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Tech & retail giants in healthcare (Q1 2024): Big Tech forges ahead, cashing in on AI revolution

Big Tech and retail giants carried over their momentum from 2023 to continue making strides in the healthcare space in Q1 2024. Although overall activity dropped slightly, their focus on improving access to care, enhancing the patient experience, and reducing healthcare burdens through technology and innovation continued to resonate. Big Tech companies maintained their dominance, accounting for most activities in the healthcare space. However, after a rebound in Q4 2023, retailer activity slowed.
Partnerships remain the preferred channel among Big Tech and retailers to expand their presence in the healthcare space. Big Tech companies took center stage in forming collaborations in Q1 2024, accounting for 96% of Q1 partnerships (~70% in Q4 2023). 
As in previous quarters, emphasis on primary care continued to reflect in the activities of Big Tech and retail players, making up 63% of all activity tracked during the quarter (compared with 69% in Q4 2023). The introduction of AI tools to elevate administrative burdens and enhance productivity in clinical workflows continued to spark interest among health system providers during the quarter, resulting in most Big Tech ventures in primary care being concentrated in Hospital Management. Activity around pharma automation also witnessed an uptick, with AI Drug Discovery innovation gaining notable traction.
Healthcare activities of Big Tech and retail players in Q1 2024
Q1 2024 overall activity
Activities refer to initiatives by the above companies across industries under SPEEDA Edge’s Health & Wellness and Pharma & Life Sciences verticals
Source: Compiled by SPEEDA Edge

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