Home care is really taking off in Southeast Asia, especially since the whole Covid-19 situation. Folks are increasingly going for health services that can come straight to their homes, instead of trekking to hospitals or clinics. This shift is opening up doors for businesses in the middle ground, especially in the MedTech realm, to whip up smart solutions that fit the bill for home care patients.
Now, there’s this report by Frost & Sullivan that says the home health care software market is set to climb at a rate of 15.6% every year from 2023 to 2030. By 2030, it’s expected to hit a whopping $12.7 billion. What’s causing this boom, you ask? Well, it’s the growing need for keeping an eye on patients from afar, getting in on telehealth, and managing chronic conditions. And guess what? Artificial intelligence (AI) is lending a hand in making home health care smoother and better.
Over in Singapore, it’s the top dog when it comes to healthcare startups in Southeast Asia, with a 28% slice of the pie in the Southeast Asia Health Tech 50 list for 2022. This little city-state packs a punch in terms of innovation, talent, and cash flow, all of which help cook up some nifty digital health solutions. Plus, Singapore’s healthcare system is A-grade and open to teaming up with private players.
But hold up, it’s not just Singapore riding this home care wave. Take Indonesia, for example. In 2022, it scored a solid 19% on the Southeast Asia Health Tech 50 list. Indonesia’s got a massive population, over 270 million strong, and a bunch of them are struggling to get decent and affordable healthcare. That’s a goldmine for home health care ideas that can reach those underserved corners.
Other countries like Malaysia, Thailand, Vietnam, and the Philippines are also cooking up their own home health care systems. They’re at different stages of the game and dealing with their own sets of challenges, from rules and regulations to tech gaps, low tech know-how, and even some cultural resistance.
The home health care scene in Southeast Asia is still in its early days, but it’s proven it can roll with the punches, especially during this pandemic. As more folks hop on board with the idea of getting healthcare in their PJs, this industry is going to keep growing and changing. That means more chances and hiccups for those middle-market players.