The MENA 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.
The Middle East’s startup community is principally driven by regional heavyweight Israel, home to one of the most vibrant Health Tech communities globally. Young startups and established players alike are driving the 2023 MENA Health Tech 50 cohort, with Israel once again leading the way and the UAE showing strong growth. D2C solutions are rising, but B2B remains dominant. Israel and UAE account for over 80% of activity in the region however a host of promising businesses are emerging from other nations as innovation takes root.
AI-revolution in healthcare is clear to see from focus of MENA startups.
The 2023 Middle East & North Africa 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 a breakdown of startup activity across the region and allows us to understand the distribution of companies across the health ecosystem. By viewing the MENA 50 cohort against the taxonomy’s ‘clusters’ we are able to better understand where both capital and innovation is currently focused. It also shows that there are a number of MENA startups prevailing despite market conditions, including: Aidoc (AI medical imaging platform); Ibex Medical Analytics (AI-powered diagnostics); Alma Health (chronic care management); Healthy.io (at home urinalysis platform) and Yodawy (pharmacy benefits management).
Exhibit 2
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2023 Health Tech sees major focus on Research, Treatment, Hardware & Systems.
MENA Health Tech 50’s shows a diverse but predominantly Systems and Hardware-led focus, with startups tackling research, treatment, hardware, and systems. While research and prevention dipped, telehealth and specialized care startups emerged, highlighting a growing focus on digital health. Dominance of diagnostic tech and analytics in their respective sectors reveals a strong emphasis on integrating AI and ML into healthcare.
Exhibit 3
B2B leads the way, however D2C promotes a customer-centric future in Healthcare.
Despite D2C solutions making notable strides, B2B maintains its preeminence over the market, holding onto a steady 52% share for the second year in a row. This dynamic reveals a healthcare landscape evolving on two fronts: unwavering business-to-business dominance and the emergence of a consumer-centric, direct-to-consumer approach.
Exhibit 4
Young startups are rapidly emerging and now represent nearly half of the MENA health tech 50.
MENA health tech 50 is experiencing a significant shift, with a younger cohort of startups emerging compared to previous years. While established players maintain their dominance (over 50%), young companies are increasingly shaping the future of healthcare in the MENA region. Against this backdrop a number of startups have been able to gain traction despite the challenging market environment, including: Grinta (supply chain management); Wellx.ai (InsurTech wellness platform); Protai (AI-powered drug discovery); Valeo (personalized health tracker) and NeuraLight (developer of neurology software).
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 MENA Health Tech 50 list in the Lists tab. Request a Demo if you are not a customer and would like to learn more.
Exhibit 6
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