It's a time of tepid growth for healthcare companies, with the sector's representation shrinking on the Fortune 100 Fastest-Growing Companies list for 2023.
Five healthcare companies made the cut for the 38th edition of the list, which ranks companies based on growth in revenue, profits, and stock returns; this year's edition tracks those metrics over the three years through June 2023.
By contrast, 14 and 15 healthcare companies made the list in 2022 and 2021, respectively. Healthcare is the third least-represented sector in the latest list, with the four companies from food and beverage and three companies from hotels, restaurant and leisure lagging.
Healthcare isn't the only field to see a drop-off this year. In 2021, one third of the 100 fastest-growing companies in the world were in the financial sector. In 2023, there are only nine financial companies on the list. Technology has 17 companies on the list this year, down from 21, with giants Meta, Amazon and Netflix not returning after falling off in 2022. Alphabet also fell off in 2023, ending a three-year run on the list.
Industrials is the most represented industry, with 22 companies among the 100 fastest growing. The category includes Tesla, which makes its list debut at No. 2.
In total, 32 Fortune Fastest-Growing Companies returned from the 2022 list. Since 1987, only 14 companies on the list have been winners for five years or more.
Below are the five healthcare companies on the 2023 edition of the list, which can be found in full here:
AMN Healthcare Services
Rank: No. 45
Years on list: 4
Revenues ($M): $4,817
Revenue 3-year annual growth rate: 38%
Headquarters: Dallas
Repligen
Rank: No. 52
Years on list: 4
Revenues ($M): $778
Revenue 3-year annual growth rate: 48%
Headquarters: Waltham, Mass.
InMode
Rank: No. 53
Years on list: 1
Revenues ($M): $474
Revenue 3-year annual growth rate: 48%
Headquarters: Yokneam, Israel
Halozyme Therapeutics
Rank: No. 56
Years on list: 1
Revenues ($M): $705
Revenue 3-year annual growth rate: 59%
Headquarters: San Diego
Pfizer
Rank: No. 85
Years on list: 1
Revenues ($M): $92,951
Revenue 3-year annual growth rate: 48%
Headquarters: New York City