2022 Southeast Asia Health Tech 50

HolonIQ’s annual list of the 50 most promising Health Tech startups from Southeast Asia.

Health Intelligence Unit

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November 1, 2022

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.

Healthcare provision across Southeast Asia is very mixed. Mature healthcare systems in the region offer world-class provision but as a whole, Southeast Asia has lower than average levels of access to care when considered globally. This combination of competence and need has created a vibrant market for health startups with digital players intent on widening access to healthcare in the region gathering momentum. Outside of the urban areas the region’s geography typically makes coverage a challenge logistically, which means connectivity and remote consultations will be increasingly important for healthcare provision across Southeast Asia.

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.

The increasing prevalence of ‘virtual first’ health is clear to see in the 2022 Southeast Asia Health Tech 50.

The 2022 Southeast Asia Health Tech 50 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 clusters it is possible to consider in detail where entrepreneurial activity in the region is being directed. The concentration of startups focused on telehealth and other means of remote consultation reflect the extent to which the pandemic has acted as a catalyst for digital health in the region. Changing attitudes to the role of technology - both within the health profession and among consumers - is leading to rapid adoption of new models of care and digitizing the healthcare system generally. Despite a recent slowdown in the market the past 12 months has seen a range of fast-growth startups raise considerable sums of capital, including: Docquity (peer-to-peer learning platform for health professionals); Homage (home health and care platform); Doctor Anywhere (regional telehealth player); Intellect (modern-day mental healthcare) and Us2.ai (AI platform for imaging analysis)

Exhibit 2

Deep Dive the List

Customers can deep dive the open-source list on the platform. Request a demo to learn more.

Startups in the 2022 Southeast Asia Health Tech 50 are increasingly focused on Prevention and Research.

The Southeast Asia health startup ecosystem is relatively well balanced, with most sub-sectors of the Global Healthcare Landscape reflected in the 2022 cohort. Compared with the previous year, the startups featured in the Southeast Asia Health Tech 50 reflect an increased focus on businesses aimed at prevention in health, developing new therapeutics or other clinical insights. Compared with other markets there is relatively little focus on Care or Workforce, with a couple of notable exceptions.

Exhibit 3

Singapore is the region’s leading player for healthcare startups, despite its relatively small population.

As with many areas of the region’s economy Singapore punches well above its weight when it comes to contributing to the Southeast Asia Health Tech 50. Compared with the previous year, however, organizations from Indonesia are making more of an impact, representing nearly 20% of the 2022 cohort. The most populous nation in the region (276 million), Indonesia represents a major opportunity for digital healthcare and many of the representatives of the Southeast Asia Health Tech 50 are focused on growing their presence in this market.

Exhibit 4

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The rise in digital health models is reflected in the focus of business models in the region.

Direct-to-consumer business models are better represented in the 2022 cohort, with over half of all organizations focused on serving healthcare consumers directly. Nevertheless, a significant amount of the market remains focused on B2B propositions, underlining the region’s strong heritage in Research and Hardware in healthcare.

Exhibit 5

The Covid-19 pandemic has clearly impacted the region’s Health Tech ecosystem.

With 40% of all startups on the Southeast Asia Health Tech 50 less than three-years-old (and 80% less than six-years-old) the importance of the pandemic as a catalyst for innovation is clearly apparent in the region. Compared to other geographies this places Southeast Asia’s health ecosystem as one of the youngest and most vibrant globally. Organizations within that youngest 40% that are attracting attention locally and globally include; Diri Care (personalized healthcare solutions); Docosan (healthcare booking app); Ordinary Folk (men's and women’s health); Ease Healthcare (women’s health) and Rey.id (digital health insurance platform).

Exhibit 6

Track the 2022 Cohort

HolonIQ customers can track the most promising Health Tech startups from Southeast Asia on the HolonIQ Market Intelligence Platform. Look for the 2022 Southeast Asia 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. Track the 2022 Cohort.

Deep Dive the List

Customers can deep dive the open-source list on the platform. Request a demo to learn more.

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