Fastest Growing Healthcare Companies in 2023

In an era marked by rapid technological advancements and transformative shifts in patient care, the healthcare industry continues to be a bastion of innovation and growth. While countless organizations are making significant strides in the realm of health and medicine, some are surging ahead with remarkable momentum, finding themselves on this year’s list of fastest growing healthcare companies.

The following list comprises the top-ranking healthcare companies based on the Financial Times’ assessment of The Americas’ Fastest-Growing Companies in 2023. Highlighting the 500 standout firms from the Americas, this exclusive roster celebrates the companies that have shown impressive revenue growth between 2018 and 2021. Created in partnership with the research agency Statista, the rankings hinge on each company’s compound annual growth rate (CAGR) in revenue. It acts as a distinguished benchmark, reflecting the growth and accomplishments of businesses across the Americas.

Since Financial Times’ ranking encompasses a spectrum of industries, we’ll focus solely on the healthcare companies that made the list. Whether it’s through groundbreaking research, pioneering treatments or revolutionary patient care models, these companies are at the peak of healthcare’s next frontier. Now, let’s explore the fastest growing healthcare companies in 2023.

1. PNOĒ

Founded in 2016, PNOĒ offers a pioneering health optimization program, targeting cardio-metabolic diseases via breath analysis. The program, unique in its approach, merges hospital-grade, at-home diagnostic tools for heart, lung and metabolic conditions with ultra-personalized nutrition and exercise plans. In essence, it offers a team of specialists, including cardiologists, pulmonologists and nutritionists, right to users’ doorstep.

The company has received over $10 million in funding across various rounds and it is growing at a CAGR of 140 percent, ranking 49th overall on Financial Times’ list and first in the healthcare category.

2. The Lactation Network

Based in Chicago, The Lactation Network stands as a premier national source for insurance-backed lactation care, facilitated by International Board Certified Lactation Consultants (IBCLCs). Offering lactation assistance through breast pump provisions and consultative services, it caters to families seeking expert care. As the most extensive consortium of IBCLCs in the US, the company champions the highest standards in lactation care. Committed to fostering inclusivity, The Lactation Network is paving the way with progressive tech-enabled healthcare solutions.

As one of the smaller-scale companies on the the list, The Lactation Network’s annual revenue and capital raised is unknown, but it is growing at a CAGR of 108 percent. The company ranks 89th overall on Financial Times’ list and is the second fastest growing healthcare company in 2023.

3. Progyny

The third fastest growing healthcare company is Progyny, a leading benefits management firm that offers specialized fertility and family-building benefits for US employers. Its unique benefits approach includes tailor-made plan designs, concierge-like support for members and a curated network of fertility experts. Beyond fertility, the company facilitates surrogacy and adoption reimbursement plans for employers. Founded in 2008, it was originally named Auxogyn, Inc., later adopting the Progyny, Inc. title in 2015.

As one of three publicly traded companies on the list, Progyny has accumulated $115.5 million in funding and is growing at a CAGR of 68 percent. The company ranks 166th overall on Financial Times’ list.

4. Oak Street Health

Founded in 2012, Oak Street Health is a prominent network of primary care facilities catering to Medicare-enrolled adults. Committed to reimagining healthcare, the company emphasizes care quality over service volume and takes on the complete financial accountability for its patients. With over 160 centers spanning 21 states, it stands as the sole primary care provider endorsed by the American Association of Retired Persons (AARP).

Earlier this year, Oak Street Health was acquired by CVS for approximately $10.6 billion. Prior to the acquisition, it raised a whopping $405.3 million in total funding. Growing at a CAGR of 65 percent, Oak Street Health ranks 175th on Financial Times’ list and is the fourth fastest growing healthcare company in 2023.

5. Essnova Solutions, Inc.

Founded in 2005, Essnova Solutions, Inc. specializes in systems engineering and technical assistance (SETA), geospatial, environmental and healthcare services. On the healthcare side, Essnova collaborates with local universities, commercial healthcare institutions and government bodies to deliver healthcare IT solutions and certified healthcare expertise. Drawing from a large pool of subject matter experts and healthcare consultants, Essnova offers a comprehensive approach to healthcare solutions.

Landing on the INC. 500 list of Fastest Growing Companies in 2020, Essnova has earned a variety of awards including the Alabama Minority-Owned Small Business of the Year 2023. Growing at a CAGR of 52 percent, the company ranks 225th overall on Financial Times’ list and is the fifth fastest growing healthcare company in 2023.

6. AscellaHealth

Based in Berwyn, Pennsylvania, AscellaHealth is a global leader in specialty pharmacy and healthcare services, catering to a wide array of stakeholders, from payers and providers to patients and the life sciences sector. Its tech-driven, customized solutions focus on enhancing health outcomes and life quality for those with chronic or rare conditions needing specialty medications, gene and cell therapies. Its services include pre-commercialization, patient support, limited drug strategies, a proprietary pharmacy and infusion network, clinical programs and real-time prescription analytics, among others.

The company was recently named this year’s Best Global Specialty Pharmacy & Healthcare Services Organisation and has earned several other awards. Growing at a CAGR of 45 percent, AscellaHealth ranks 259th overall on Financial Times’ list and is the sixth fastest growing healthcare company in 2023.

7. One Medical

The seventh fastest growing healthcare company is One Medical, an exclusive technology platform providing a suite of concierge medical services. Its holistic integration ensures a streamlined experience, saving patients both time and money, leading to improved health outcomes and enhanced well-being. One Medical simplifies care access by offering round-the-clock virtual video consultations. The company’s vast array of medical professionals are also given the bandwidth to nurture personal relationships and make informed decisions alongside their patients.

In 2022, One Medical was acquired by tech giant Amazon for nearly $4 billion. It has also acquired two organizations, the most recent of which was Iora Health in 2021 for $2.1 billion. Growing at a CAGR of 43 percent, the company ranks 272nd overall on Financial Times’ list.

8. Cloudticity

Founded in 2011, Cloudticity helps healthcare companies design, build, migrate and manage Health Insurance Portability and Accountability Act (HIPAA)-compliant systems in Amazon Web Services (AWS). By leveraging cutting-edge automation and profound cloud knowledge, Cloudticity equips healthcare entities to design and expand future-ready healthcare innovations. Renowned for pioneering some of the cloud’s earliest health systems, Cloudticity propels healthcare into the digital age.

Growing at a CAGR of 36 percent, Cloudticity ranks 310th overall on Financial Times’ list and is the eighth fastest growing healthcare company in 2023.

9. dentalcorp

As the only Canadian company on the list, dentalcorp collaborates with leading dental practices, offering resources, support and cutting-edge technology to maintain its prominence in Canadian oral care. It boasts over 80 dental practices and revenues surpassing $180 million, holding the distinction of being Canada’s most extensive dental care professional network. Its growth is largely credited to its distinctive partnership model, which allows dentists to maintain their clinical and operational independence.

dentalcorp has raised a total of $1 billion in funding over three rounds, the latest of which was raised in 2018 from a debt financing round. Growing at a CAGR of 20 percent, dentalcorp ranks 446th overall on Financial Times’ list and is the ninth fastest growing healthcare company in 2023.