2022 South Asia Health Tech 100

The South Asia Health Tech 100 is HolonIQ’s annual list of the most promising startups from across digital health, biotech, medtech and other areas where entrepreneurs are driving healthcare innovation.

The scale of the healthcare market in South Asia is vast. Home to almost a quarter of the world’s population the demand for high quality healthcare provision is rising in-line with the growth of the region’s economies - however there are a number of significant challenges facing the market. A net contributor to the world’s healthcare workforce, South Asia struggles to retain its clinically-trained talent - with the lure of foreign healthcare systems a major factor. With major economies in the region spending as little as 2% of GDP on healthcare the quality and availability or services is mixed. However this challenging environment is translating into strong entrepreneurial activity, with the 2022 South Asia Health Tech 100 featuring a range of innovative and fast-growth organizations.

Exhibit 1

Download the Market Map. Companies are categorized by their main area of focus following the globalhealthcarelandscape.org. Categories in the market map are not mutually exclusive.

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Health Tech startups from India form the vast majority of South Asia’s innovation ecosystem.

Exhibit 2

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Organizations focused on prevention are the fastest-growing section of the 2022 list.

The 2022 South Asia Health Tech 100 is mapped to the HolonIQ Global Healthcare Landscape, an open-source taxonomy for the future of health and wellness.

By viewing the 2022 cohort against the taxonomy’s sub-sectors, it is clear that businesses focused on prevention are making great strides in the region. One clear consequence of the pandemic is that it has heightened individuals’ awareness of their own health status - and this is translating to consumer and patient behavior. When compared with other regions it is also apparent that the South Asia Health Tech 100 cohort is well-represented across the Global Healthcare Landscape, reflecting a thriving and balanced Health Tech ecosystem.

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Exhibit 3

Once we look closer at the make-up of these clusters, it is evident where the funding and entrepreneurial activity is focused in this region, with the following organizations all raising money and gathering momentum: Pharmeasy (online drug delivery platform); cult.fit (a health and fitness company); Pristyn Care (online healthcare platform); Qure.AI (AI assistance for medical imaging diagnostics); Medikabazaar (B2B platform for healthcare procurement).

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Exhibit 4

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The South Asia Health Tech 100 is trending younger than previous year’s cohort, demonstrating the impact of the pandemic on the digital health market.

The Health Tech startup world was materially impacted by the Covid-19 pandemic, with entrepreneurial talent drawn towards the challenges facing the healthcare sector. This is evident in our 2022 cohort, which shows that almost a third of all startups that made the list are founded since Covid-19 emerged, with standouts list including: Fitmint (reward-based application for tracking fitness activities); sugar.fit (seeks to manage and reverse diabetes); OrangeHealth (blood tests at home); HEAPS (AI-powered data analytics platform) and eka.care (electronic health records).

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Exhibit 5

The South Asian Health Tech market is primarily direct-to-consumer although B2B models are making progress in the region.

The 2021 and 2022 cohorts consistently show that South Asia is dominated by Health Tech startups focused on addressing healthcare needs directly. The B2B aspect of the 2022 South Asia 100 has increased on our 2021 list but nearly two-thirds of all organizations in 2022 are direct-to-consumer.

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Exhibit 6

Track the 2022 Cohort

HolonIQ customers can track the most promising Health Tech startups from South Asia on the HolonIQ Market Intelligence Platform. Look for the 2022 South Asia Health Tech 100 list in the Lists tab of the Organizations page. Request a Demo if you are not a customer and would like to learn more. Track the 2022 Cohort.