For the first time in the Inc. 5000's 43-year history, healthcare companies β not tech startups β dominate the list of America's fastest-growing private companies. Of the top 100 companies on this year's list, 34 are in healthcare technology, telehealth, medical devices, or pharmaceutical services, compared to just 18 in traditional technology categories.
The shift reflects several converging forces. The COVID-19 pandemic permanently changed American consumer behavior around healthcare, normalizing telehealth and direct-to-consumer health services. The GLP-1 drug boom has created enormous opportunities for companies that help patients access, afford, and stay on these medications. And the aging US population β 10,000 Baby Boomers turn 65 every day β is driving sustained demand growth that tech's consumer markets cannot match.
The fastest-growing healthcare company on the list is a telehealth mental health startup that grew 4,200% in three years by offering same-day psychiatric consultations for $99 with no insurance required. Second is a GLP-1 access company that negotiates manufacturer discounts and handles insurance navigation for Ozempic and Wegovy patients.
Venture capital has noticed. Healthcare tech attracted 28% of all US venture investment last year β more than any other sector and twice its share from five years ago.
