VILNIUS, LITHUANIA / ACCESSWIRE / May 6, 2022 / Kilo Health, a digital health and wellness company based in Lithuania, was recently listed as the second fastest-growing company in Europe by the FT 1000. The standards for making the prestigious list were slightly higher this year, with a 1% bump from last year setting the minimum CAGR at 36.5%. Kilo Health's revenue CAGR for 2017-2020 came in at a whopping 450%.
Kilo Health is a digital health and wellness tech business that aims to spur new growth in the digital health space by creating new tech products and helping startups in the industry grow. Founded in 2013, Kilo Health has already risen to the forefront of the industry. The company believes that its explosive growth will enable it to lead the digital health field toward new heights of innovation.
Kilo Health is Blazing Its Own Trail
According to the Kilo Health team, there are several main factors spurring the company's rapid growth: confidence, freedom, originality, patience, and high standards. The company believes that the bootstrapped nature of the business gave them the freedom to stray from the common path. They also believe that having confidence in the face of competition and uncertainty has helped the business to survive. Finally, the company's staunch refusal to lower their standards in hiring (instead opting to wait for the right candidate) has allowed them to build a strong team of qualified experts that work well together.
The Rise of Digital Health
Digital health is booming. The industry became a particular point of interest for investors in 2020 when it received a record $24 billion in investments. The healthcare industry is experiencing a technological revolution, with digital therapeutics and cutting-edge tech elevating the industry to new heights.
Digital health is still in its infancy, and according to Kilo Health, adoption might be the #1 issue facing startups in the industry today. "It's certainly not an easy time for startups in the industry," a company spokesperson explained. "Digital health startups must prove themselves twice over: you have to convince both doctors and consumers that your digital solution is viable, beneficial, and trustworthy."
Will Digital Health Replace In-Person Care?
With a 2020 Accenture survey showing that 81% of consumers prefer an in-person experience with a medical professional, digital health still has a long way to go before it completely replaces brick-and-mortar care.
With Gen Z's increasing willingness to use digital tools, adoption may become less of an issue as time goes on, but as Kilo Health points out, waiting out the problem could take years. "Startups need to take a proactive step in helping patients and physicians adapt to a changing healthcare system," said one representative.
Sometimes, however, digital therapeutics (DTx) and preventative care can be sufficient to skip a costly visit to the hospital. According to Kilo Health, "The best part is that it all functions as an ecosystem, with digital therapeutics assisting physicians and improving patients' lives."
Kilo Health is Facilitating the Future of Digital Health
The growth of digital health has left many feeling optimistic about the future, a feeling that Kilo Health cautiously shares: "It is difficult to predict if digital health will continue to expand at the same rate it did during the pandemic's early years. However, it is clear that a considerable proportion of society has understood the value of digital health, and it's doubtful that we will ever go back to the pre-COVID healthcare system."
Back in October, Kilo Health hosted the global Health Tech Forward 2021 conference. Over 600 attendees including pharma experts, consulting firms, and health tech startups from across the world joined remotely to discuss the bright future of health tech. The company recently announced that the second conference will be held on October 3-5, 2022.
With high growth rankings in both Deloitte and the Financial Times, Kilo Health is quickly generating buzz. With a portfolio of more than 15 digital health and wellness products, many investments in startups, and over 4 million people helped so far, Kilo is off to a strong start in its mission to change healthcare for the better.
Reach out to Kilo Health at [email protected]. Follow the company on Facebook, Twitter (@kilohealthhq), LinkedIn, and Medium.
SOURCE: Kilo Health