Customer Base

• HCP Engagement: Collaborates with HCPs and care coordinators to provide exemplary telehealth support services.
• Patient Engagement: Offers 24/7 support via a mobile app. 
• Key Clients: Partnered with significant healthcare insurance companies like UnitedHealthcare, Elevance Health, and Centene.⁴

CareBridge Market Strategy

• Target Audience: Patients with physical, intellectual, and developmental disabilities
• Marketing Campaigns: CareBridge partners with managed Medicaid and Medicare plans to provide services to their members, suggesting their primary marketing strategy is likely business-to-business (B2B), targeting health insurance companies and managed care organizations rather than patients directly.

2. SonderMind

SonderMind, founded in 2014, has grown into a leading online therapy platform and has quickly expanded services across the United States. SonderMind streamlines the process for individuals to find virtual and/or local licensed therapists and psychiatrists. The company saw remarkable healthcare revenue growth of about 700% in the 18 months leading up to July 2021.⁵ This substantial increase coincided with SonderMind reaching unicorn status, indicating a valuation of over $1 billion. 

• Healthcare Sector:​​ Mental Health Service
• Flagship Product: SonderMind app
• Strategic Healthcare Partnerships: Emvitals, Total Brain, Velocity National Provider Network, and University of Denver

SonderMind Growth Metrics

• Healthcare Revenue Growth: In 2023, Inc. Magazine⁶ ranked the online therapy platform 245th on its list of the 5000 Fastest-Growing Companies, with a reported three-year growth rate of 313%.
• Financial Highlights: In 2021, the company raised $150 million in a Series C financing round.⁷

SonderMind Customer Base

• HCP Engagement: Collaborates with therapists and psychiatrists to offer personalized mental health services.
• Patient Engagement: Developed an app to connect potential patients with providers.
• Key Clients: Partnered with major healthcare insurance companies like Cigna and Optum.

SonderMind Market Strategy

• Target Audience: Patients seeking mental health services
• Marketing Campaigns: SonderMind runs native, programmatic, OTT, OLV, and podcast ads across platforms and devices.
• Programmatic Media Spend: An estimated $639,892 from January 2019 – July 2021

3. Hinge Health

Hinge Health, founded in 2014, is a digital health company that provides virtual, personalized physical therapy and comprehensive care for joint and muscle pain. The company has grown into the leading digital musculoskeletal (MSK) clinic, used by 80% of employers and 90% of health plans with a digital MSK solution.⁸

• Healthcare Sector: Healthcare Informatics Service 
• Flagship Product: Along with exercise programs, Hinge Health offers Enso, an FDA-cleared wearable technology that delivers electrical impulses to relieve musculoskeletal pain.
• Strategic Healthcare Partnerships: Collaboration with major insurance companies and industry leaders, such as Accolade, Alight, Carrum Health, Teladoc Health, Quantum Health, and the Children’s Hospital Association.
• Upcoming Products: The company⁹ introduced physical therapy house calls in Chicago, creating a fully integrated digital and in-person care experience for back and joint health, with plans to roll out nationwide.

Hinge Health Growth Metrics

• Healthcare Revenue Growth: The company has experienced triple-digit percentage increases in revenue and customer base, indicating solid yearly growth. In 2020’s Q4 period, Hinge Health’s customer base grew by 937%.¹⁰ 
• Financial Highlights: Hinge Health raised $26 million in August 2018 and a $400 million Series E round in October 2021, bringing its total funding to over $1 billion.

Hinge Health Customer Base

• HCP Engagement: Pairs patients with a clinical care team that includes doctors of physical therapy (PTs), physicians, and board-certified health coaches.
• Patient Engagement: Developed a digital platform and mobile app for patient education, personalized exercise programs, and engagement, leading to higher user retention rates.
• Testimonials: Hinge Health states that, on average, users report a 68% decrease in pain and that users also see a 58% reduction in anxiety and depression symptoms.¹¹

Hinge Health Market Strategy

• Target Audience: Patients with musculoskeletal pain.
• Marketing Campaigns: Hinge Health partners with employers, health plans, and healthcare providers to integrate its digital musculoskeletal (MSK) care solutions into employee benefits packages and healthcare offerings. For B2C marketing it uses personalized, condition-specific messaging to reach potential users directly.
• Programmatic Media Spend: Spent an estimated $469,200 from February 2023 – August 2024 using geo-targeting and personalized ads to reach patients suffering from MSK pain.

4. The Lactation Network

The Lactation Network, founded in 2014, connects families with health insurance-covered lactation support, breast pumps, and consultations nationwide. The company has since become the largest network of International Board Certified Lactation Consultants (IBCLCs) in the U.S., ranking 765 on the Inc. 5000 list in 2023.¹²

• Healthcare Sector: Breastfeeding Support Services
• Flagship Product: Lactation support and consultation platform
• Strategic Healthcare Partnerships: Collaboration with The Melanated Mammary Atlas, an extensive directory of images of breast/chest-related conditions on the skin of color.

The Lactation Network Growth Metrics

• Healthcare Revenue Growth: The Lactation Network experienced a three-year % growth rate of 774% by 2023.¹² 
• Financial Highlights: The Lactation Network’s estimated annual revenue is currently $44.8 million annually.¹³

The Lactation Network Customer Base

• HCP Engagement: Provides a platform for IBCLCs to connect with patients, share resources, and grow their practices.
• Patient Engagement: Offers a platform that simplifies finding and scheduling appointments with lactation professionals, with options for telehealth consultations.

The Lactation Network Market Strategy

• Target Audience: Families and breast/chestfeeding parents needing lactation consultation.
• Marketing Campaigns: The Lactation Network launched a targeted digital marketing campaign using programmatic and direct media, leveraging email and social media marketing to engage potential users. They also launched a TV ad to normalize breastfeeding and raise awareness about its services.
• Programmatic Media Spend: Spent an estimated $364,505 from February 2023 to August 2024.

5. Progyny

Progyny, founded in 2008, makes fertility and family-building care more accessible and affordable through employer-sponsored benefits programs. After going public in 2019, the company significantly expanded and became a fertility benefits leader.

• Healthcare Sector: Fertility Benefits Management
• Strategic Healthcare Partnerships: Mercer, Quantum Health, Children’s Hospital Association, Apryl, and the National Alliance of Healthcare Purchaser Coalitions.

Progyny Growth Metrics

• Healthcare Revenue Growth: In 2022, Progyny reported an annual revenue of $786.9 million, representing a 68% increase from the previous year.¹⁴
• Financial Highlights: In 2023, Progyny exceeded $1 billion in annual revenue for the first time, and cash flow from operations more than doubled to a record $188.8 million.¹⁴

Progyny Customer Base

• HCP Engagement: Progyny maintains an actively managed network of top fertility specialists, offering education, resources, and the latest research and best practices in fertility care.
• Patient Engagement: Progyny’s platform includes digital tools for scheduling, tracking treatment progress, and accessing educational resources.
• Key Clients: Progyny supports over 460 companies across more than 45 industries, indicating a broad and diverse client base.
• Testimonials: Users have praised Progyny’s comprehensive coverage, including access to advanced treatments like IVF and genetic testing of embryos.¹⁵

Progyny Market Strategy

• Target Audience: Families seeking fertility benefits coverage and personalized support.
• Marketing Campaigns: Launches targeted digital marketing campaigns using direct and programmatic media across 45 websites.

6. eTrueNorth

eTrueNorth, founded in 2013, focuses on making point-of-care testing accessible and convenient. By partnering with retail pharmacies across the U.S., eTrueNorth integrates essential health services into everyday life, ensuring patients receive timely care. The company was recognized for setting up and managing large-scale COVID-19 testing operations nationwide. 

In 2022, eTrueNorth made the Inc. 5000 list, earning the top spot in Texas, second within the healthcare industry, and fourth among all 5,000 fastest-growing private companies recognized that year.¹⁶

• Healthcare Sector: Pharmacy Consulting/Point-of-Care Testing Solutions
• Flagship Product: Point-of-care testing solutions primarily delivered through a curated network of retail pharmacies.
• Strategic Healthcare Partnerships: Collaboration with U.S. federal agencies such as the CDC and HHS, retail pharmacies nationwide like Hy-Vee¹⁷, and PDHI (a healthcare software organization).¹⁸

eTrueNorth Growth Metrics

• Revenue Growth: From 2018 to 2021, the company¹⁹ experienced an astounding 42,428% growth rate, which earned it the No. 4 spot on the Inc. 5000 list of the fastest-growing private companies in the U.S. in 2022.
• Financial Highlights: eTrueNorth’s projected 2024 annual revenue is $7.8 million.²⁰

eTrueNorth Customer Base

Patient Engagement: Through partnerships with public health agencies, eTrueNorth offers nationwide no-cost COVID-19 testing and other health services at pharmacies and testing facilities.

eTrueNorth Market Strategy

• Target Audience: Retail pharmacies, public health sectors, employers, and patients.
• Marketing Campaigns: The company engages directly with health plans and pharmacies through targeted outreach and collaborative efforts to implement its testing solutions. eTrueNorth also employs an omnichannel strategy, utilizing various digital channels such as display ads, social media, search engines, and email marketing. 

7. Oak Street Health

Oak Street Health, founded in 2012, is a network of primary care centers focused on providing value-based care for Medicare patients, particularly those in underserved communities. It has rapidly grown to become a leader in medical technology, focusing on creating innovative solutions for chronic disease management.

• Healthcare Sector: Healthcare Network/Primary Care for Older Adults 
• Flagship Product: Value-based primary care model for Medicare patients, delivered through a network of primary care centers.
• Strategic Healthcare Partnerships: In February 2023, CVS Health announced plans to acquire Oak Street Health for approximately $10.6 billion. This acquisition will further fuel Oak Street Health’s expansion and integration into CVS’s broader healthcare strategy.²¹

Oak Street Health Growth Metrics

• Revenue Growth: Reported significant revenue growth year-over-year.²²
  • 2019 to 2020: 58.6%
  • 2020 to 2021: 62.2%
  • 2021 to 2022: 51%
• Financial Highlights: In August 2020, Oak Street Health raised approximately $328 million through its IPO.²²

Oak Street Health Market Strategy

• Target Audience: Medicare patients.
• Marketing Campaigns: Oak Street Health uses multi-channel outreach through direct and programmatic media and community-based center outreach in underserved neighborhoods. Specific campaign formats include native, online video, display, native, and mobile.
• Programmatic Media Spend: Spent an estimated $1.22 million from February 2023 to August 2024.

8. Lyra Health

Lyra Health, founded in 2015, has quickly grown in telehealth as a leading provider of evidence-based, personalized mental health services.

• Healthcare Sector: Mental Health Service
• Flagship Product: Platform with access to mental health providers, a wide range of mental health services for all ages, technology-driven care matching options, and an in-house concierge care navigator team.
• Strategic Healthcare Partnerships: In 2022, Lyra acquired ICAS World, which grew to 10 million members.²³ They’ve also partnered with other health-focused companies like Hinge Health, Progyny, and Virta Health to offer integrated benefits.
• Upcoming Products: Developed Lyra Care for Teens, enabling teenagers to access Lyra’s care platform and teen-specialized employed providers nationwide.

Lyra Health Name Growth Metrics

• Revenue Growth: In 2022, Lyra Health’s valuation reached $5.58 billion.²⁴
• Financial Highlights: In 2022, Lyra completed a $235M funding round led by Dragoneer, including Salesforce Ventures and existing investor Coatue.²⁵

Lyra Health Customer Base

• Key Clients: Partnered with over 300 leading companies, including Meta, Pinterest, and Starbucks.
• Testimonials: Positive feedback from users citing improved quality of life.

Lyra Health Market Strategy

• Target Audience: Patients searching for mental health services.
• Marketing Campaigns: Lyra Health focuses on B2B marketing and partnerships, demonstrating its value through clinical data and client testimonials and positioning itself as a workplace mental health solutions leader.
• Programmatic Media Spend: Lyra Health spent an estimated $130,283 reaching patients with personalized ads across multiple campaign formats, such as native, display, and mobile from February 2023 to August 2024. They also advertise on podcasts such as Up First and Throughline. 

9. Recursion

Recursion Pharmaceuticals is a clinical-stage biotechnology company founded in 2013 that combines experimental biology, bioinformatics, and artificial intelligence to accelerate drug discovery and development. Recursion moved a compound into Phase 1 clinical development²⁶ for cerebral cavernous malformation, one of the first machine learning-discovered drugs to reach human testing, and the company has created hundreds of rare disease models. Recently, they completed the NVIDIA-powered BioHive-2, which is claimed to be the largest supercomputer in the pharmaceutical industry.²⁷

• Healthcare Sector: Pharma/Bioinformatics/AI
• Flagship Products: Their primary offering is their AI-enabled drug discovery platform, which includes:
  • The Recursion OS, a system for leveraging biological, chemical, and patient-centric data
  • BioHive-1 and BioHive-2: Supercomputers used for data processing and analysis
• Strategic Healthcare Partnerships: Tempus, Enamine, Bayer, NVIDIA, Roche, Takeda, Sanofi, and numerous academic institutions.
• Upcoming Products: By early 2029, Recursion aims to have as many as five medicines on the market, transitioning from a clinical-stage company to a more mature player in the biopharmaceutical industry.²⁸

Recursion Growth Metrics

• Revenue: Q1 2024 revenue was $13.8 million, up 14% year-over-year from $12.1 million in Q1 2023.²⁹
• Financial Highlights: Recursion has completed a $200 million public offering of Class A common stock in June 2024.³⁰

Recursion Customer Base

• HCP Engagement: Recursion partners with leading pharmaceutical companies and academic institutions to leverage their expertise and clinical development. Capabilities. These partnerships help in the co-development of new treatments and facilitate knowledge exchange.³¹

Recursion Market Strategy

• Target Audience: Patients with rare diseases, patients with common diseases that lack effective treatments, and pharmaceutical companies and researchers looking for innovative drug discovery approaches.

10. connectRN

connectRN, founded in 2014, is a healthcare staffing platform that connects nurses and other healthcare professionals with healthcare facilities. With a robust funding base and a growing user base of healthcare professionals and facilities, connectRN is one of the fastest-growing startups in the country and well-positioned for continued growth and impact in the healthcare staffing industry. The company is actively working on expanding its platform capabilities, entering new markets, and providing enhanced support for home health, hospice care, and mental health support.

• Healthcare Sector: Healthcare Staffing/Recruiting
• Flagship Product: Digital platform that allows healthcare professionals to find and book shifts at various healthcare facilities.
• Strategic Healthcare Partnerships: Amedisys (a leading healthcare at-home company) and Talkspace (an online therapy company).

connectRN Growth Metrics

• Revenue Growth: Grew its revenue by more than 5,200% over three years (2018-2021).³²
• Financial Highlights: Raised $76 million in a Series F funding round in 2022.³³

connectRN Customer Base

• HCP Engagement: The company organizes events and initiatives to unite nurses, such as pop-up activations and appreciation events.³⁴ It also leverages emotional marketing campaigns to connect with its audience. A notable campaign addressed the dissatisfaction nurses feel with the gifts they receive from employers. The “Nurses Weak Gifts” campaign encouraged nurses to share photos of the most ridiculous gifts they received, highlighting the need for better appreciation and support.³⁵

connectRN Market Strategy

• Target Audience: HCPs and healthcare facilities 
• Marketing Campaigns: connectRN employs direct and programmatic media with display ads, online videos, and mobile ads to engage target demographics.
• Programmatic Media Spend: Spent an estimated $31,902 from February 2023 to August 2024.

Healthcare Success Stories: A Blueprint for Marketing Brilliance

The rapid expansion of these leading healthcare companies underscores a significant shift in the industry towards more innovative, technology-driven solutions and strategic healthcare partnerships. As they continue to push the boundaries of what is possible in medical science, diagnostics, and patient care, these innovators are transforming the healthcare landscape and enhancing the quality and accessibility of care for millions of patients.

At Adfire Health, we work with healthcare marketers to create optimized, highly effective, data-based digital engagement strategies. With Thumbprint™, our segmented data ecosystem of over 8.2 million healthcare professionals, we can offer direct access to healthcare professionals nationwide.

We bring our years of hands-on experience to every new campaign and work with you to get the best results possible. Contact us to learn more about what we can do for your business.

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