Southeast Asia’s remote healthcare investment opportunity: When rising incomes meet rising need
Key takeaways
• Remote healthcare in Southeast Asia is scaling fast as rising incomes and limited access to doctors drive demand for telehealth solutions.
• Why it matters now: Aging populations and chronic disease growth are creating investable opportunities in digital health and AI-enabled care.
• What investors face: Fragmented markets and infrastructure gaps limit scale, requiring localized strategies and hybrid care models.
Rising regional wealth and high digital penetration are drawing investors to telehealth and telemedicine.
Access to healthcare in Southeast Asia remains highly dependent on location. There are fewer than six medical doctors for every 10,000 people in Indonesia, Thailand, Laos and Cambodia, compared to 26.7 in Singapore, according to the World Health Organization (WHO).
At the same time, rising incomes and changing demographics are increasing demand for care. Most countries in the region are expected to see double-digit increases in medical costs in 2026, according to WTW.
This combination of factors is driving remote healthcare investment. A growing number of funds are looking to the fields of telehealth and telemedicine, leveraging Southeast Asia’s strong digital connectivity to unlock opportunities and close the gap to healthcare services.
“The region is in some ways ideal for healthcare delivery innovation because almost 40% of people are already paying out of their own pocket for treatment,” said Sheji Ho, Co-founder and Chief Executive Officer of HD, a Southeast Asian healthcare and surgery marketplace founded in Thailand in 2019. According to the most recent WHO data for Southeast Asia, out-of-pocket expenditure was the highest of any region in 2021, at 36% of total health spending.
“It’s not like in the US, where it is employer-driven, with a medical-industrial complex that makes it difficult for start-ups to innovate.”
Investing in innovation
The investor base for remote healthcare is diverse: accelerators and incubators, seed and early-stage venture capital funds, and private equity are all active in Southeast Asia.
Many are focusing on digital solutions that can cater to underserved segments, such as rural populations, elderly care or specialist treatments.
“The region’s focus is shifting toward non-communicable diseases driven by aging populations and increasingly affluent, sedentary lifestyles,” said Warren Tan, CFA, of Singapore-based August Global Partners (AGP), a growth-oriented investment firm. “Remote healthcare is particularly suited for managing conditions that require long-term follow-up and sustained lifestyle changes.”
The number of people in Southeast Asia aged 60 or more is expected to double in the next 25 years, according to the WHO. Together with rapid urbanization and rising wealth, this is driving shifts in the health profile of the region, with conditions such as heart disease becoming more prominent. According to a 2025 study by the National University of Singapore and the Institute for Health Metrics and Evaluation in the US, 37 million people were suffering from cardiovascular disease in Southeast Asia in 2021, a rise of nearly 150% from 1990.
A diverse field
Remote healthcare start-ups range from generalist telehealth platforms with rapidly growing user bases, such as Indonesian healthcare ecosystem Halodoc, to those targeting a specific segment, such as Homage, which connects families to nurses and other carers for support at home.
Homage was founded in 2016 and has raised over USD45 million over three rounds. It now operates in Singapore, Malaysia and Australia, with a network of 6,000 carers.
The investment opportunity also extends to sub-sectors beyond telemedicine, including wearables for chronic disease management and remote patient monitoring. Examples include physiotherapy platform Rebee and cardio health platform Respiree, both VC-backed Singapore start-ups.
There is also an emerging range of specialist telehealth platforms that target specific groups, such as women seeking gynecological, menopause or fertility treatments. Kindred Health in the Philippines and Sol Menopause in Singapore fit this trend.
“We have explored investments in fertility marketplaces and platforms that support the entire fertility journey,” said Tan. “With rising maternal age, increasing affluence, and the gradual easing of social taboos, the fertility treatment market is expanding rapidly.”
The challenge of regional fragmentation
Among the most substantial hurdles for consistent healthcare provision in much of the region is the variation between healthcare systems in different countries. The fragmented nature of Southeast Asia means that a lot of customization and localization is needed for any solution in this part of the world.
Adoption of remote healthcare services also varies markedly between different countries. (See Figure 1.)
According to Tan, this is why many start-ups have focused on one market.
“It is challenging for any single player to scale significantly,” added Tan. “A company may establish a strong foothold in markets like Vietnam or Indonesia, but expanding across borders requires adapting to different local norms and regulatory frameworks.
“Achieving the scale necessary for profitability or a meaningful liquidity event remains a key hurdle.”
A further consideration for investors is the disparity in network connectivity. Outside Singapore, many ASEAN markets still struggle with reliable, fast internet speeds, and healthcare records are often paper-based, which poses additional challenges when it comes to the efficient use of data.
Some platforms are pursuing vertical integration to streamline the care journey, enabling a seamless transition between digital and physical services.
“One of the core challenges in this space is that physical examinations are still essential and best conducted in person,” said Tan. “Providers therefore need to either build or partner with a physical network. This allows patients to begin their care journey in a clinic, continue remotely, and return for in-person visits when necessary.”
Catering to digital demand
The COVID-19 pandemic kickstarted the growth of remote healthcare in Southeast Asia, as it did in many other places throughout the world, but technological advances, including artificial intelligence (AI), are helping to drive it forward.
Adoption of generative AI in Southeast Asia is ahead of the Asia Pacific average, according to a Deloitte survey. (See Figure 2.)
And in a region where people are comfortable conducting every facet of their lives through mobile devices, digital innovations – often powered by AI – are helping to expand access to clinical and pharmaceutical services.
As the region’s needs change, investments in remote healthcare services are growing rapidly, moving health journeys increasingly online.
To learn more about investment trends in Southeast Asia, explore these stories:
How next-gen investors are reshaping family offices in Southeast Asia
Shifting gears: EV charging investments accelerate in Southeast Asia
How investors are backing energy connectivity across ASEAN
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