Internet Healthcare Periodic Table: Global Landscape vs. China's Layout

Over the past four years, global internet healthcare has attracted approximately $8 billion in venture capital investment. Some innovative companies have rapidly expanded and successfully completed initial public offerings (IPOs), including major financing rounds valued at billions of dollars for companies such as Veeva Systems and Castlight Health, making this sector one of the most prominent areas of interest for venture capitalists and acquirers.

CB Insights summarized key investors, acquirers, and startups in the digital health sector to create a Periodic Table of Digital Health. VCBeat compiled this information and produced the Chinese Edition of the Periodic Table of Digital Health.

Global Periodic Table of Digital Health: Featuring 123 Industry LeadersThe Global Periodic Table of Digital Health compiles 123 prominent industry representatives, including private enterprises, investment firms, acquirers, incubators, and other members of the digital health ecosystem. Inclusion in the Periodic Table is primarily determined by factors such as corporate operations, financial performance, investment strength, and merger/acquisition or IPO activity.

Global Edition of the Periodic Table of Internet Healthcare Elements

The entire table outlines seven different types of organizations from left to right.

Internet Healthcare Cycle ChartFar leftSeveral vertical enterprises focusing on the internet healthcare sector.Far rightFor venture capital (including multi-stage and micro-investment), corporate investment, angel investment, and accelerators/incubators, the evaluation criteria are based on total investments in the internet healthcare sector since 2009, which includes many venture capital firms and accelerators focused on the health sector.BottomIt is a well-known internet healthcare company that has already gone public or been acquired.

Based on the different service directions of startups in the healthcare industry, CB Insights categorizesInternet healthcare companies are divided into the following five categories:

Healthcare Cost Transparency Platform—Providing a broad and affordable market trading platform for both patients and healthcare providers. By making prices transparent, it facilitates the implementation of health insurance programs. This sector includes not only pharmaceutical e-commerce players from overseas but also price-transparency trading platforms for medical services, such as PokitDok. Taking PokitDok as an example, it is a healthcare-focused trading platform that offers users transparent pricing for various health services and provides access to manufacturers’ direct factory prices for products. The app also collects ratings for service providers, enabling users to identify the most suitable trading partners based on their individual clinical needs and provider rankings. The company has raised a total of $4.3 million in angel and Series A financing.

In China, only two pharmaceutical e-commerce platforms—111.com.cn and Jianyi.com—made the list under this category. Companies like Zhencheng Pharmaceutical, which has been acquired by Conba, can be found in other sections. As for business models focused on price transparency, none have been identified thus far.

Management Tools for Healthcare Providers (Office/Patient Management)——Leveraging software to better serve patients and assist doctors and hospitals in patient management, including electronic medical records (EMR), fee agreements, appointment scheduling, and out-of-hospital patient monitoring. There are numerous companies active in this field in China. Medical tools targeted at physicians include Xingshulin and Guahaowang. Some appointment-scheduling platforms have gradually introduced online consultation services, expanding into the telemedicine sector, such as Jiuyi160.com. Other solutions focus on hospital services, aiming to help hospitals address workflow inefficiencies; examples include Kangcheng Medical Management and Anhua Yineng.

Healthcare Big Data Analytics— Leveraging data-driven forecasts to deliver precise industry predictions and analytical services for the healthcare sector. A well-known international player is 23andMe, which offers genetic testing services focused on hereditary diseases and disease susceptibility, currently providing over 200 test results.

In China, similar companies include BGI Genomics and iDNA. Founded in Silicon Valley, USA, in 2008, iDNA subsequently returned to China to develop its business, focusing on providing personal DNA information services, personalized guidance for safe medication use, and DNA-related internet information services. Genebook, an internet cloud platform developed by BGI Genomics, offers users comprehensive popular science information on genetic health, real-time holistic health management applications, and personalized health solutions. As shown in the domestic version of the table, Chinese companies have primarily made inroads only in the field of genetic diagnosis and treatment, while their capabilities in integrating and mining other types of medical data remain relatively weak. In contrast, overseas companies demonstrate much deeper expertise in mining other medical data, particularly in extracting value from Electronic Health Records (EHR), as exemplified by companies such as QPID Health.

Quantified Self—Leveraging sensors and data analytics to track personal health, delivering digital insights to users, including calorie counts, step counts, and sleep tracking.

Prominent international players include Jawbone and Fitbit, while domestic companies thriving in this sector include Codoon, Bong, FitRoot, and TONY Running Watch. These devices use built-in hardware sensors to track users’ daily activities comprehensively and deliver insights via companion apps. Another category focuses on single-disease management (such as diabetes, liver disease, and cancer), with examples like WeTang and Kang’ai Weishi. This segment has emerged as one of the most sought-after investment themes over the past five years.

Online Consultation (Real-time Healthcare)——Providing a platform and technology to facilitate licensed healthcare professionals in serving patients. On the international stage, Chunyu Doctor has gained recognition. In China, it is also considered an outstanding representative of mobile health applications. In addition to Chunyu, other platforms such as Haodf Online and XYWY have attracted venture capital attention over the past five years. VCBeat will continue to closely monitor this cohort of medical service platforms that are disrupting traditional consultation models.

Investors are also categorized into five types: VC（Venture Capital Firms）—including investors who make equity investments in internet healthcare companies. The investment scope covers micro-investments and multi-stage investments, with amounts ranging from $25 million to $1 billion. The most active domestic investors in the internet healthcare sector include Sequoia Capital China, Matrix Partners China, SoftBank China, Bertelsmann Asia Investments, Ceyuan Ventures, K2VC, and Inno Angels Fund.

Corporate Investment (Corporate Investors)——External and internal investments conducted through formal, legally established corporate entities, such as Qualcomm Ventures and Intel Capital. In China, no companies have shown greater interest in internet healthcare than the BAT trio (Baidu, Alibaba, and Tencent). Judging from their strategic moves in recent years, they appear to be pursuing a path of mutual non-engagement. For details, please refer to “The BAT Internet Healthcare War: How Is Baidu’s Approach Different?》。

Angel Investment (Angel Investors)—Involves providing early-stage capital and advice to startups in exchange for equity or convertible notes.

Accelerators/Incubators— Typically, they provide mentorship, guidance, and practical training in technology, business, and financing to new startups, helping them navigate idea validation, product launches, and other critical aspects. Incubators usually offer small amounts of funding to startups in exchange for a small equity stake.

The landscape includes many combination-style incubators or those focused on medical innovation (e.g., Blueprint Health). Nearly all accelerators/incubators in China involved in internet healthcare were established in 2014, including Beike She, Zhongmei Chao'er Accelerator, and Zhixin (Tianjin) Technology. Another noteworthy development is that, at a salon hosted by VCBeat last week, it was announced that U.S.-based Vesalius Ventures and the Tianjin Binhai High-Tech Industrial Development Zone will jointly launch an incubator specifically dedicated to mobile and telemedicine in 2015. For further details, please refer toHere。

Risk Capital Exits (Notable exits)——Includes internet healthcare companies that have been acquired or gone public within the past five years. Domestically listed or acquired companies include Ali Health (formerly CITIC 21st Century), 39 Health Network, Kang Aiduo, and Zhencheng Pharmaceutical. CITIC 21st Century was strategically invested in by Alibaba Group and renamed Ali Health; 39 Health Network was acquired by Guiyang Langma Information; Kang Aiduo was acquired by Tai'an Tang; and Zhencheng Pharmaceutical received strategic investment from Conba Group. The total capital involved has surpassed the total amount of venture capital investment over the past five years.

The Periodic Table of China's Internet Healthcare Elements

Based on nine international categories, VCBeat has created a Chinese version of the Internet Healthcare Periodic Table.

A comparison of the two internet healthcare cycle charts, one for China and one for abroad, reveals 123 companies overseas versus 69 in China. Apart from significant disparities in venture capital and doctor-patient transaction platforms, differences across other categories are minimal—summed up in one phrase: “The pinnacle of success is just one step away.”

Ranking Rules:Large and Small Financing Rounds Closed Between 2010 and 2014 (Listed in No Particular Order). Some companies are still in their early startup phase, currently at the seed stage only, and are therefore not included in this list. Additionally, some startups were established earlier and initially operated as traditional internet healthcare service providers or medical hardware manufacturers. These companies have begun undergoing internet-based transformation in recent years. Due to their traditional niche businesses serving as cash cows, they may not have secured significant financing in recent years and are thus not included in this list.

The roster is still incomplete and will evolve over time. Outstanding new members will be added, while others may depart or withdraw. If you believe a particular member should be included, please leave us a comment with your rationale. (For the latest updates on digital health entrepreneurship, follow VCBeat’s WeChat official account: vcbeat. We also welcome your engagement on topics of interest, contact via WeChat, and submission of your startup projects or research insights.)