Asia HealthTech Investment 2018 Report

January 11, 2019


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Asia HealthTech closed the year at a record breaking US$6.3B, confirming it as the 2nd largest digital health ecosystem in the world. Significantly exceeding 2017 in $ size, and doubling 2016, the Asia ecosystem is fast catching the US.


This year also witnessed the largest recorded HealthTech IPO in Asia with Ping An Good Doctor’s US$1.1B IPO. We expected further IPO transactions in Asia in 2018 however the geopolitical climate has impacted appetite as witnessed with the downsizing of the Babytree IPO in Nov 2018.


The acceleration in ecosystem momentum can be attributed to a number of key drivers.


Beyond IPO related activities, we continued to observe a strengthening of investor appetite for growth stage ventures, with the overall distribution of funding growing 14% vs FY2017.


Relevant policy and regulations are being drafted with China, amongst other governments, leading the charge and announcing its Internet+ Medicine guidelines in April 2018.


Whereas many sectors remain short-term in their approach, the past 12 months have experienced growing presence by strategics such as pharmacos which are actively seeking commercial partnerships with proven innovators.


Looking forward, 2019 will continue to see Asia HealthTech on the ascendency, buoyed by the China investment scene, and sustained by the aforementioned drivers.


This report is powered by HealthTech Alpha, a Galen Growth Asia (GGA) solution, the only analytics and database platform dedicated to HealthTech in Asia Pac.




HealthTech defines the intersection between healthcare and technology and is also sometimes referred to as digital health. We recommend reviewing our taxonomy on slide 49 for further details.


HealthTech does not include Biotech, such as protein research or pharmaceuticals, and also does not include MedDev, such as devices that are implanted into the body.


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