AI is being used by health-tech startups for various applications within the healthcare domain such as Patient Data Analytics, Medical Imaging, Lifestyle Monitoring, Drug Discovery, Vaccine Trials , Virtual Assistants, Wearables, Health-records, Mental Health & Wellness, and Robot-Assisted Surgery, Dosage Error Reduction among others. Medical Imaging based on Deep Learning Neural Networks (a sub-field of AI) can be used in diagnosing diseases with the help of historical data. AI can also be used in detecting cancerous tissues and diagnosing certain chronic heart diseases.
APAC lags in VC funding
In terms of total venture capital (VC) funding received by healthcare startups across the globe, North American startups accounted for approximately 60 per cent, followed by APAC startups with approximately 25 per cent; and European & Middle East and North Africa (MENA) startups with approximately 15 per cent of the total funding. In 2020, VC funding for APAC startups had increased by around 37 per cent Year over Year (YoY).
In 2020, within the healthcare domain for APAC-based startups, the Diagnostics sub-sector received around 20 per cent of the total funding; e-Marketplace received 15 per cent; followed by Insurance Tech and Nutrition & Wellness sub-sector with 10 per cent of the total VC funding.
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