Health Tech industry map

Who earns the money in Health Tech, and who keeps it. When a company spans several industries, only the relevant segment is counted.

FY2025 · 42 companies · ¥675.2B

Industry map

Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.

Industry size (revenue): ¥675.2B
Companies: 42
Avg. salary（parent only）: ¥6.1M
Industry weather: Sunny

M3[2413]

Medical Platform + 1 more

Revenue: ¥190.9B▲13.2%
Operating income: ¥50.8B▲4.0%

Whole company: Revenue ¥351.4B · Net income ¥49.1B

Avg. salary ¥9.8M · 34.8（parent only）

PHC Holdings[6523]

Healthcare Solutions

Revenue: ¥128.4B▲0.1%
Operating income: ¥6.23B▼32.8%

Whole company: Revenue ¥364.4B · Net income ¥492M

Avg. salary ¥9.8M · 49.0（parent only）

SMS[2175]

Revenue: ¥64.7B▲6.2%
Operating income: ¥6.79B▲7.1%

Avg. salary ¥5.2M · 32.8（parent only）

Jmdc[4483]

Healthcare-Big data + 1 more

Revenue: ¥50.5B▲20.9%
Operating income: ¥14.1B▲19.8%

Whole company: Revenue ¥50.5B · Net income ¥6.76B

Avg. salary ¥8.2M · 39.4（parent only）

Software Service[3733]

Revenue: ¥42.3B▲10.1%
Operating income: ¥8.39B▲15.3%

Avg. salary ¥5.8M · 33.1（parent only）

EM Systems[4820]

Pharmacy receipt computer + 2 more

Revenue: ¥22.7B▼4.8%
Operating income: ¥3.62B▼17.4%

Whole company: Revenue ¥23.7B · Net income ¥2.45B

Avg. salary ¥7.2M · 42.7（parent only）

CE Holdings[4320]

Health care solution business

Revenue: ¥15.3B▲8.4%
Operating income: ¥1.45B▲16.6%

Whole company: Revenue ¥15.8B · Net income ¥1.56B

Wellness Communications[366A]

Medical checkup solution business + 2 more

Revenue: ¥14.8B▲5.1%
Operating income: ¥1.19B▲6.9%

Whole company: Revenue ¥14.8B · Net income ¥822.1M

Avg. salary ¥6.1M · 40.0（parent only）

Kusurinomadoguchi[5592]

Revenue: ¥12.3B▲10.1%
Operating income: ¥2.68B▲37.3%

Avg. salary ¥4.7M · 34.0（parent only）

Techmatrix[3762]

Medical system business

#10▲

Revenue: ¥10.2B▲1.1%
Operating income: ¥1.33B▲6.1%

Whole company: Revenue ¥71.7B · Net income ¥5.18B

Avg. salary ¥8.5M · 38.0（parent only）

Medley[4480]

Medical platform business

#11▲

Revenue: ¥9.38B▲23.6%
Operating income: -¥454M

Whole company: Revenue ¥36.8B · Net income ¥975M

Avg. salary ¥5.6M · 33.8（parent only）

Genova[9341]

Medical platform business + 3 more

#12

Revenue: ¥9.17B▼8.3%
Operating income: ¥2.52B▼34.2%

Whole company: Revenue ¥11.6B · Net income ¥275.4M

Avg. salary ¥5.3M · 29.4（parent only）

※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.

Other companies: DeNA · Value HR · Softmax · MTI · Findex · J Frontier · Litalico · Toho Holdings · Data Horizon · Shinko · Kanamic Network · internet infinity · Gimic · Japan System Techniques · eWeLL · Mental Health Technologies · Excite Holdings · Hi-CRATES · Artra Group · Ubicom Holdings · Falco Holdings · Medical Net · Mrso · Fronteo · Leoclan · HOKUYAKU TAKEYAMA Holdings · ImageONE · Eucalia · Welby · baby calendar

The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).

Switch years to see how the map shifts

Who earns the money

Area = revenue from businesses in this industry. Color = operating margin.

LossHigh margin(middle = 0% margin)

Who makes a profit

Across = revenue (log scale), up = operating margin, bubble size = operating income.

Ranking and momentum

Rank	Company (business)	Revenue	Share	Op. margin	CAGR	FCF*
1	M3Medical Platform + 1 more	¥190.9B	28.3%	26.6%	—	¥58.3B
2	PHC HoldingsHealthcare Solutions	¥128.4B	19.0%	4.9%	-1.5%	¥33.4B
3	SMS	¥64.7B	9.6%	10.5%	+13.6%	¥4.89B
4	JmdcHealthcare-Big data + 1 more	¥50.5B	7.5%	28.0%	+28.7%	¥6.55B
5	Software Service	¥42.3B	6.3%	19.8%	+13.7%	¥2.84B
6	EM SystemsPharmacy receipt computer + 2 more	¥22.7B	3.4%	16.0%	+13.3%	¥627M
7	CE HoldingsHealth care solution business	¥15.3B	2.3%	9.5%	—	¥392.2M
8	Wellness CommunicationsMedical checkup solution business + 2 more	¥14.8B	2.2%	8.0%	—	¥866.7M
9	Kusurinomadoguchi	¥12.3B	1.8%	21.8%	+18.4%	¥1.36B
10▲1	TechmatrixMedical system business	¥10.2B	1.5%	13.0%	+22.4%	¥11.9B
11▲2	MedleyMedical platform business	¥9.38B	1.4%	-4.8%	+36.8%	¥2.99B
12	GenovaMedical platform business + 3 more	¥9.17B	1.4%	27.5%	+93.6%	¥80M
13▼3	DeNAHealthcare and medical business	¥8.71B	1.3%	-26.8%	+30.5%	—
14▲1	Value HRValue Cafeteria Service	¥8.26B	1.2%	20.8%	+17.4%	¥762.3M
15▲3	Softmax	¥6.93B	1.0%	10.7%	+11.5%	¥359.3M
16▲1	MTIHealthcare business	¥6.67B	1.0%	-1.2%	+16.5%	¥4.3B
17▼1	FindexMedical Business + 1 more	¥5.75B	0.9%	29.2%	—	¥1.36B
18▼4	J FrontierMedical care sales business	¥5.74B	0.8%	8.8%	—	¥447.2M
19▲2	LitalicoPlatform business	¥5.48B	0.8%	32.7%	—	¥1.32B
20▼1	Toho HoldingsOther related business	¥5.47B	0.8%	15.2%	+6.0%	¥9.73B
21▲2	Data Horizon	¥5.14B	0.8%	0.4%	+2.7%	-¥1.04B
22▼2	ShinkoMaintenance service business	¥5.14B	0.8%	19.8%	+4.2%	-¥481.9M
23▼1	Kanamic NetworkMedical and Nursing Care Cloud Platform Business + 1 more	¥4.77B	0.7%	34.7%	—	¥914.2M
24	internet infinityHealth Care Solution business	¥4.23B	0.6%	16.2%	+10.0%	¥564.4M
25	Gimic	¥3.84B	0.6%	12.1%	+8.2%	¥373.2M
26	Japan System TechniquesMedical big data business	¥3.5B	0.5%	25.3%	+18.0%	¥2.92B
27	eWeLL	¥3.39B	0.5%	45.3%	+29.9%	¥1.15B
28	Mental Health TechnologiesMental health solution business	¥3.05B	0.5%	29.2%	—	¥500.6M
29▲6	Excite HoldingsMedical	¥2.87B	0.4%	-5.4%	—	-¥237.3M
30	Hi-CRATES	¥2.41B	0.4%	22.8%	+0.4%	¥418.7M
31▼2	Artra GroupA-COMS Business	¥2.36B	0.3%	7.0%	—	¥197M
32▼1	Ubicom HoldingsMedical business	¥1.95B	0.3%	62.9%	+7.0%	¥879.3M
33▼1	Falco HoldingsICT Business	¥1.72B	0.3%	26.6%	—	¥1.28B
34	Medical NetMediaplatform + 1 more	¥1.24B	0.2%	42.5%	+4.9%	-¥212.4M
35▼2	Mrso	¥1.08B	0.2%	-3.1%	—	-¥25.8M
36▲4	FronteoLife science artificial intelligence	¥1.03B	0.2%	-1.6%	—	-¥568.2M
37	LeoclanRemote image diagnosis service business	¥822.3M	0.1%	8.4%	+6.2%	-¥168.8M
38▼2	HOKUYAKU TAKEYAMA HoldingsInformation and Communication Technology industry	¥680M	0.1%	29.6%	+6.8%	-¥768M
39	ImageONEHealthcare solution	¥657.6M	0.1%	-9.6%	—	-¥459.4M
40▲2	EucaliaOther	¥656.4M	0.1%	36.4%	+326.9%	-¥2.8B
41▼3	Welby	¥635.7M	0.1%	-71.2%	—	-¥430.7M
42▼1	baby calendarDeveloping management support solution business for obstetrics and gynecology	¥288.9M	0.0%	6.7%	—	¥237.5M

* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.

How they make money differently

Where each company's ¥100 of sales goes, and how much it keeps (company-wide).

Cost of sales
SG&A
Other
Operating profit

Findex
35
36
29
Kanamic Network
36
35
29
Kusurinomadoguchi
43
35
22
M3
50
30
21
Jmdc
45
35
21
Software Service
73
7
20
EM Systems
50
35
15
DeNA
46
35
13
Litalico
61
27
12
Gimic
18
70
12
Techmatrix
68
21
11
Softmax
73
16
11
SMS
12
78
10
MTI
26
64
10
CE Holdings
77
14
9
Value HR
71
20
9
internet infinity
59
32
9
Wellness Communications
79
13
8
PHC Holdings
55
40
Medley
37
57
Shinko
77
18
Genova
44
53
J Frontier
56
43
Toho Holdings
92
7
Data Horizon
64
36

Showing the 25 largest companies by revenue.

Ownership links

From the major-shareholder section of annual securities reports.

オムロン株式会社Outside
- SubsidiaryJmdc54.2%
DeNAIn industry
- SubsidiaryData Horizon51.5%
ソニーグループ株式会社Outside
- AffiliateM334.5%
SOMPOホールディングス㈱Outside
- AffiliateWellness Communications32.1%
株式会社スズケンOutside
- AffiliateWelby20.0%
三井物産株式会社Outside
- StakePHC Holdings14.7%
任天堂株式会社Outside
- StakeDeNA14.0%
シップヘルスケアホールディングス株式会社Outside
- StakeSoftware Service10.7%
株式会社メディパルホールディングスOutside
- StakeEM Systems10.2%
- StakeMTI5.7%
ユナイテッド㈱Outside
- StakeExcite Holdings9.9%
株式会社ビー・エム・エルOutside
- StakeFalco Holdings9.8%
株式会社フォーカスシステムズOutside
- StakeFronteo9.3%
日本電気㈱Outside
- StakeCE Holdings7.2%
光通信㈱Outside
- StakeCE Holdings6.5%
パナソニックホールディングス株式会社Outside
- StakePHC Holdings6.1%
塩野義製薬株式会社Outside
- StakeToho Holdings5.4%
中部電力株式会社Outside
- StakeWelby5.3%
ノーリツ鋼機株式会社Outside
- StakeJmdc4.5%
住友商事株式会社Outside
- StakeeWeLL4.5%
キユーピー株式会社Outside
- Stakeinternet infinity4.5%
㈱アドバンテッジリスクマネジメントOutside
- StakeWellness Communications4.4%
松井証券株式会社Outside
- StakeGimic4.2%
株式会社愛媛銀行Outside
- StakeFindex3.9%
株式会社北洋銀行Outside
- StakeHOKUYAKU TAKEYAMA Holdings3.9%

The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted. Showing up to 24 shareholder cards.

Compare the leaders side by side

All companies in Health Tech (by revenue)

All 42 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.

M3¥190.9B · 26.6%
PHC Holdings¥128.4B · 4.9%
SMS¥64.7B · 10.5%
Jmdc¥50.5B · 28.0%
Software Service¥42.3B · 19.8%
EM Systems¥22.7B · 16.0%
CE Holdings¥15.3B · 9.5%
Wellness Communications¥14.8B · 8.0%
Kusurinomadoguchi¥12.3B · 21.8%
Techmatrix¥10.2B · 13.0%
Medley¥9.38B · -4.8%
Genova¥9.17B · 27.5%
DeNA¥8.71B · -26.8%
Value HR¥8.26B · 20.8%
Softmax¥6.93B · 10.7%
MTI¥6.67B · -1.2%
Findex¥5.75B · 29.2%
Litalico¥5.48B · 32.7%
Toho Holdings¥5.47B · 15.2%
J Frontier¥5.28B · 9.2%
Data Horizon¥5.14B · 0.4%
Shinko¥5.14B · 19.8%
Kanamic Network¥4.77B · 34.7%
internet infinity¥4.23B · 16.2%
Gimic¥3.84B · 12.1%
Japan System Techniques¥3.5B · 25.3%
eWeLL¥3.39B · 45.3%
Mental Health Technologies¥3.05B · 29.2%
Excite Holdings¥2.87B · -5.4%
Hi-CRATES¥2.41B · 22.8%
Artra Group¥2.36B · 7.0%
Ubicom Holdings¥1.95B · 62.9%
Falco Holdings¥1.72B · 26.6%
Medical Net¥1.15B · 43.8%
Mrso¥1.08B · -3.1%
Fronteo¥1.03B · -1.6%
Leoclan¥822.3M · 8.4%
HOKUYAKU TAKEYAMA Holdings¥680M · 29.6%
ImageONE¥657.6M · -9.6%
Eucalia¥656.4M · 36.4%
Welby¥635.7M · -71.2%
baby calendar¥288.9M · 6.7%

Revenue · Op. margin

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