Health technology (healthtech) and medical technology (medtech) are having a huge impact on how patients experience healthcare and treatment around the world. According to Statista, the global digital health market will be worth $660 billion USD by 2025. Healthtech and medtech in Southeast Asia should become more common in Southeast Asia in the coming years as the region undergoes a digital transformation, adopting new technology in a variety of sectors, including health.
The increasingly tech-savvy populations, technological advancements, and the shift from traditional to digital health solutions are some of the factors driving the growth of health and well-being startups in Indonesia and Singapore. There are challenges, however, as healthtech is limited by insufficient funding, a scarcity of medical tech talent, a high demand for specialised doctors, and citizens who are wary of incorporating innovative technologies to improve their health.
Normalising healthtech is the key to sustaining long-term adoption of telemedicine services in Southeast Asia
Here are some of the startups in Singapore and Indonesia that offer digital health solutions:
DexaFit Asia, a Singapore-based comprehensive medical testing company, uses a dual-energy absorptiometry (DEXA or DXA) scan to provide customers with a snapshot of their health. It is a radiological X-ray test that reveals information about the body’s composition, such as bone density, body fat distribution and other information. The results provide valuable fitness data, enabling customers to define their exercise regimens and shape their diet and nutritional goals.
DexaFit Asia partners with DexaFix US to bring life-changing medical-grade technologies to the market. It has a large database for DXA scan results, as well as the Vo2max Cardio Fitness Test, and the RMR Metabolic Health Analysis. The DexaFit AI software can analyse the data and provide patients with personalised and actionable solutions to improve their health and live longer. The company plans to improve healthcare in Southeast Asia by introducing proactive rather than reactive approaches to health.
Indonesia-based Sirka is an online nutrition and dieting application that can help you improve your health whether you want to lose or gain weight, achieve your body wellness targets, and create a nutritional diet. It can help people suffering from diseases such as high blood pressure and diabetes by allowing them to make healthier dietary choices. Moreover, it enables users to develop the proper mindset and habits in order to build a healthier lifestyle overall.
Sirka has raised $2.7 million USD to date, with the most recent funding in February 2022. Tim Lee, Sequoia Capital, Y Combinator, Wavemaker Partners, AC Ventures, Maudy Ayunda, and Goodwater Capital are among the investors. . The funds will be used to improve its digital health platform and program offerings. It also hopes to partner with medical suppliers, providers, and other experts in the health industry.
Alodokter, Indonesia’s leading digital health platform, connects users with thousands of doctors who provide accurate and easy-to-understand health information. Experienced doctors review the information, which is written in Indonesian, for accuracy. Patients can use the platform to find a doctor and chat with them to get answers.
Alodokter has raised $45 million USD in six funding rounds to date, with the last one taking place in June 2021. Its investors include MDI Ventures, Samsung Ventures, Hera Capital, Heritas Capital, Sequis Life, Golden Gate Ventures, and Softbank Ventures Asia. The funds will most likely be used to expand the company’s presence in the region and grow its ecosystem.
Intellect, based in Singapore, offers comprehensive mental health support to individuals and organisations. Its app provides access to self-guided mental health programs, licensed psychologists, and behavioural health experts. Its treatment strategy aims to provide preventative, convenient, and immediate mental health support to millions of people dealing with a variety of issues.
Intellect’s most recent funding round took place in January of this year, bringing the total amount raised to $13 million USD. Investors include Neel Parecha, East Ventures, Pioneer Fund, DG Daiwa Ventures, HOF Capital, Henry Chan, Gaurav Girotra, Anubhav Nayyar, Samvit Ramadurgam, and Insignia Ventures Partners. The company plans to use the funds to meet its expansion goals and improve its service offerings.
Indonesian-based Klinik Pintar is a smart clinic network that collaborates with medical professionals to improve patient services by providing connected, standardised, and targeted healthcare. It has over 100 clinic partners in Indonesia and aims to solve health-related problems. Patients can search the platform to look for medical examinations, tests, and vaccines.
Klinik Pintar has so far raised $4.1 million USD in venture capital from Venturra Capital, Venturra Discovery, Golden Gate Ventures, Sequis Life, Skystar Ventures, and Bundamedik Healthcare System. The funds will be used to broaden its reach and expand its services.
Healthtech and medtech in Southeast Asia will grow as the region’s digital transformation efforts spread throughout society and investors pump more funds into the health sector. Singapore and Indonesia have led the way thus far, and their health and well being startups are making a name for themselves despite funding and technology adoption challenges. However, with increased government and investor support, these setbacks are expected to dissipate in the coming years, as well as expansion into other regional countries.