Key Trends Shaping the Future of MedTech Startups in APAC and Beyond (L.E.K. Consulting)

Summary

• The analysis draws on more than 2,600 startup applications to the MedTech Innovator Asia Pacific Accelerator Program between 2019 and 2025.p.2
• Over the past six years, the share of applicants from outside APAC doubled from 15% to 30%.p.8
• AI/ML rose from 21% to 39% of digital medtech startups, while digitally enabled startups grew from 66% in 2021 to 68% in 2025.p.17
• Singapore's share of APAC applicants declined from 84% in 2019 to 63% in 2025.p.9
• Average seed-stage funding asks rose from $5 million in 2020 to $12 million in 2023.p.12
• Average Series A funding sought fell from $30 million in 2024 to $20 million in 2025.p.13
• The share of Chinese startups with filed or granted IP rose from under 30% in 2019 to nearly 80% by 2025.p.20

Key insights

1. The program has an acceptance rate of less than 5%, resulting in approximately 150 alumni companies.p.6
2. AI/ML accounted for 39% of digital medtech startups in 2025, and APAC has reached parity with non-APAC in AI/ML adoption.p.5
3. Series A funding requests climbed from $10 million in 2020 to $25 million before falling back.p.12
4. CNS disorders are emerging as a priority area, with a steadily rising share of CNS-focused startups from 2020 to 2025.p.14
5. Cardiology, radiology and oncology drew the highest average funding requests because of their capital-intensive nature.p.15
6. AI/ML-focused startups rose from 17% to 29% of all startups over the period, with interest growing in prevention and chronic care.p.18
7. Over 80% of Series A and B+ medtech startups among applicants reported filed or granted IP.p.19
8. MedTech Innovator has reviewed well over 14,000 applicants and supported 838 companies that raised over $10.5 billion in follow-on funding.p.23