2023 East Asia Health Tech 200

HolonIQ’s annual list of the 200 most promising Health Tech startups from East Asia

Health Intelligence Unit

calendar image
November 7, 2023

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.  

Deep Dive the List

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

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

Ready to get started?

Get a personalized walkthrough of HolonIQ's Global Intelligence Platform.

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.

Exhibit 6
No items found.

Latest Insights

Global Insights from HolonIQ’s Intelligence Unit. Powered by our Global Impact Intelligence Platform.

Cities
Cities
2023 Back to School Featured Speaker
2023 Back to School Featured Speaker
New York
New York
2023
2023
Webinar
Webinar
Economics
Economics
Draft
Draft
Platform
Platform
2022
2022
Digital Transformation
Digital Transformation
MedTech
MedTech
Global Impact Summits
Global Impact Summits
Impact 3000
Impact 3000
Nuclear
Nuclear
Mobility
Mobility
Electric Vehicles
Electric Vehicles
2021
2021
2020
2020
Sub Saharan Africa
Sub Saharan Africa
Nordic Baltic
Nordic Baltic
North America
North America
South Asia
South Asia
East Asia
East Asia
ANZ
ANZ
Market Sizing
Market Sizing
Augmented Reality
Augmented Reality
Blockchain
Blockchain
Virtual Reality
Virtual Reality
Regions
Regions
Markets
Markets
Mobile
Mobile
Client Report
Client Report
Publishers
Publishers
Labor Markets
Labor Markets
Global Landscape
Global Landscape
10 Charts Series
10 Charts Series
R&D
R&D
LMS
LMS
United Kingdom
United Kingdom
Executive Panel
Executive Panel
Language Learning
Language Learning
Russia
Russia
Israel
Israel
Germany
Germany
France
France
Media and Press
Media and Press
Climate Tech
Climate Tech
MENA
MENA
South Korea
South Korea
Japan
Japan
Southeast Asia
Southeast Asia
Health Tech
Health Tech
Global EdTech 1000
Global EdTech 1000
Unicorns
Unicorns
MOOCs
MOOCs
Global Giants
Global Giants
Client Note
Client Note
Capital Markets
Capital Markets
Advanced Technology
Advanced Technology
OPM
OPM
International Education
International Education
India
India
China
China
Canada
Canada
Venture Capital
Venture Capital
Bootcamps
Bootcamps
Online learning
Online learning
Notes
Notes
Europe
Europe
Asia
Asia
Africa
Africa
LATAM
LATAM
Brazil
Brazil
Robotics
Robotics
Education in 2030
Education in 2030
Artificial Intelligence
Artificial Intelligence
SDG 17
SDG 17
SDG 16
SDG 16
SDG 15
SDG 15
SDG 14
SDG 14
SDG 13
SDG 13
SDG 12
SDG 12
SDG 11
SDG 11
SDG 10
SDG 10
SDG 9
SDG 9
SDG 8
SDG 8
SDG 7
SDG 7
SDG 6
SDG 6
SDG 5
SDG 5
SDG 4
SDG 4
SDG 3
SDG 3
SDG 2
SDG 2
SDG 1
SDG 1
Climate Tech 1000
Climate Tech 1000
Health Tech 1000
Health Tech 1000
EdTech 1000
EdTech 1000
EdTech
EdTech
Diversity
Diversity
New Zealand
New Zealand
Australia
Australia

Sign Up for our Newsletters

We provide you with relevant and up-to-date insights on the global impact economy. Choose out of our newsletters and you will find trending topics in your inbox.

Weekly Newsletter

Climate Technology

Weekly Newsletter

Education Technology

Weekly Newsletter

Health Technology

Weekly Newsletter

Higher Education

Daily Newsletter

Chart of the Day

Daily Newsletter

Impact Capital Markets