Changing demographics and rising incomes are driving growth in the healthcare industry across Asia.​ Despite growing demand, significant gaps in key segments of the healthcare landscape remain, fueling a long-term opportunity for private capital investors.​

This report analyzes healthcare investment trends across China, India and Southeast Asia, as well as how private capital players are helping to address local market needs, improve the quality and availability of care and drive innovation in the region.​


  • Rising incomes and policy support are creating a multi-decade opportunity for private capital investors to back the buildout of healthcare products and services across the region, even amidst an uncertain global dealmaking environment. Healthcare expenditures in Asia are expected to continue to outpace GDP growth.
  • Healthcare delivery remains fragmented and underdeveloped in key markets across Southeast Asia, with traditional providers attracting the bulk of commitments from private capital funds eyeing expansion opportunities.
  • Private capital investors are also increasingly eyeing specialty care providers across India and Southeast Asia, which are underpenetrated.
  • Already a leading supplier of generic medicines, India is transitioning up the pharma value chain with recent early-stage investments in biologics and genomics.
  • Strong public markets and trade sale interest have driven a wave of healthcare exits in India.
  • After a boom in investment in digital healthcare platforms during the early days of the pandemic, healthtech startups are navigating a new environment of scarcer funding and pressure to reach profitability.
  • Strong support from the government has fueled unprecedented growth in biotech investment across China, a sector largely unaffected by recent Chinese government tech crackdowns and US investment restrictions.
  • A growing share of capital has poured into China’s medical device sector pointing towards a trend of localization.
  • At the same time, heightened geopolitical tensions between China and the West are creating investment opportunities in India and Southeast Asia as global medtech companies look to de-risk their supply chains.

Underlying data from the report is available to GPCA Members upon request. Contact to learn more.