Between 2014 and 2019, the number of health tech startups in Brazil more than doubled from 160 to 389 companies
FREMONT, CA: The number of health tech startups in Brazil more than doubled from 160 to 389 between 2014 and 2019. One of the most remarkable statistics is how quickly the industry flourished before the pandemic struck. Since the outbreak, these businesses have grown in leaps and bounds. The most intriguing trend, however, has been how health-care-related enterprises have transferred their focus to the health sector. Gympass, Brazil's unicorn gym membership business, was battered in the early months of Covid-19, but quickly shifted its focus to incorporate remote nutrition and mental health services.
Yana, a Mexican mental health business, gained from the ability to provide online consultations. It allowed users to handle their mental health more privately than going to a therapist in person in a country where going for therapy is associated with craziness. Yana’s founder opinionated that the most noteworthy trend has been the manner in which healthcare-related businesses have turned their focus to the healthcare industry.
Contextualized health care also adds value in other ways. Beyond having access to services and medical care in Spanish or Portuguese, even the platforms that local entrepreneurs are deploying are specifically designed for Latin Americans in ways that other geographies may not require. Hence many regional health techs use Facebook Messenger, a technology that many Latin Americans are familiar with and often receive for free as part of their data packages.
Many of these businesses are now generating large enough funding rounds to begin acquiring their rivals. Alice, a Brazilian company, just bought Cuidas. Meanwhile, Grupo Inexoos, a Chilean holding company focusing on health technology, aims to grow across Latin America by acquiring other businesses.