Digital Health New York (DHNY) Releases the NY Healthcare Innovation Report 2023
Funding in 2022 in New York region was $3.9B, a 57% decrease from 2021; Biotech and startups focused on analytics and provider enablement garnered most investment
Report includes New York Digital Health 100 (DH100) recognizing the most exciting and innovative health startups in the New York region
New York, NY (February 1, 2023) – Digital Health New York (DHNY), the premier network of CEOs, entrepreneurs, investors, payers and providers driving New York’s healthcare ecosystem, today released its New York Healthcare Innovation Report 2023. In its 6th year, the report is a comprehensive analysis that takes an in-depth look at the data, trends and people that have propelled New York to become the capital of healthcare innovation. More than 50 leaders are featured in quotes, insights and analysis throughout the report.
In 2022, in the New York region, 141 companies raised $3.9B, a decrease of 57% from the high of $9B raised in 2021. Q1 was the largest quarter at $1.3B (50 deals), and funding decreased throughout the year to a low of $.62B (23 deals) in the fourth quarter. Early stage companies received 39% of the funding (as compared to only 15% in 2021), and late stage companies received 61% of the funding in 2022 (as compared to 85% in 2021). Biotech received more investor attention than in years’ past, as did startups focused on analytics and provider enablement. Women’s health plummeted to a low of 2%, reflecting a reversal of the upward trends of 2021. The report also includes a listing of the Top 20 funded companies in 2022 (Kallyope tops the list at $236M).
“We recognize that 2022 was a reset year and forecasts for 2023 are not particularly sanguine. Funding is down, the market is challenging and unpredictable, and people are nervous,” said Bunny Ellerin, Co-Founder and CEO, DHNY. “Yet there is still room for optimism. We are gratified to see significant focus on making meaningful changes to the way we consume and deliver healthcare. Together, our collective innovation is making a difference.”
Within the report, DHNY released its New York Digital Health 100 (DH100), a list of the most exciting and innovative health startups in the New York region. In 2023, the DH100 had double the number of applicants compared to 2022. With this explosive growth, the scope of the list greatly expanded, and now represents 35 new companies; counts 12 unicorns among its ranks; has 23 organizations that are led by female CEOs; and 37 of the companies on the list raised $1.6B in 2022. There are also several second and third generation founders that have companies included on the list. Given the number of seed stage companies that applied to be part of DH100, DHNY also launched a new category this year: “10 Startups to Watch.”
“In 2023, the New York Digital Health 100 includes an incredibly diverse, innovative and forward-thinking set of companies and leaders that are making an impact on the future of healthcare,” continued Bunny Ellerin. “On behalf of the entire New York healthcare ecosystem, we are delighted to spotlight these organizations, support their growth and applaud them for their meaningful contributions to improving healthcare.”
In addition to DH100, the 2023 report features:
A Q&A session with Ashwin Vasan, MD, PhD, Commissioner, New York City Department of Health And Mental Hygiene about the intersection of public and digital health.
New insights from the annual State of New York Digital Health research, conducted in partnership with AlleyCorp, of a range of stakeholders (CEOs, entrepreneurs, investors, payers, providers) who shed light on market trends and their perspectives on today’s business environment. 47% of leaders surveyed reported they were concerned or very concerned about the economic outlook and its potential business impact for 2023.
Photographs of New York from talented clinicians and business leaders that grace the pages of the report.
Highlights and perspectives from DHNY Summit, an invitation-only event that brought together the leaders and visionaries who are driving digital health in New York.
New York City Health Business Leaders (NYCHBL), the organization that formerly published the report, has combined with DHNY, an important milestone in the evolution of the healthcare landscape in New York.
To download a copy of the New York Healthcare Innovation Report, please click here.
About Digital Health New York (DHNY)
Digital Health New York (DHNY) is the premier network of CEOs, founders, investors, payers and providers driving New York’s healthcare ecosystem. DHNY works to increase the visibility of New York as a leader in healthcare innovation, showcases the organizations and leaders curating the future of healthcare, and brings people together to share ideas, spark new directions and create success. For more information, visit www.dhny.co.
