The healthtech and life sciences sector in Southeast Asia saw its lowest funding levels in seven years, raising just US$123 million in 2024, according to Tracxn Geo Annual Report.

This marks a 79% drop from 2023 and a 90% decline from 2022.

Singapore led the region in funding, accounting for US$92 million, or 75% of the total raised.

Overall, funding across Asia also fell by 11% due to macroeconomic uncertainties and geopolitical challenges.

The most active funding period was Q2 2024, with US$41.2 million raised, though still down 63% year-over-year.

HealthifyMe, a fitness and wellness platform, secured the highest funding at US$20 million in series C round, followed by Biobot Surgical with $17.9 million in series B financing.

Notably, there were no deals over US$100 million recorded in 2024, contrasting with previous years.

IPO activity slowed to two listings, down from three in 2023, while acquisitions doubled to eight deals, including Nvidia’s purchase of VinBrain.

Despite the downturn, digitalization and rising demand for remote healthcare and mental health solutions may support future growth in the SEA healthtech and life sciences market.