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1、Digital HealthRadar 20242Summary1.Digital Health Radar Opening Insights3Startup Longlist52.InsightsOur Shortlist6Market Insights7A View to the Future113.Select Case StudiesCharco Neurotech12Avegen13TaraCares144.AppendixMethodology15Glossary and References163Digital Health Radar 2024Opening InsightsS

2、ince COVID,we and our clients have observed a discernible change in how healthcare is delivered to patients globally.Digital health is seen as a transformational part of this change in healthcare provision.This is evidenced by renewed impetus in the startup space with investment reaching$3 billion i

3、n 2021.Our first interviewee,Lucy Jung,founder and CEO of Charco Neurotech,noted this trend,highlighting the rise in healthcare-focused product development and technology.However,the situation is not entirely positive.In 2023 investment declined to$1.1 billion,indicating that other economic and geop

4、olitical developments may be leading to volatility.Factors such as the emergence of open-access GenAI,the war in Ukraine,the Palestine-Israel conflict,issues in the Gulf of Aden,rising gas prices,and general inflation may all play a part.Pharmas response to digital health has been mixed.Whilst Bioge

5、n closed its digital arm,Eli Lilly and Company released its own digital health solution:LillyDirect and AstraZeneca has taken the plunge to spin out its digital health development arm into Evinova,leading to mixed signals across the board.Utilising startups to supercharge innovation could be a way t

6、o bridge the gap for those cautionary Pharma companies wishing to expand.“When we started in 2019,there werent many people in the product development and tech area that were looking into healthcare.There was lots of research concepts but not many companies or support in this space.Im excited to see

7、the importance of this rising over the years.”Lucy Jung Co-founder&CEO,Charco NeurotechD igital Health Radar4In our 2023 White Paper Competing through Customer Value we discussed how partnering between startups and pharma can allow companies to generate value for patients and customers at a quicker

8、pace.This view is something Jamie Campbell,Associate Director at Avegen,points out,describing the efficiencies that can come with employing external expertise.Digital health solutions can also help to remove some of the cost from providers,freeing up investment to other parts of the healthcare syste

9、m and enhancing value for customers.Looking to the startup scene may therefore help to discern the future of this dynamic space.Whilst the digital health startup market within the US is well developed,with several examples of unicorns(such as 23andMe as of 2015 or Tempus as of 2018),the market withi

10、n Europe has not been as fruitful.There are several potential reasons for stagnation.These include the universal healthcare models commonly utilised in Europe,which can make profitability more challenging and consequently less appealing to investors.Additionally,Europes fragmented nature results in

11、numerous smaller markets,collectively totaling 500 million potential users,as opposed to a single market of 350 million potential users in the US.There are some very good examples within Europe of companies developing beyond a single market,companies,such as Owlstone Medical,have become profitable a

12、nd successful across multiple markets,bridging the gap to the US and globally.Considering these green shoots,we have analysed the European startup market and highlighted the key developments,trends and examples of companies that we are eager to watch that have innovative solutions or that are making

13、 waves in the market.You can find out more about our methodology here.“The general trend is towards partnership,towards partnering with startups like ourselves because we can provide the development capability,we can provide the platform.They dont need to do all that.They dont need to hire software

14、engineers.They need project managers or project owners which is an easier role to fill in Pharma.”Jamie Campbell Associate Director of Commercial Partnerships,AvegenD igital Health Radar5The Digital Health Radar Startup Longlist 2024Our longlist illustrates our interpretation of the dimensions of th

15、e digital health startup space.Displayed are the unique and innovative offerings that have the potential to transform patient care.An important point to note is that telemedicine and mHealth propositions are conspicuous by their exclusion from the Radar.The number of these have skyrocketed following

16、 COVID and continues to grow;in 2020,250 new digital health apps were added to the app store per day1.Due to the scale of this sector,we have therefore limited their appearance in our Radar to a few special-case examples we believe to be truly innovative.This includes Mika,an AI-powered companion fo

17、r cancer patients and care givers,BeneTalk,a habit building app for stammering that analyses speech and provides real time feedback.Insert a short explanation of the chart on the rightErat pellentesque adipiscing commodo elit at.Laoreet non curabitur gravida arcu ac tortor dignissim.D igital Health

18、Radar6Our Shortlist Our shortlist depicts what we believe to be the potential future leaders in digital health innovations.InsightsOur interpretation of market insightsOverall,we see four key trends across the startup market:1.Providing information to patients and investors fuels success2.Gathering

19、information and patient insights improve prospects 3.Companies addressing multiple touchpoints across the patient journey show great potential4.There is a growing requirement for evidence-led DTx and healthcare solutions7Market Insights1.Providing information to patients and investors fuels successO

20、ne critical observation we gained from cycling through 574 companies,was that this market is vast.To float to the top,startups are benefiting from using validated research to differentiate themselves and increase credibility.There are numerous examples of this throughout our long list.One-way startu

21、ps are doing this is by focusing on information provision to drive patient education,adherence and drive value and success.What has become of increasing importance to patient providers and users is that the information provided is accurate and ever increasingly actionable.Across the board,the result

22、s are consistent evidence-based approaches are key for patient engagement.This includes patient studies across conditions and therapy areas,including asthma,diabetes3 and hypertension4.Likewise,studies such as Tinschert et al.2019 show the importance of evidence-based information in gaining patient

23、trust in AI chatbots.Whilst you may be able to provide information to patients,what can you do with that information?We saw a saturation of digital apps that focused on bringing patients to doctors;however,reducing the impact on healthcare systems by preventative measures is incredibly important,esp

24、ecially if we wish to achieve sustainable healthcare systems.It is therefore essential we look to education,based on peer reviewed information,to support patients in everything from treatment choice to behavioural support.This is a gap seen by TaraCares who turned individualized research into meanin

25、gful insights to inform hormone healthy ageing for subscribers of its MIMOSA platform.Founder and CEO Jyoti Sharma spoke to us about the importance of centering science in the conversation around age-related healthThe company looks to enable its users to gain a better control of their bodies holisti

26、cally,which brings agency and inevitably can reduce impact on the individual,employers,and healthcare systems.Healthy ageing and better understanding of our bodies and the changes that they go through as we progress through life is of increasing importance to patients(and consumers).However,with gre

27、ater evidence often comes greater regulatory oversight.To combat some companies are beginning their propositions by recommending information,slowly building the greater scrutiny needed for building a medical device or digital therapeutic.This method has the added benefit of enabling trust building a

28、nd credibility in the space.“We are levelling up the science for healthy ageing.By personalizing science based on individual differences for hormonal shifts and transition including Menopause we are shaping the future of female work for generations to come and delivering a health-oriented employee-e

29、mployer care modelJyoti Sharma Founder and CEO,TaraCares Insights8Of course,there is a duality to this information.As more patients begin to use digital health solutions,more information based on consumption becomes available to the companies themselves.Lucy Jung of Charco Neurotech spoke to us abou

30、t some of the benefits she found from leaning in to this open and curious approach to patients to provide pivotal insights for its CUE1 wearable.Lucy reflected on a conversation shed had with a committee member and friend who was living with Parkinsons.He pointed out to her the difficulties in conve

31、ying the complete and diverse struggles of the disease by looking purely at clinical data.One day,he had visited London for a doctors appointment.Whilst seated he realised he had become unable to get up,left going in circles on the tube and unable to move.Hed asked her:“if I wasnt able to make one s

32、tep that day,how can you measure that?”Those words stuck with Lucy and have shaped Charco Neurotechs approach to its patients;utilise clinical trials whilst staying close and curious with the people they are trying to help.On a human level these insights are essential to remember the purpose and imp

33、act of these digital health solutions and provide direction for opportunities for development,potential risks or areas for diversification.Likewise,adding meaning to your data can create buy in for investors and consumers alike.Insights“Were not looking to one answer.Were looking for lots of answers

34、 Its not just clinical measures that are important remember to think about the people”Lucy Jung Co-founder&CEO,Charco Neurotech2.Gathering information and patient insights improves prospects 9When investigating the performance of our longlist we began to see a trend with numerous offerings reaching

35、funding,development or clinical milestones when addressing multiple touchpoints across the patient journey.For example,we have seen companies such as Ikerian,with its RetinAI platform,supporting clinical research flows as well as AI enabled eye diagnostics and decision support reaching funding and p

36、artnership milestones.InsightsWe value connection with people using or waiting to use the device.Once the loop is broken,innovation suffers.”Lucy Jung Co-founder&CEO,Charco Neurotech3.Companies addressing multiple touchpoints across the patient journey show great potential4.There is a growing requir

37、ement for evidence-led DTx and healthcare solutions Need for ValidationThe European medical space is arguably one of the most evidence-led industries in the world,highly vetted and highly regulated.It appears the digital health space is catching up to the established standards of this industry and i

38、ts pharma companies which hold the wealth and influence to support new startup success.Producing our Radar,the shift towards investment in technologies evidencing their clinical value was apparent;perhaps helping these offerings to stand out against the plethora of unvalidated telehealth solutions t

39、hat have flooded the market in recent years.Where HCPs and payers are the customer,clinical evidence or publication provides validation in a market that values robust scientific approach.Avegen Associate Director of Commercial Partnerships,Jamie Campbell,detailed the need for evidence to support its

40、 cloud-hosted,Digital Clinical Workflows.The company recently received the gold award from HSJ for clinical partnerships as its Klick offering reduced waiting times from 6 to 3 months and decreasing missed appointments by 41%.6Current ChallengesHowever,whilst the demand for evidence backed healthcar

41、e solutions prevails,the level of evidence required for digital health technologies within each of these segments varies greatly.Ambiguity within the requirements defined by regulatory bodies remains a challenge and organizations are starting to pre-empt more robust regulatory positions in this area

42、,leading to an increase in clinical validation for digital health technologies.Even those digital health technologies that are not regulated as medical devices are starting to collect data to evidence effectiveness and back up claims.The recent AI act from the EU further impacts here,the addition of

43、 data privacy and usage regulations for AI make it more complex to get the data and insight needed to provide maximum value for new solutions and enable validation.Finally,to the point around regulation,ensuring cybersecurity has been thoroughly baked into any digital solution that contains data rem

44、ains paramount for future or ongoing success.An example of this is RetinAI,an AI-powered eye diagnostic data management platform used to support clinical research workflows.Now boasting 20 processed clinical studies,over 40 peer reviewed publications to date and a 2023 CE Marking Certificate for Dis

45、covery as a class IIa device.710Finding the SolutionHowever,whilst our Radar exemplifies the standouts in the market capitalizing on evidence-led solutions,it appears many have fallen behind.A 2022 study estimates only 20%of health tech companies have good clinical evidence and regulatory filings.8

46、Ironically,the answer to many of these hurdles might lie in some health tech companies featured on our list.For example,TrialBee is a comprehensive recruitment,pre-screening and consent solution designed to drive trial efficiencies through scalable,real-world data and real-time analytics.9Another gr

47、eat example is uMotif,a patient engagement platform for clinical and post-market research.Its case studies have shown both an increase in compliance and a reduction of study timelines by 30%,demonstrating the expertise and financial benefits of its services.10 Sano Genetics also offer patient search

48、,screening and engagement services in what they call a complete circle platform that utilises DNA analysis to suggest clinical trials to viable candidates.11 These offerings may therefore help to generate robust evidence with greater ease and speed Insights“One place many digital health companies fa

49、ll down is that they dont collect any clinical evidence.We believe its really important to back up our claims with evidence and outcomes.”Jamie Campbell Associate Director of Commercial Partnerships,Avegen 11A View to the FutureRegulators must also catch up to these changes.As Lucy Jung states,regul

50、ators must,and are adapting to the evolved digital care pathway.An example of this can be seen in Germany with the introduction of DiGA in 2019.This initiative includes a Fast Track process for streamlining formal approvals and listings of digital healthcare applications,enabling faster market entry

51、.DiGA is symptomatic of the demand and competition faced in this space with startups needing to offer innovative and effective solutions to meet the DiGA directory criteria.12Changes can be seen in the rest of Europe too,with the European Health Data Space(EHDS)proposing new regulations that mandate

52、 data sharing in the healthcare space,implying greater access to health data.Alongside these new technologies comes a need for companies to adapt their internal governance,ensuring compliance with new directives such as the AI Liability Directive(AILD)and the previously mentioned AI Act.Startups and

53、 pharma alike must prepare for the challenges of assessing and elevating risk management,traceability and cybersecutiry.13 With dynamism and new players always coming to the market,the digital health startup landscape in Europe remains of critical interest to healthcare systems and pharma.We look fo

54、rward to seeing how the startup market adapts and changes in the coming months and years and to learn what new developments our shortlist companies have in store.Insights“Technologys one thing,regulations and trials are still traditional pathways of pharmacological process(phase 1/2/3)when digital c

55、are is a quite different pathway.I feel positive that regulators are realising this and adapting and pushing out regulations.This is a challenging area but its amazing to see people are more interested and founders are getting involved.Im hopeful.Theres a lot to do and we need to collaborate across

56、industries”Lucy Jung Co-founder&CEO,Charco Neurotech12Select Case StudiesCharco NeurotechMissionLucy tells us:my personal goal is bringing back smiles to people with Parkinsons.Its the device,the service.Its the total that makes a big difference.Were not a device company,were a company that cares fo

57、r people.We want to help other people with movement disorders and neurological conditions.TechThe CUE1 is a non-invasive,wearable,medical device for people with Parkinsons,to improve movement and quality of lifePurposeThe principle offering of the company stems from 19th century French neurologist P

58、rofessor Jean-Martin Charcot who found his patients symptoms dramatically improved when they travelled to him by carriage.It was soon surmised the vibrations of the carriage ride seemed to offer therapeutic benefit.In modern day,this idea has since been researched with studies finding vibration stim

59、ulation to result in improvement in stiffness,slowness and gait among other symptoms.TestingPilot tests have seen participants with Parkinsons improve their MDS-UPDRS scores by an average of 9.3 points,3 times the level considered clinically significant.100%of participants reported that they would w

60、ant to use the device again.Continuing to study 3,200 people currently using the device and being studied for theyre using and the symptom category.CEOLucy JungWHQUKCategoryWearable/Digital TherapeuticTherapy AreaParkinsons with a focus on stiffness,slowness and gaitFundingSeed funded.Last investmen

61、t November 16th,2021,of 7.4mCase Studi es13AvegenTechCustomizable digital health platformPurposeClinician Nayan Kalnad and Neeraj Apte created Avegen in 2015 following a successful and educational experience in Pharma and tech with the mission of making the world a healthier place.Avegen is driven b

62、y patient insights and cutting-edge researchTestingAvegen has conducted multiple studies on its apps to ensure its claims are backed up with evidence.This includes a published study for Heart Health finding a 51%reduction in 6-month readmissions and a 30%increase in clinical capability.Its randomise

63、d clinical trial for its Together for Her app found a 90%increase in health literacy and a 142%increase in dietary diversity.It also tracked 1.9 million installs,positioning the app in Indias Top 3 for parenting at the time of the study.CEODr.Nayan KalnadWHQUKCategoryPatient SupportTherapy AreaLong

64、term conditionsFundingPrivately funded with intention for series A fundingCase Studi es14TaraCaresMissionLevelling up the science for healthy ageingTechResponsible AI-based digital support tool and educationPurposeEquipping every human to master their unique healthy ageing journey with personalised

65、research and health insights(with menopause navigation as an initial use case)by tackling misinformation,misdiagnosis,and mismanagement.Integrating academic research,clinical excellence and computational science.ProductMIMOSA,the modular platform developed by TaraCares,is revolutionizing the way cor

66、porates address menopause.With its evidence-led,science-backed approach,MIMOSA offers continual access to research,and scientific evidence tailored for the user.From tracing 29 hormonal health determinants to preparing for medical appointments,the platform provides a comprehensive solution for women

67、 navigating menopause.More than just a tool,MIMOSA represents a shift in mindset.It encourages organizations to move beyond superficial menopause policies and invest in science-backed,actionable strategies.By understanding their menopause demographic and individual pain points,companies can create a

68、 more inclusive,supportive work environment.In doing so,they not only retain valuable talent but also foster a culture of understanding and empathy.MIMOSA looks to avoid the traps of symptom tracking and hormone testing to provide holistic support and information.In a revolutionary ground-breaking m

69、ove the company has released,MIMI(Menopause Information and Management Interface)after a year-long Beta testing with clinicians from the US,UK and India.Available for premium subscribers of MIMOSA platform,MIMI is the worlds first Responsible AI co-pilot.Leveraging cutting-edge responsible AI and a

70、deep understanding of human health,MIMI aims to become an indispensable tool for women and female individuals of all ages seeking to optimise their hormonal wellbeing and health span,from puberty to post-menopause.MIMOSA is available in 20+countries on Android and iOS through employer paid subscript

71、ion model.CEOJyoti SharmaWebsitemymimosa.ukHQUKCategoryPatient Empowerment(B2B SaaS,HR Tech for Menopause Health literacy and integrated employee wellbeing)Therapy AreaHealthy ageing and hormonal shiftsFundingPrivately fundedCase Studi es15MethodologyAppendixThis edition of the Digital Health Radar

72、is based on data observed over the past year.We analysed both Open-Source Intelligence(OSINT)and conducted qualitative interviews to produce this Radar,incorporating our own opinions and subject matter expertise.Depicted are 84 long listed innovative,European startups we have attempted to segment in

73、to the primary function their solutions appear to offer.However,we know there are many more digital health innovators in the European ecosystem that we need to hear from.If you are interested in being involved in the next edition,please get in touch link.In our search we reviewed 33 funds,researched

74、 574 companies,long listed 88,shortlisted 16 and interviewed 3 of the most exciting market innovators in the European Digital Health space(in our opinion of course).Their offerings ranged from digital therapeutics to wearables and utilised techniques ranging from AR,VR through to AI and beyond.Our S

75、election Criteria:Based in Europe but could have operations in other parts of the worldIts business model centers around innovations in the digital health spaceDefined as a startup16Glossary and ReferencesDiGA refers to Digitale Gesundheitsanwendungen in German or digital healthcare applications.The

76、se are applications formally approved and listed in the DiGA directory,following the regulations outlined in the Digital Healthcare Act(Digitale-Versorgung-Gesetz,DVG).Digital Therapeutics(DTx)ultimately enhances patient outcomes through combining technology and medical expertise.Regarding treatment

77、 planning and management,DTx is enhanced by leveraging technology for personalised suggestions and recommendations,going beyond processes such as automation or symptom tracking.It includes HCP interactions,recommendations,interpretation of results and targeted interventions that utilize expertise.Wi

78、th monitoring,this is automated,involving patient interactions and targeting and communicating directly or indirectly with the HCP,for example via reports.mHealth refers to mobile health,a general term for the use of mobile phones and other wireless technology in medical care.mHealth has an array of

79、 uses including education of preventative healthcare services,disease surveillance,treatment support,epidemic outbreak tracking and chronic disease management.With special thanks to Wavestone France,Charco Neurotech,Avegen and TaraCares for their support in making this Digital Radar possible.Appendi

80、xGlossary1.https:/ Feb,2024)2.https:/blogs.deloitte.co.uk/health/2021/10/how-digital-health-apps-are-empowering-patients-improving-outcomes-and-increasing-accessibility/comments/3.Engagement and User Experience of an mHealth Intervention for Patients With Type 1 Diabetes:Mixed Methods Study by Arons

81、son et al.(2019)4.What Patients Want:Consumer Perspectives on Digital Health for Hypertension Management by Margolis et al.(2020).5.Patients acceptance of and trust in health chatbots:mixed-methods study by Tinschert et al.(2019).6.https:/ 13.https:/ ReferencesNote on the Radar,it is important to cl

82、arify that these are purely our interpretations of the market and the startups we were able to sift through from a vast and everchanging market.Furthermore,we are aware of the subjectivity of some terms included in this report.For example,we saw multiple applications of the term Digital Therapeutics

83、(DTx).We have defined this as therapeutics which ultimately enhance patient outcomes through a blend of technology and medical expertise,usually relating to treatment planning,management,and monitoring.17AuthorsPhilip WinkworthSenior ManagerRachael Major Senior ConsultantAcknowledgmentsLucy Jung Co-

84、founder&CEO,Charco NeurotechJamie CampbellAssociate Director of Commercial Partnerships,AvegenJyoti Sharma Founder and CEO,TaraCares PR Alex Miller ManagerA 18About WavestoneWavestone is a consulting powerhouse,dedicated to supporting strategic transformations of businesses and organizations in a wo

85、rld that is undergoing unprecedented change,with the ambition to create positive and long-lasting impacts for all its stakeholders.Drawing on more than 5,500 employees in 17 countries across Europe,North America and Asia,the firm offers a 360 portfolio of high-value consulting services,combining seamlessly first-class sector expertise with a wide range of cross-industry capabilities.Wavestone is listed on Euronext Paris and recognized as a Great Place to W