Committed to bridging the gap, the legion of health tech start ups have risen to advance healthcare services across the country. These new age start ups are proving to be a beacon of hope to millions, in resource starved areas by offering services that leverage cutting edge technologies like AI and data analytics. The remarkable growth of healthcare sector in 2024 underscores the commitment and contributions of health tech start ups who have impacted the ecosystem by creating comprehensive and innovative solutions ensuring an inclusive and connected system. From scaling operations, expanding across geographies and being a top attraction amongst investors,2024 has been a phenomenal year for health tech.

The healthcare start-up ecosystem has flourished immensely in recent times focusing on innovation, addressing real-world problems and creation of comprehensive solutions. Start ups in India have ushered a revolution of sorts, emerging as market leaders by pioneering technologies that can expedite diagnosis, improve patient outcomes .While advocating health equity, these start up’s have focused on complex issues on ground 2024 has been a year of many highs, one that saw positioning India at the forefront of a global healthcare revolution.

The unwavering focus towards creating equitable healthcare services and erasing the disparities in the existing system are visible through the number of start ups invested in transforming and uplifting the healthcare system in India.2024 has indeed been a golden year for the healthcare startup segment that saw several of them mushrooming by the dozen in the health tech space. India is currently home to close to 10,000 health tech start ups (as per Department for promotion of industry ad internal trade (DPIIT).In an endeavour to create an interconnected and inclusive healthcare system , few of these start up’s are even scaling their operations and expanding into tier 3 and 4 cities providing essential and cost effective services.

Committed to democratise healthcare, revolutionary business models by start ups are set to redefine the healthcare landscape in India, which comes across as a fragmented system amidst surmounting challenges. Innovative and disruptive solutions that integrate technology, has been the core USP of these transformative healthcare start ups a.k.a health tech start up’s .Taking advantage of transformative technological capabilities like AI, machine learning and data analytics these new age organisations are here to shape the future of healthcare. 

Culminating a decade of health tech startups in India, 2024 also saw a significant increase in funding with USD 7 billion being raised across 10 years since 2014 through 886 deals. From raising funds from the public to floating IPOs, 2024 has been an incredible year where ,investors saw ample opportunities and returns from the health tech start up segment .The first quarter of 2024 saw investments worth  USD  707 million which shot upto USD 9.9 billion by July 2024. Galloping at a fast pace the health tech segment is replete with opportunities. While this segment currently has around 8 unicorns, there is tremendous potential for the 10,000 odd start ups in this space to unfold into future unicorns of the Indian market.

An eventful year ,2024 witnessed Start ups  diversify their offerings that are multifarious ranging from fitness and wellness services ,healthcare SaaS, preventive medicine and early diagnosis, telemedicine, online pharmacies, research in genomics to even home healthcare services.

The thriving health tech start up ecosystem we see today has also been empowered by global innovation platforms that hand hold start ups, nurture them thereby enabling cross border collaboration and knowledge sharing that will boost the R & D ecosystem in India. Several incubator and accelerator programs are providing technical guidance, domain expertise and other industry software to empower startup’s and advance innovation.

In a digitally driven world , these health technology start ups have become channels for offering innovative solutions to improve outreach of services to the underserved population in the country (70%) .In an economy of 1.3 billion people , health tech start ups have a carpet of opportunities laid out , fueled by several drivers like growing healthcare awareness, the preventive mindset and rising burden of communicable diseases and NCD’s ,this space is expected to position Indian healthcare as a powerhouse of innovation on the global platform.

In an interview with IndiaMedToday , Dr Santosh Bhargav D B, Director of SpOvum technologies; Matilde Giglio, Co-founder, Even.in; Rajat Jain- Founder Sunfox Technologies and Mr Mudit Dandwate, CEO Dozee share the growth stories of their respective start up’s, the challenges faced and outlook for the year ahead.

1. 2024 saw significant challenges in securing funding for Indian pharma startups, as studies suggest. How did your company navigate this landscape, and what are your thoughts on this trend?

Sunfox technologies  : Challenges are never easy, but we embraced them because we believed in what we were building. Our dedicated research team created a solution to meet the real-world needs of modern healthcare, particularly in heart health, where heart disease is a leading cause of death globally. Even with the funding challenges in 2024, we focused on forming strong partnerships to fuel our growth. By backing our claims with solid data, we demonstrated the critical need for innovation in this space. As a result, we secured ₹15 crore in funding, which has supported the expansion of our heart health solutions, improving patient outcomes and helping us grow both our market share and revenue. It’s this sense of purpose that keeps us moving forward, and with growing investor confidence, we are excited for the future and the impact we can make.

Dozee : 2024 was undeniably a testing year for startups across sectors, including healthcare and pharma. Dozee’s journey, however, stands as a testament to resilience and strategic foresight. While many struggled with funding constraints, our commitment to Health AI-driven innovation and real-world impact enabled us to thrive. We expanded our footprint to the USA, UAE, and Africa. This success underscores that companies with a clear vision, a robust foundation, and a focus on tangible outcomes can navigate even the most turbulent times. The trend highlights the need for startups to prioritize scalable, impactful innovations that address real healthcare challenges.

Even: The ongoing support from our investors has been instrumental in helping us secure additional funding, even amidst the evolving landscape for Indian healthcare startups in 2024. This year marked a period of transformation for the sector, with startups leveraging advancements in technology, AI, and telemedicine to bridge gaps in accessibility and affordability. With a focus on expanding our healthcare plan subscriber base and establishing hospitals, we successfully raised $30 million in Series A funding earlier this year.

2. What were the biggest challenges your company faced in 2024, and how have you adapted to ensure growth and resilience in the coming year?

Sunfox technologies  :Reaching remote and underserved areas was one of our biggest challenges this year, especially in places with limited transportation and internet access. But we didn’t let these barriers stop us. Through free ECG camps, we brought life-saving care to people who needed it most, changing lives and even saving them. To support this growth, we focused on hiring passionate people who share our mission and ensure we maintain the quality of care we provide. With a dedicated team and a clear focus on patient outcomes, we’re ready to keep expanding and making a real difference in the lives of those who need it most.

Rajat Jain- Founder Sunfox Technologies

SpOvum technologies  : The IVF industry is not yet accustomed to Made-In-India products. Our competitors have set high-quality standards, and we recognize the need to match and surpass these benchmarks. Innovating and improving upon established expectations requires substantial preparation, rigorous quality control, and dedicated effort. By investing in R&D, strengthening our quality assurance measures, and building strategic collaborations, we are positioning ourselves to achieve sustainable growth and resilience in the year ahead.

Dr Santosh Bhargav D B, Director of SpOvum technologies

Dozee:  Dozee’s evolution in 2024 involved adopting a global mindset across products, services, and culture to meet diverse market needs. As Health AI gains traction worldwide, we faced the challenge of tailoring our solutions for varied healthcare systems while maintaining our core promise of patient safety and efficiency. Our focus on adaptability—be it through refining our technology for ambulatory care or enhancing our service delivery for international markets—has positioned us strongly for 2025. By embracing change and fostering a culture of continuous learning, we’ve built a resilient organization poised for sustained growth.

Mr Mudit Dandwate, CEO Dozee

Even : We are an early-stage company and we need to constantly evolve to improve our customer experience. For us, the year was quite promising and we saw manifold growth. For the coming year, we are hiring the best talent we can find to strengthen our teams. We continue to make healthcare delivery more strategic by improving triaging, reducing readmissions and strengthening our network to improve both quality and cost of our services. The biggest step in this direction is the launch of our own hospitals about which we are very excited.

Matilde Giglio, Co-founder, Even.in

3. What were the most notable innovations or breakthroughs your startup achieved in 2024, and how have they contributed to the industry?

Sunfox technologies : In 2024, one of our most notable innovations was the continued evolution of Spandan Neo, which we first launched in 2023. We knew from the start that it had the potential to transform healthcare and we were right. The device provides quick and accurate ECG diagnoses in just minutes, enabling detection of heart conditions early and taking immediate action. This breakthrough has not only helped save lives but has also demonstrated the power of technology to make a tangible difference in healthcare. By making high-quality diagnostics more accessible, Spandan Neo is contributing to a future where better heart health outcomes are within reach for more people, especially in underserved areas.

SpOvum technologies : ART GPT: Revolutionizing Assisted Reproductive Technology
Building on the success of our IVF software, we introduced ART GPT, a cutting-edge AI solution utilizing curated ART-specific datasets. Key features include:

• Personalized Protocols: Tailoring treatment protocols to each patient’s unique profile to enhance efficiency and reduce trial-and-error.
• Automated Data Insights: Streamlining embryology workflows by providing real-time lab performance metrics and informed clinical decision-making.

3. RoboICSI®: Pioneering Precision in Embryology
RoboICSI® is a state-of-the-art robotic system designed to transform ICSI procedures by:

• Enhanced Precision: Delivering sub-micron accuracy, surpassing human dexterity in micromanipulation.
• Consistency: Eliminating human variability, ensuring uniform quality and minimizing fertilization risks.
• Scalability: Reducing embryologist workload and enabling clinics to manage a higher volume of IVF cycles efficiently.

Lab Management Solutions: Consolidating lab quality data, patient information, clinical records, embryology data, and SOPs into a single platform.

PERSONNEL

• Clear guidelines and efficient resource allocation
• Easy cycle and patient data management
• Data-driven insights for research and education

LABS & EQUIPMENT

• Lab health monitoring, reporting, and alerting
• Accurate tracking of gametes and consumables
• Real-time workflow validation through Smart Witness

PROCESSES

• Transparent tracking and traceability of SOPs
• Instant report generation with graphs and statistics
• Reduced costs through improved efficiency and control

Dozee : 2024 was a landmark year for Dozee, solidifying our position as India’s No. 1 remote patient monitoring (RPM) company. Our commitment to innovation and patient safety was evident in the transformative strides we made across multiple fronts. Dozee introduced two groundbreaking products: Dozee Shravan, a clinical-grade, AI-powered remote parent monitoring system that enables NRIs to stay connected with the health of their elderly parents in India, and Dozee VS, a next-generation AI-powered remote patient monitoring solution designed for continuous and contactless tracking of patient vitals. These innovations have expanded the boundaries of healthcare accessibility and strengthened our leadership in the health AI ecosystem.

A significant achievement was the landmark study conducted at King George’s Medical University (KGMU) and published in Frontiers in Medical Technology, which showcased Dozee’s Early Warning System (EWS) capabilities in predicting patient deterioration up to 16 hours in advance. This breakthrough underscores the life-saving potential of AI in healthcare and reinforces our mission to redefine patient safety standards.

Additionally, we developed new patient care pathways in ambulatory care, cardiac monitoring, dialysis management, and step-down ICUs. Our commitment to research and innovation was further demonstrated through multiple patents and publications across India and the US, establishing us as pioneers in Health AI. These milestones, along with our relentless focus on real-world evidence (RWE), cement Dozee’s reputation as a leader in India’s RPM market and a global innovator in advancing healthcare through technology.

Even Healthcare : In 2024, our vertically integrated model emerged as a significant innovation, seamlessly aligning the incentives of hospitals (providers), insurers (payers), and customers. Additionally, we revolutionized accessibility by introducing healthcare triage directly through our app, powered by our dedicated team of in-house doctors. We are constantly nudging our members towards better managed care and working on reducing readmissions through better post-Op follow-ups. These advancements help enhance convenience, transparency, and trust in healthcare services.

 4. Looking back at 2024, how did your company perform in terms of revenue growth and market expansion? What were the key factors driving this performance?

Sunfox technologies : Looking back at 2024, Sunfox has continued its strong trajectory of revenue growth, with this year’s revenue surpassing last year’s figures. This growth has been driven by our expanded product offerings, catering to a wide range of users—from home use to government applications. By introducing solutions that meet the needs of different categories of users, we’ve been able to tap into diverse markets and create lasting value. However, beyond the numbers, we measure our success by the lives we impact every day. Whether it’s through early ECG detection or accessible healthcare solutions, the real impact of our growth is seen in the lives we help improve and the communities we serve.

SpOvum technologies : In 2024, SpOvum experienced remarkable growth and solidified its position as a leader in reproductive health technology. We anticipate closing the next fiscal year with a top-line revenue of Rs. 20-25 crores, surpassing Rs. 7 crores this fiscal year. Achieving a 250% year-over-year revenue growth rate and partnering with over 40 clinics across India, SpOvum’s success was driven by:

• Technological Innovation: Our focus on cutting-edge technologies, such as RoboICSI® and time-lapse imaging solutions, attracted leading IVF centers and enhanced clinical outcomes.
• AI Integration and Data-Driven Insights: ART GPT and the SpOvum.ai platform broke down data silos, enabling clinics to improve success rates and streamline operations.
• Scalable Operating Framework: Robust SOPs and operational excellence ensured consistent service delivery and facilitated rapid market expansion.
• Strategic Partnerships: Backed by LifeCell and partnerships with over 40 clinics, SpOvum leveraged financial and operational strength to increase brand trust.
• Global Vision: Embodying a “Made-in-India, Made-for-the-World” approach, we laid the groundwork for international expansion into Kenya and beyond, collaborating with hospital chains to establish IVF laboratories across East Africa.

Dozee :Fueled by the rising recognition of Health AI's capabilities, Dozee achieved unprecedented growth in 2024, with a 5x increase in revenue and substantial market expansion. This success was fueled by rising market awareness of Health AI's potential and a growing focus on patient safety among top healthcare players. Our ability to deliver real-world evidence (RWE) showcasing Health AI's transformative power resonated with partners and providers alike. Additionally, by expanding our offerings across diverse care segments, we captured new markets while solidifying our leadership in India’s RPM space. This momentum highlights the increasing trust in technology as a cornerstone for improving healthcare delivery.

Even : As mentioned earlier, we grew more than twice over the previous year to reach an ARR of $28M. India is an underserved market that is crying out for accessible, integrated healthcare solutions and our product-market-fit is perhaps the largest reason for our growth in addition to our constantly improving services that win us the continued support of our members. 

5. As the healthcare and pharma sectors evolve rapidly, what emerging technologies or trends do you plan to focus on in 2025?

Sunfox technologies :In 2025, our goal is clear: we're not just building a local company, but a global brand. We want to be a leader in science and technology, driving innovation in healthcare. To do this, we're using AI and advanced technology to help clinicians with faster and more accurate diagnostics, especially in critical areas like heart health.

We're also focused on expanding our reach and improving access in underserved areas, making sure our products are available to those who need them most. At the heart of our strategy is a commitment to innovation, with a focus on developing high-tech, advanced medical devices. By staying true to this vision, we aim to make a real impact on healthcare both in India and around the world.

SpOvum technologies: In 2025, we anticipate a transformative phase as personalized healthcare gains momentum. Our focus areas will include:

• AI & Predictive Analytics: Enhancing ART GPT to refine embryo selection, tailor treatments, and improve predictive diagnostics, reducing the number of treatment cycles and associated costs.
• Robotics & Automation in Embryology: Launching ROBO ICSI and automating routine lab tasks to increase efficiency, consistency, and scalability—particularly in regions with high demand.
• Time-Lapse Imaging Systems: Employing advanced AI-driven image analysis for continuous embryo monitoring and improved selection criteria.
• Remote Fertility Consultation Platforms: Expanding access to underserved regions through AI-enabled digital tools, connecting patients with experts for preliminary assessments and referrals.
• Genomic Integration in ART Protocols: Incorporating genetic profiling into ART treatments for personalized care and enhanced outcomes.
• Sustainability Initiatives: Adopting eco-friendly materials and partnering with organizations to promote responsible manufacturing, aligning with global ESG standards and improving brand reputation.

Dozee : Health AI will remain central to Dozee’s strategy in 2025. We are committed to driving efficiency and quality in healthcare delivery at an affordable cost to enable transformation at scale. Key focus areas include AI-powered predictive analytics, enhanced remote monitoring systems, and solutions designed for chronic care and eldercare management. 

Even : We are committed to creating secondary-care hospitals that leverage technology, our OPD, IPD and teleconsultation experience and our deep knowledge of the insurance ecosystem for a differentiated customer experience. Our AI-powered health assistant, Even Steven, will be scaled further to provide quality healthcare advice to a larger base of people. Our clinical team is focused on reducing readmissions towards bringing down care-costs. These are some of our focus innovations for 2025. 

 6. What is your outlook for 2025 in terms of opportunities, challenges, and strategies for growth in the Indian healthcare and pharma startup space?

Sunfox technologies : Challenges will come and go, but our purpose is unwavering. With every step forward, we’re reminded why we do this, to touch lives, to make healthcare better, and to ensure no one is left behind. In the near future, we plan to launch more variants of our portable ECGs to cater to different needs, along with other medical devices designed to improve patient outcomes. Additionally, we’re working towards cracking the US FDA approval, which will open doors for us to expand our global presence. Expanding our distributorship network will also play a key role in ensuring that our life-saving solutions reach even more communities around the world. We believe everyone deserves access to care that could save their life, and we’re committed to making that a reality in 2025 and beyond.

SpOvum technologies :We remain optimistic about the opportunities ahead.

• Opportunities: Government initiatives like the Ayushman Bharat Digital Mission create a supportive regulatory environment for health tech innovation. Rising healthcare costs, growing disposable incomes, and advancements in AI and IoT will spur demand for affordable, efficient, and sophisticated healthcare solutions.
• Challenges: Navigating regulatory compliance, ensuring data privacy and security, and addressing talent gaps in biotech, AI, and healthcare pose significant challenges. Limited infrastructure in rural areas also requires creative solutions to improve accessibility.
• Strategies for Growth:

1. Innovation & R&D: Prioritizing research in personalized medicine and digital health solutions to maintain market leadership.
2. Strategic Partnerships: Collaborating with established players, academia, and government bodies to enhance credibility, resource access, and market reach.
3. Market Diversification: Expanding into emerging markets and broadening product portfolios to mitigate risk and meet global healthcare demands.

Dozee : 2025 stands as a pivotal year for healthcare transformation, with Health AI driving the next wave of innovation and impact. The expanding demand for healthcare in Tier 2 cities, supported by key hospital acquisitions in 2024, signals a significant shift toward decentralizing access to quality care. Consolidation in the hospital market and a rapid increase in hospital bed capacity further highlight the sector’s readiness for large-scale transformation. Simultaneously, the eldercare and chronic care management markets are witnessing unprecedented growth, fueled by India’s aging population and increasing prevalence of long-term health conditions. Health insurance penetration is also rising at an impressive pace, yet it still offers massive headroom for further expansion.

However, challenges persist. Patient safety remains undervalued across the industry, compromising outcomes and escalating costs. Technology adoption, though improving, continues to lag—only 35% of Indian hospitals currently utilize even EMR systems. Bridging these gaps is quite essential to realizing the full potential of healthcare innovation.

At Dozee, we see these challenges as opportunities to lead. Indian startups have a unique opportunity to make a significant global impact by leveraging solutions developed in the country's diverse and demanding healthcare landscape. While healthcare challenges vary by region, innovations proven effective in India possess immense potential to drive global transformation. For Indian startups, the opportunity lies in positioning India not just as a participant but as a launchpad for scalable, world-class innovations that can address critical healthcare needs on a global scale.

Even : We feel the sky's the limit for value-creation in the Indian healthcare sector. We feel the government, the industry and especially the startup ecosystem can collaborate to make healthcare and healthcare insurance more affordable, accessible and trustworthy for the masses. 

Conclusion : 

Health tech startups have emerged strong in the dynamic healthcare market, impacting millions by way of their disruptive solutions and affordable services. Powered by diverse product portfolios and digital technologies, these transformative start ups are poised to clinch the Indian market. This sector is expected to gain momentum driven by the favorable regulatory environment, supportive government policies and the investment allure of these burgeoning health tech start up’s.