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APAC Digital Health Innovation Ecosystem Report on H1 2023 Key Trends

Galen Growth is pleased to share with you our Mid-Year Analysis on Asia Pacific Digital Health Innovation. We look across the Asia Pacific startup ecosystem for Digital Health and explain the current trends that are driving demand. Our analysis focuses on private ventures and includes ecosystem growth, most active partners, regulatory approvals and venture funding. HealthTech Alpha, a Galen Growth proprietary solution, and the world’s leading Digital Health private market data, intel and insights platform powers this report!

APAC Digital Health Ecosystem 2023 Mid Year Report

The semi-annual report on Digital Health's current state and future outlook, APAC H1 2023 Key Trends, is a must-read. It covers private ventures and includes information on ecosystem development, active partners, venture funding, and current trends. Europe has emerged as a focused and mature ecosystem, securing the top spot globally for ventures with Clinical Evidence while taking second place in venture funding.
  • The lack of funding activity in South Asia and China has resulted in a 49% decrease in digital health venture funding in APAC. This trend is consistent across all sub-regions in Asia Pacific. South East Asia which saw a strong growth between 2021 and 2022 fell experienced a strong fall in the first half of the year.
  • Following the global trend, the number of partnerships announced by Digital Health ventures founded in Asia Pacific grew 1.9x YoY from 2021 to 2022. So far, 2023 has seen 1.7x more partnerships than the same period in 2022.
  • In H1 2023, 38 ventures in Asia Pacific achieved a total of 50 regulatory filings. The, Asia Pacific region is slowly losing share of global regulatory filings, capturing 23% of the H1 2023 global filings compared to 28% in 2020.
  • Health Management Solutions received the most funding among digital health clusters, thanks to a $59M funding round for Japan's KAKEHASHI. Research Solutions, on the other hand, dropped from 1st to 5th place compared to last year.
  • China and India are the most affected sub-regions in Asia Pacific, with declines in both funding volume and value. India's previously thriving digital health ecosystem has experienced setbacks, including the IPO withdrawal of Pharmeasy. China's stringent policies and slower-than-expected economic recovery have hampered digital health funding so far this year.
Countries included in the analysis: China, India, Hong Kong, Singapore, Japan, South Korea, Australia, Vietnam, Thailand, Indonesia, Pakistan, Taiwan, Malaysia, New Zealand, Myanmar, Sri Lanka, Philippines, Cambodia and Bangladesh The “Asia Pacific Digital Health Innovation Ecosystem Report on H1 2023 Key Trends” report includes data on the following companies: UNIMED, Medii, Dr. Diary, Provigate, Wise Healthcare, KAKEHASHI, Saluda Medical, Thorough Images, BuyMed, TandemAI, S-Alpha Therapeutics, Holmusk, HealthifyMe, Mindset Health, HealthPlix, Eaglenos, Triple W, Dozee, Neurosensum, Hacarus, Care, Eucalyptus, EOFlow, XtalPi, Smartabase, CNSDose, Pierian, Medtronic, Lilly, Teamworks, Incite Health, Summa Equity, Pfizer, Fosun Pharma, Selgate Healthcare, Hitachi, Gero, WeDoctor, Doc2Us, Cyfuse Biomedical,
HealthTech Alpha, a Galen Growth proprietary solution, powers this report!

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