The healthtech innovation market is increasingly attracting the interest of investors and entrepreneurs due to its relevance in society. These factors make this sector an attractive opportunity for high financial returns. Proof of this is that the European digital health market was valued at approximately 60 billion euros in 2023 and is expected to grow at an average annual rate (CAGR) between 10% and 20% in the coming years.
In the Spanish startup landscape, this sector has been one of the top recipients of investment, with over 121 million euros. This influx of capital not only drives research and development of new technologies but also accelerates the adoption of innovative solutions in the market, fostering a more advanced and sustainable healthcare ecosystem.
The healthtech industry aims to improve disease detection, access to healthcare, and mental well-being through technology and innovation. Additionally, it seeks to support healthcare systems to become more efficient and sustainable.
This sector began to grow exponentially after the pandemic, as the focus shifted to the importance of health innovation, and the severe situation led to faster and more constant technological evolution. The interest of healthcare professionals and patients in using digital health technologies has also been key in this sector’s revolution.
Another indicator of this growth is the number of eHealth startups in recent years in Spain, which saw a surge in 2020 and 2021, coinciding with the most challenging years of the pandemic. Currently, the Spanish startup ecosystem includes 519 startups, according to Ecosistema Startup, 20 of which were created in 2023.
Twenty-two of these entities are members of Startup Valencia. Examples include Arthex Biotech, Evolving Therapeutics, and Corify Care, spin-offs from the University of Valencia and the Polytechnic University of Valencia, respectively. These companies exemplify how many healthtech-related startups have originated as spin-offs from university research centers.
Arthex Biotech focuses its research on developing therapies based on oligonucleotide modulators of microRNAs through its patented platform to treat diseases with no therapeutic options. Evolving Therapeutics implements the use of bacteriophages to treat pathogenic bacteria. Corify Care aims to improve the prognosis and treatment of patients with cardiac arrhythmias.
Artificial Intelligence, Fundamental in Innovation
One of the key elements in the healthtech industry is Artificial Intelligence, which plays a crucial role in transforming healthcare in many aspects. For example, AI can analyze medical images, make more accurate diagnoses, or determine the most effective treatment.
Blautic, a Startup Valencia member, has applied AI algorithms to create a system for monitoring cardiac health and physical activity in multiple patients. Similarly, the application developed by EBHealth3 provides users with information to prevent diseases and improve eating habits through AI. Enma Medial and Kenko Imalytics are also developing new AI-based methods and software for the pre-diagnosis and diagnosis of diseases such as cancer.
Many of these startups aim to improve and expedite disease diagnosis through their projects. Healthincode, Imegen, and Quibim are examples, applying the most innovative techniques to offer the most accurate diagnoses. Another example is Kanteron Systems, which facilitates the effective management of medical imaging and genomic data to apply precision medicine at the point of patient care.
The health and care of the elderly is also a significant concern in the healthtech sector. Startups like BondUP, Cuidum, RxLongevity, and Pharmanalytics help elderly people live healthier lives through good nutrition and easy access to care. In contrast, INDYA focuses on improving athletes’ performance, and iNuba aims to help people of all ages improve their habits through technology.
Healthcare supply has also become a focal point of healthtech industry innovations. Inteligencia Farmacéutica creates innovative solutions and platforms for digitizing the pharmaceutical supply chain, and Cliniclic! centralizes all dental material purchases on one website.
Other emerging companies like REGEMAT 3D and Epixlife use biotechnology as the main axis for innovation in the healthcare sector. Additionally, PhysioMRI represents a new generation of magnetic resonance imaging that aims to democratize access to MRI testing.
In short, healthcare innovation is changing the landscape, offering new tools and solutions that improve the quality of life for patients and professionals. The advancement of the healthtech ecosystem in Spain is unstoppable, and for it to continue for many years, a firm commitment is needed from all stakeholders in this process.
For all these reasons, health, being a market with constant demand and currently booming, is one of the key topics of the seventh edition of VDS, the international tech event organized by Startup Valencia, which transforms the city into a global tech hub.
