#24 GKC | 🧘‍♂️ Health & Well-being in Southeast Asia

Happy Friday! Celebrated 28th birthday this week! Lots of growth and reflections :)

Continuing our Know Your Investors Series, in collaboration with Turbo Net Zero.

Turbo Net Zero is a pure-play sustainability consultancy company focuses on delivering ESG value-creation solutions for corporates and investors.

We’ll discuss about the evolving field of impact investing across Southeast Asia in three parts.

1. Overview of global impact investing frameworks

2. Sector-specific impact themes within SEA (Today’s Episode)

3. Case studies of successful impact investors and companies in SEA

Let’s get started!

Navigating Health and Well-being In Southeast Asia

Health and well-being encompass the overall physical, mental, and social state of individuals and communities, forming the foundation for a thriving and equitable society.

Globally, the health and well-being market reached an estimated USD 5,862.09 billion in 2024, growing at a CAGR of 5.34%. Southeast Asia’s health and well-being market, meanwhile, is expected to grow even faster, with a projected CAGR of 9.73% from 2024 to 2032.

As Southeast Asia experiences population aging, urbanization, and increasing affluence, lifestyle shifts are contributing to higher rates of chronic diseases. This shift is driving greater demand for healthcare services, preventive care, and wellness solutions tailored to address the region’s evolving health challenges.

Unlocking Health & Well-being Opportunities in Southeast Asia

The following sections outline the most promising pathways within these themes, aligning with Southeast Asia’s evolving health priorities.

i. Healthcare Services

Medical Tourism

Southeast Asia is increasingly recognized as a global hub for medical tourism due to its affordability, shorter waiting times, quality care, and access to advanced specialized treatments.

Patients from the United States and China benefit from significantly reduced treatment costs in countries like Malaysia (up to 80% savings), Singapore, and Thailand.

The region also provides access to quality care, with hospitals accredited by international standards such as the Joint Commission International (JCI)—Thailand alone has 48 JCI-accredited hospitals, the most in the region.

Patients are also drawn to new specialized treatments, such as in vitro fertilization options in Thailand, which are not as readily available or are more strictly regulated in countries like China.

ii.  MedTech and Digital Health

Artificial Intelligence

Artificial intelligence and machine learning are transforming Southeast Asia’s healthcare landscape by enhancing interactions with medical tourists and securing data through blockchain technology.

AI is also enabling new models of care, such as the meta-care model, which leverages digital capabilities like cloud computing and AI-driven diagnostics.

Examples include on-demand mental health programs like Ginger, which uses AI to connect users with appropriate mental health support and escalate care when needed. In more complex fields, AI investments are advancing robot-assisted surgeries and deep learning applications in pathology and radiology, paving the way for more sophisticated care delivery.

Digital Health

Southeast Asia’s healthcare system faces a considerable supply-demand gap, with limited access to medical services for many populations driving demand for telemedicine solutions.

This need for more accessible and convenient care has led over 90% of surveyed consumers in the region to express a preference for simplified healthcare options.

Many hospitals are investing heavily in both patient-facing applications and internal systems, ensuring that digital health remains an essential component of healthcare delivery. This sustained growth in digital health infrastructure reflects Southeast Asia’s shift toward a more connected, patient-centered healthcare system.

Investment Landscape in Southeast Asia

MedTech represents a unique growth area in Southeast Asia’s health sector. In 2023, the health tech landscape in Southeast Asia saw a strong shift towards Research and Treatment, which now make up over half of the sector’s new entrants.

Notable Healthcare Investors

• Quadria Capital: A leading private equity firm focused on Asia’s healthcare sector, investing in areas like hospitals, diagnostics, and healthcare technology to improve access and affordability.

• TVM Capital Healthcare: TVM Capital Healthcare targets emerging markets in the Middle East and Southeast Asia, with investments in long-term care, rehabilitation, and specialized medical services.

• Navis Capital Partners: Active in Southeast Asia, Navis Capital Partners invests in healthcare services, including Malaysia’s Aurelius Healthcare, to enhance hospital management and expand healthcare infrastructure.

Key Takeaways

Southeast Asia’s growing middle class and increased awareness of healthcare needs present significant investment opportunities.

The region's shift towards digital health solutions opens doors for innovations in telemedicine, health monitoring, and wellness services that can improve access and quality of care.

Again, thank you Turbo Net Zero for this amazing content collaboration. (Check out our other collab content!)

If you are an impact investor looking to implement ESG strategies OR corporates exploring impact measurement strategies, hit Kenny up!

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Hope this is helpful! 🙂 

Feel free to reach out via LinkedIn or email if you have more questions.

References

• Health and Wellness Market Size, Share, and Trends 2024 to 2033

• 2024 Healthcare and Life Science Investment Outlook

• Healthcare Demand and Growth in Southeast Asia

• 2023 HolonIQ Southeast Asia Health Tech 50

• Future Outlook of SEA Healthcare Sector 2024

• Healthcare in Southeast Asia - statistics & facts

• Medical Investment in Southeast Asia 2024

• The SEA Healthcare, Medtech, and Pharma Landscape in 2023

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