When and who are the next wave of Digital Health IPO's coming in 2025 or 2026? After Hinge Health, Omada Health, Heartflow?

Hinge Health, Omada Health, and HeartFlow have all recently gone public in mid-2025. Their successful IPOs have been seen as a positive sign for the digital health sector, but the market for public listings is still considered cautious.

The next wave of digital health IPOs is expected to be defined by companies that share similar characteristics to these recent successes: a clear path to profitability, a strong business model, and clinically validated outcomes. 

While it is impossible to predict with certainty which companies will go public next, some of the most likely candidates for late 2025 and 2026 are those that have already achieved significant scale and have a strong market position. These companies are often leveraging AI to improve efficiency and care delivery, and they are focused on large, recurring revenue categories within healthcare.

Some companies that analysts and market observers are watching as potential IPO candidates for the next wave include:

Sword Health: A direct competitor to Hinge Health in the digital musculoskeletal (MSK) space.

Aledade: A company that helps independent primary care practices transition to value-based care.

Quantum Health: A care-coordination and navigation platform that helps employees and their families navigate the healthcare system.

Transcarent: A consumer-directed health and care platform that aims to simplify the healthcare experience.

Thyme Care: A value-based oncology care platform that partners with health plans and providers to improve outcomes for cancer patients.

The successful debuts of Hinge Health, Omada Health, and HeartFlow have demonstrated that public markets are willing to invest in digital health, but they are looking for maturity and financial discipline. Companies that are "IPO-ready" will have to demonstrate a path to profitability, strong revenue growth, and a clear value proposition for their customers and investors. The focus has shifted from "growth at all costs" to sustainable, scalable business models.