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ARTICLE ADHealth Tech is booming, projected to grow from $312.92B in 2024 to $981.23B by 2032. Serhiy Tokarev highlights its social and business impact, with AI, scalability, and global health transformation at its core.
Health Tech represents a perfect intersection of business and social impact. That is why Serhiy Tokarev, co-founder and partner at Roosh Ventures, is particularly interested in this sector. He shared his thoughts in an op-ed for Ukrainian media Mind.
“According to forecasts, the Health Tech market is expected to grow from $312.92 billion in 2024 to $981.23 billion by 2032. And it’s no surprise,” says Serhiy Tokarev.
Serhiy TokarevThe Social Component
The entrepreneur highlights the key reasons for his interest in this field from a social perspective.
Health is the most valuable resource for every individual. The importance of products and solutions that directly or indirectly improve health quality and life expectancy will only continue to rise. Health Tech spans a broad range of directions and caters to diverse audiences. It is an entire ecosystem that combines MedTech, BioTech, IoT, and other cutting-edge technologies. It offers an opportunity to contribute to truly global changes.Specifically, changes at the personal level can be made by making medicine more personalized. At the city and country level, it facilitates access to healthcare services. On a global scale, by reducing the cost of solutions and enhancing their accuracy.
The relevance of Health Tech is especially pronounced for Ukraine and its people. In the context of war, it has become more critical than ever, to address needs such as mental health support and solutions for prosthetics and physical rehabilitation.
Business Component
Serhiy Tokarev also outlines business reasons that make Health Tech an attractive investment opportunity. Key factors include:
Market Growth. Forecasts predict a compound annual growth rate (CAGR) of 15.4% for the Health Tech sector in the coming years, with digital solutions growing even faster, at an average of 21.9% annually.
Scalability. According to the investor, many products in this field are not limited to specific medical specialities or countries but can integrate into diverse healthcare systems worldwide.
AI Potential. Currently, 38% of new investments in healthcare focus on AI-powered solutions, such as tools for predicting disease progression, monitoring patient conditions, and assisting in drug development. Serhiy Tokarev notes that startups incorporating AI are often valued 2 to 5 times higher than their competitors.
Regulatory Support. Governments and international organizations recognize the importance of developing Health Tech and actively provide support for its growth. This support includes streamlined administrative processes, financial assistance, and operational aid, which can significantly reduce potential risks.
Untapped Niches. The complexity of the human body, the need for specialized tools, and the drive to optimize and accelerate various processes contribute to a wealth of untapped opportunities within the industry.
This vision inspired the launch of Generation H, a joint initiative by SET University and the Tokarev Foundation. The program aims to support young entrepreneurs and startups in developing groundbreaking healthcare solutions.
While acknowledging the significant potential of the Health Tech sector, Serhiy Tokarev also recognizes its challenges. These include stricter product requirements and certifications, as well as high standards for cybersecurity when managing sensitive data.
Nevertheless, Tokarev emphasizes that these challenges do not diminish the sector’s potential. The risks, he believes, are justified as they pave the way for creating solutions that can profoundly improve people’s lives.
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