2023 East Asia Health Tech 200

The East Asia Health Tech 200 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.

East Asia’s burgeoning and exciting health startup scene is reflected in the region’s 2023 Health Tech 200 list, which includes some of the fastest growing health startups globally. As market conditions have tightened - both globally and across East Asia - the 2023 cohort reflects an older selection of more established business models that are demonstrating traction in the market. Following the lofty valuations of the peak pandemic period there has been a correction across funding markets and startups that remain some distance from profitability have toiled. East Asia’s mix of research institutions, centers of clinical excellence and established investment communities provides fertile ground for health innovation, even in a tougher market.

Exhibit 1

Download the Market Map. Companies are categorized by their main area of focus following the Global Healthcare Landscape

East Asia’s research and hardware dominated health startup scene is reflected in the region’s 2023 Health Tech 200 list. As with many areas globally the progress of digital health has been arrested to a significant extent and falling valuations has led to capital returning to more established areas of the market.

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East Asia’s focus on life sciences and pioneering medical techniques is reflected in the 2023 Health Tech 200.

The 2023 East Asia Health Tech 200 is mapped to the HolonIQ Global Healthcare Landscape, an open-source taxonomy for the future of health and wellness. HolonIQ’s system of classification provides a detailed overview of startup activity across the region and allows us to understand the strengths of the health ecosystem. And by viewing the East Asia 200 cohort against the taxonomy’s ‘clusters’ we are able to better understand where both capital and innovation is currently focused. The concentration on pharmaceuticals and devices in the region means that despite depressed funding activity a number of players have raised considerable amounts, including: Bioray Pharmaceutical (biopharmaceutical company), Worg Pharmaceuticals (clinical-stage biopharmaceutical company), Alebund Pharmaceuticals (therapies for renal diseases), Cornerstone Robotics (developer of medical robotic devices) and Immorna (MRNA therapeutics).

Exhibit 2

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Research remains the main driver of funding in the market for technology. Services command a greater share than ever before.

The 2023 cohort is much more weighted towards research than previous years, representing 41% of all startups on the list. Nearly half of all organizations are focused on health discoveries and treatment advancements. Research and Hardware accounts for over 60% of startups in the East Asia 2023 cohort. There is an increased focus on Diagnosis, which reflects a dynamic landscape responsive to emerging health priorities in AI and ML.

Exhibit 3

East Asia is predominantly a B2B market with D2C focus diminishing year-on-year.

Cohorts from each of the last three years consistently indicate that East Asia’s Health Tech start-ups have focused mainly on the business-to-business market. The direct-to-consumer focus of the 2023 East Asia Health Tech 200 (20%) has consecutively decreased in the last two years with three quarters of all organizations focused on the B2B market. Businesses focused on providing self-pay services direct-to-consumers have struggled to maintain the momentum built up during Covid-19.

Exhibit 4

A tougher operating environment means that startups in the East Asia Health Tech 200 are typically older than previous years.

The sharp dip in private funding globally is reflected in the East Asia Health Tech 200, which features an older and more established range of companies compared to 12 months ago.Over 40% of the 2023 list were founded seven years ago or more. Nevertheless there are also an exciting number of companies formed in the last three years - post-Covid - who have been able to gain traction in the East Asian market, including startups such as Kakao Healthcare, Ablaze Pharmaceuticals, and Aculys.

Exhibit 5

Track the Cohort

HolonIQ customers can track the most promising Health Tech startups from East Asia on the HolonIQ Market Intelligence Platform. Look for the 2023 East Asia Health Tech 200 list in the Lists tab. Request a Demo if you are not a customer and would like to learn more.