HealthTech sector in France in 2022
Size and Composition:
The HealthTech sector in France consists of approximately 2,600 companies, categorised into biotech, medtech, and digital health/AI.
Biotech companies make up 800 of these, medtech 1,440, and digital health/AI 400.
This sector contributes around 50,000 jobs in France.
Sales and Employment Growth:
In 2021, HealthTech companies generated sales of €1.3 billion, representing growth from 2020.
Direct employment in the sector reached 14,500 people in 2021.
In 2023, 86% of HealthTech companies plan to recruit new staff, totaling around 2,200 new hires.
Many companies anticipate difficulties in finding suitable profiles, particularly in IT, bioinformatics, biomanufacturing, quality assurance, and regulatory affairs.
Maturity and Size of Companies:
HealthTech companies develop an average of three products and have been in operation for an average of 10.5 years.
While 56% of these companies are SMEs, some have over 100 employees.
Focus on Sub-Sectors:
Biotech companies have numerous products in development, with a significant portion having orphan drug status.
Medtech companies also develop multiple products, with 56% at the marketing stage.
Digital health companies primarily focus on telemedicine, remote monitoring, and digital diagnostics.
Partnerships and Government Support:
France is involved in biopharmaceutical partnerships, ranking fourth in Europe with 162 deals in 2021 and 2022.
Government support includes financial backing from Bpifrance and the France 2030 plan's allocation of funds to healthcare projects.
Despite a global decrease in healthcare sector funding in 2022, France became a leader in Europe in terms of the amount raised and the number of deals.
Venture capital played a significant role in funding HealthTech in France in 2022.
Initial Public Offerings (IPOs):
By the end of 2022, 129 HealthTech companies were listed on Euronext markets, with a total market capitalization of €45 billion.
However, there was a drop in new listings in 2022, with only seven primarily in France.
The French government allocated a substantial budget to the healthcare component of France 2030, aiming to establish France as a leader in healthcare innovation.
Government officials emphasised the importance of supporting healthcare innovation to address the needs of French citizens.
In summary, the HealthTech sector in France experienced growth and innovation in 2022, but it faced challenges such as talent recruitment, regulatory compliance, and fluctuating funding. Government and investor support played a crucial role in sustaining and advancing this dynamic industry.
Here are the 10 most exciting HealthTech startups in France, along with a brief description of each:
Overview: An online platform for booking doctor appointments.
Founded Year: 2013
Location: Levallois Perret (France)
Funding: USD 866M
Investors: SanteVet, Eurazeo, Bpifrance, and others.
Overview: An app-based health insurance platform for individuals and businesses.
Founded Year: 2016
Location: Paris (France)
Funding: USD 554M
Investors: Ontario Teachers' Pension Plan, Ribbit Capital, Dragoneer Investment Group, and others.
Overview: An online employee benefits program provider.
Founded Year: 2018
Location: Montpellier (France)
Funding: USD 328M
Investors: SoftBank Group, Eurazeo, Index Ventures, and others.
Overview: Provides machine learning-based solutions for drug discovery and precision medicine.
Funding: USD 321M
Investors: Bristol-Myers Squibb, Sanofi, Mubadala, and others.
Overview: Offers AI-based dental monitoring technology to detect tooth movements.
Funding: USD 201M
Investors: Merieux Equity Partners, Vitruvian Partners, Naxicap Partners, and others.
Overview: Provides a medical imaging and surgical platform for healthcare providers.
Founded Year: 2009
Location: Gieres (France)
Funding: USD 133M
Investors: Sigma Gestion, BNP Paribas, Caisse D Epargne, and others.
Overview: Develops immunomodulators for cancer and auto-immune diseases.
Founded Year: 2011
Funding: USD 130M
Investors: Symbiosis, Takeda, Seventure Partners, and others.
Overview: Develops AI-based blood sugar monitoring devices for diabetes treatment.
Founded Year: 2015
Location: Grenoble (France)
Funding: USD 124M
Investors: LBO France, Terumo Medical, Innovacom, and others.
Overview: An app-based ride-hailing service using hydrogen-powered taxi fleets.
Funding: USD 113M
Investors: VINCI Energies, RGREEN INVEST, Mirova, and others.
Overview: Provides cloud-based smart wearable solutions for monitoring and managing epilepsy.
Founded Year: 2014
Funding: USD 95M
Investors: LBO France, Idinvest Partners, Dassault Systems, and others.
These startups cover a wide range of healthcare-related services and technologies, from healthcare booking platforms to medical imaging and drug discovery solutions, showcasing the diversity and innovation in the French HealthTech sector.