2022 Latin America Health Tech 50

Brazil is leading the way in LATAM Health Tech but Mexico’s digital health community is gaining momentum.

The 2022 cohort involves start-ups from across six countries. As expected, Brazil makes up the majority of Health Tech companies in this cohort with 52% of start-ups headquartered in the country. However, this is down from last year when Brazil contributed two thirds of all companies on the list. The big mover over the past 12 months has been Mexico, which now represents 24% of the list (up from 14% a year ago). Elsewhere, Argentina (10%) and Chile (6%) have contributed some impressive players. It is also encouraging to see teams represented from Colombia and Grenada in this year’s cohort.

Exhibit 2

Virtual first delivery models are changing the shape of the LATAM healthcare market.

The 2022 LATAM Health Tech 50 is mapped to the HolonIQ Global Healthcare Landscape, an open-source taxonomy for the future of health and wellness. By looking at the 2022 cohort by sub-sector we are able to see the rapid uptake in ‘virtual first’ methods of treatment, prevention and diagnosis over the past 12 months.

Exhibit 3

When viewed in relation to the clusters of the Global Healthcare Landscape, the LATAM Health Tech 50 shows that businesses focused on remote consultation or the delivery of services in a residential setting continue to gain momentum in the region. In 2021, start-ups focused on healthcare systems (such as electronic health records) represented more than a quarter of the list - in 2022, this is less than 10%. The legacy of the Coronavirus pandemic is clear to see with businesses such as ISA LAB (home delivered vaccination services) and Mevo (digital medical prescriptions) performing strongly. Likewise Chile’s Examedi (home health testing), which recently raised $17M in new funding to pursue growth opportunities. Nevertheless there are still fast-growing businesses in health systems and data with Conexa Saúde (practice management and payment platform) enjoying another good year and new players such as Vivanta (data driven health services) entering the market.

Exhibit 4

New players are driving growth and alternative care models across the LATAM health market.

Almost 90% of the start-ups in our 2022 cohort are less than six years old, with 40% of the list founded in the last three years. This shift towards younger start-ups is clearly related to the unique global circumstances the world has seen since the Covid-19 pandemic began in March 2020. The pattern is mirrored in other regional lists and represents one of the silver linings from such a challenging period for healthcare systems. What’s clear from the LatAM Health Tech 50 cohort in 2022, however, is that entrepreneurs have been able to capitalize on changing attitudes to the role of technology in healthcare, with all of the following firms under three years old and thriving in the market: Alice (primary care drive health insurance); Welbe Care (occupational and corporate health); Plenna (femtech and ​​gynecological services); Choiz (platform for contraceptive services) and Nilo Saúde (elderly care management platform).

Exhibit 5

Consumer focused-models represent the majority of start-ups in the 2022 cohort, although B2B focus increased over the past 12 months.

Exhibit 6

Track the 2022 Cohort

HolonIQ customers can track the most promising Health Tech startups from Latin America on the HolonIQ Market Intelligence Platform. Look for the 2022 LATAM Health Tech 50 list in the Lists tab of the Organizations page. Request a Demo if you are not a customer and would like to learn more.