These are the 9 healthcare startups next in line to go public, according to bankers and investors

The digital health sector is slowly re-emerging in the public markets, with notable IPOs from Hinge Health and Omada Health signaling a potential resurgence. After a prolonged period of inactivity, these companies have sparked interest among investors, raising hopes for other late-stage healthcare startups that have been in a holding pattern since 2022. In discussions with several bankers and investors who wished to remain anonymous, Business Insider sought insights into which healthcare companies might soon pursue public listings. While the current market conditions appear more favorable, experts suggest that many firms may not consider IPOs until 2026 or later due to ongoing uncertainties. One standout candidate is Aledade, founded in 2014 by Dr. Farzad Mostashari, which offers data-driven solutions to independent primary care practices. Backed by significant funding, including a recent $260 million Series F round, Aledade has reported impressive revenue growth, which could make it an appealing option for an IPO. However, it will need to navigate a challenging landscape, as similar companies like Agilon Health have seen their share prices fall since going public. Another company to watch is Datavant, a health data startup that has aggressively pursued acquisitions this year, hinting at its readiness for an IPO. With a previous valuation of $7 billion following its merger with Ciox Health, Datavant has been expanding its footprint in the healthcare data exchange space. Lyra Health, the leading mental health startup, has also garnered attention. Valued at $5.58 billion in early 2022, it provides mental health services to major employers and is now led by a CEO with public company experience, which could bolster its IPO prospects. Medline, a well-established healthcare entity, is also making headlines with its recent confidential filing for an IPO. Acquired by private equity firms in 2021, its public debut could set a precedent for similar transactions in the healthcare sector. Maven, focused on women’s healthcare, has raised substantial funding and is strategically staffing its leadership team with individuals experienced in guiding companies through public offerings. Spring Health, leveraging AI in mental healthcare, and Transcarent, which recently acquired Accolade, are also among the startups eyeing the IPO landscape. Lastly, Virta Health, which specializes in diabetes care, is reportedly on track for a public offering, aiming for profitability before taking that leap. Its recent growth and valuation suggest it could soon join the ranks of public digital health companies. As the market begins to thaw, these startups represent a new wave of potential IPO candidates, each with unique strengths that could captivate investors and reshape the healthcare landscape.