Asia Pacific’s healthtech ecosystem is the second largest in the world, only behind the United States. Galen Growth Asia figures show that in 2018 alone, the region’s industry raised US$6.3 billion in investments.
Within Asia, India, China and Singapore are emerging as key healthtech hubs, concentrating a large number of startups and attracting a significant portion of investments.
The number of healthtech ventures in wider Asia has grown substantially in the past five years. Galen Growth Asia currently estimates that over 3,000 such ventures currently operate in the region and in 2016 alone attracted in excess of US$2.5 billion.
Five Asian markets are home to 80% of all known healthtech startups in Asia, including India (32%), China (22%), Singapore (11%), Japan (8%) and Australia (8%). Indonesia holds 5% of the market share and Malaysia, Philippines and Vietnam have each less than 2% of the market share.
Among the obstacles of a wider implementation of healthtech across Southeast Asia are a generalised lack of regulation and governance, weak national health informatics capacity and fragmented information systems. Other common issues in the region are the absence of a system of unique patient identification; funding priorities are not always set by the Ministry of Health (MOH), and weak interagency and public-private collaboration.