This article is part of Inc42’s Startup Watchlist annual series where we list the top startups to watch for 2018 from industries like AI, Logistics, HealthTech etc. Explore all the stories from ‘Startup Watchlist’ series here.
In May 2016, a Forbes article written by VC Dave Chase stated 98% digital health startups (globally) to be walking dead and synonymous with Zombies. He feared that these startups are unable to go beyond angel funding and lack resources to scale ahead. Fast forward to 2017, one can easily witness the change in the scenario.
As per an August 2017 CB insights report, globally, the sector attracted over $10 Bn funding with the market moving closer to consolidations, indicating the rise of big powers. Another report reveals that since 2016, $4.3 Bn has been invested in Asia HealthTech across 296 deals up to and including Q3 2017.ace.
Traditionally, Healthtech startups were associated with those providing diagnostic, enterprise, medicine delivery solutions, etc. However, a new breed of startups has emerged trying to solve issues on the root causes such as the consumer lifestyle, mental stress, early diagnosis of genetic disorders and even reducing the after effects of painful processes such as chemotherapy in the recent years.
These startups are not only bridging the gaps between the doctors and the patients but are also creating an ecosystem to facilitate a better and faster healthcare environment.
How The HealthTech Sector Fared In India
According to a recent PWC report, India ranks among the top 10 global growth markets for nutritional food and beverages. Further, the Indian healthcare market, which is worth $100 Bn, is likely to grow at 23% CAGR to reach $280 Bn by 2020, as per a Deloitte 2016 report.