Innovations in the HealthTech industry accelerated by Covid-19
The Covid-19 pandemic has radically changed the landscape of HealthTech on a global scale, enabling an entirely new pace of adoption and implementation of new technologies – as innovations that once took years to be deployed now require a shorter time frame.
The healthcare industry is going through disruption thanks to new, technology-based ideas and business models, from clinical innovations and operational efficiency to financial performance.
Currently, there is significant demand in the industry for healthcare innovations such as remote diagnostics, video consultations, advanced medical imaging, and more.
Moreover, we report significant government support and investor interest. There is definitely some potential for the emergence of Healthtech giants in the near future.
What is HealthTech?
Healthtech is a broad term that includes innovations in the medical field spanning from diagnostics to enhanced therapeutics, from digitization of services e.g. assistance and consultation to the delivery of medical products, from hospital management to patient engagement, and more.
Innovations in the Healthtech field may increase the quality, efficiency, and affordability of traditional health services.
HealthTech in South Korea
Challenged with an aging population, the South Korean digital healthcare market may reach $5B in total value soon.
The Asian country appears to be well positioned to tackle this opportunity.
South Korea has been a pioneer in adopting digital technologies through a variety of industries and processes. For instance, in 2003, it’s been the first country in the world with a fully paperless hospital
Significant government support and buy-in is top notch. As a reference, President-elect Yook Suk-Yeol commented that “telemedicine is an inevitable reality, and we will make sure that all the people can enjoy the benefits of innovative systems and cutting-edge technology in all fields, including non-face-to-face treatment”.
Moreover, South Korea hosts a vibrant healthtech scaleup community. In our latest “Tech Scaleup South Korea 2022 Report” we tracked 88 healthtech scaleups that raised $1.1B in funding.
Few of these major innovations joined us and participated in our Scaleup Summit South Korea. Let’s take a brief look at what these companies are doing: