The Southeast Asia Health Tech 50 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.
In Southeast Asia, The 2023 Health Tech 50 witnessed a surge in Research, Treatment, and Telehealth, led by Singapore and Indonesia. B2B remains dominant, while D2C models experienced a slight dip. Meanwhile, the Southeast Asia Health Tech 50 witnessed a shift towards established players, with over 80% of the cohort founded pre-pandemic. The tough financial environment was to an extent offset by a range of regional initiatives to further embrace digital health. Governments across Southeast Asia have shown an appetite to embrace innovation as a means of meeting healthcare demand across the region.
Virtual first delivery models are growing in scale and complexity across the Southeast Asia health market.
The 2023 Southeast Asia Health Tech 50 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 in-depth mapping of the region’s startup ecosystem and helps us to understand areas of focus for entrepreneurs and investors. By viewing the Southeast Asia Health Tech 50 cohort against the taxonomy’s ‘clusters’ we are able to better understand both where capital is being deployed where innovators are achieving traction. Southeast Asia health startups have been impacted by the global downturn in digital health funding, but a number in our 2023 cohort achieved significant capital raises, including: Engine Biosciences (biomedicine platform); Good Doctor (telehealth marketplace); Halodoc (telehealth platform); Thuocsi (online pharmacy) and Intellect (corporate mental health).
Exhibit 2
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Increased focus on Research and Treatment led to a more diverse cohort in 2023.
Research and Treatment sectors are the principal driving forces across Southeast Asia Health Tech, representing more than half of the 2023 cohort. While the Research sector continues to grow, Hardware and Systems sectors experience a slight decline in the 2023 list. Within Treatment, Telehealth stands out as a major cluster, with startups dedicated to digital health solutions forming nearly 50% of the sub-sector. This surge signals the growing focus of entrepreneurs on harnessing technology to improve healthcare delivery.
Exhibit 3
Mix of Direct-to-Consumer and B2B remains similar from 2022 to 2023.
The distribution between B2B and D2C startups in the Southeast Asia health tech space remained consistent from 2022 to 2023. While B2B companies experienced a slight growth, increasing their share from 42% to 48%, D2C solutions witnessed a modest decline.
Exhibit 4
The past 12 months has seen a significant shift in the age profile of startups in the SEA region.
The age profile of the Southeast Asia Health Tech 50 shifted dramatically in 2023, with more than 80% of participating organizations established before the pandemic. This marked a significant decline in young startups compared to the previous year. Nevertheless there are some notable exceptions to this trend, with relatively new startups achieving significant traction, including: Diri Care (personalized healthcare solutions); Docosan (telehealth and pharmacy platform); Elocare (chronic and aged care specialist); Ordinary Folk (telehealth platform) and Generation Prime (women’s health).
Exhibit 5
Singapore and Indonesia are leading the way in South East Asia Health Tech 50.
Singapore continues to be the dominant force in Southeast Asia Health Tech 50. Impressive growth signifies Indonesia's rising influence, alongside a steady increase in health tech startups emerging from Malaysia and Thailand, indicating a broader diversification of talent and innovation across the region.
Exhibit 6
Track the Cohort
HolonIQ customers can track the most promising Health Tech startups from Southeast Asia on the HolonIQ Market Intelligence Platform. Look for the 2023 Southeast Asia Health Tech 50 list in the Lists tab. Request a Demo if you are not a customer and would like to learn more.
Exhibit 7
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