Healthtech
Investment
Opportunities in
Mexico Gianfranco Vidal
HEALTHTECH, OR HEALTH TECHNOLOGY, ENCOMPASSES A SET OF TECHNOLOGICAL INNOVATIONS DESIGNED TO
OPTIMIZE THE DELIVERY OF HEALTHCARE SERVICES AND IMPROVE THE MANAGEMENT AND ACCESS TO MEDICAL CARE.
THIS SECTOR INCLUDES A WIDE RANGE OF TECHNOLOGICAL APPLICATIONS, FROM ADVANCED MEDICAL DEVICES AND
HOSPITAL MANAGEMENT SOFTWARE TO ARTIFICIAL INTELLIGENCE-BASED SOLUTIONS FOR DIAGNOSTICS AND
TREATMENTS.
Mexico spends 5.5% of its GDP on healthcare (USD $1,181 per capita), a low figure compared to the OECD average
(9.2%, USD $4,986 per capita). This is reflected in low national healthcare service indicators, with 2.5 doctors per 1,000
people per capita (vs. 3.7 for the OECD average) and 2.9 nurses (vs. 9.2 for the OECD average).
According to the Radar 2023 study prepared by the HealthTech Mexico Association, the healthtech industry grew by
300% in 2022 compared to the previous year. This boom is reflected in the global context, where global investment in
health and technology is projected to rise from USD 175 billion in 2019 to USD 660 billion by 2025. Regarding digital
health in Mexico, total revenue in 2023 was USD 1.93 billion
Healthtech
in México
Key Growth Drivers of HealthTech in Mexico
Market Growth: 300% growth (2022), $1.93B market (2023).
Government Investment: $7.6B pharma purchase (2025-2026), 4,454 medications.
Digital Adoption: Telemedicine 4x growth, digital prescriptions 3.5x increase.
Tech Infrastructure: 78% internet, 75% smartphone penetration, expanding 5G.
Consumer Behavior: 85% prefer telehealth, 47% of private healthcare is digital.
VC & Startups: $200M+ in funding, key players: Clivi, Sofía, Medikit
FUENTE: PANORAMA DE LAS HEALTHTECHS EN MÉXICO, 2023, AVANCES, RETOS Y OPORTUNIDADES, DELOITTE/HEALTHTECH EN MÉXICO, ICEX 2023
Healthtech in México
COMPETITIVE LANDSCAPE Barriers to Entry
Key Players Regulatory Compliance: Strict health & data protection regulations.
Traditional Market Resistance: Slow adoption by hospitals & healthcare
Clivi: Telemedicine and patient monitoring; over 300,000 patients served. providers.
Sofía: Digital health insurance and online consultations; 12M users in 2023. Funding Access: Early-stage startups face capital constraints.
Medikit: Electronic health records and hospital management; used by 500+
hospitals.
Welbe Care: Raised $7M in Series A (2023), focusing on digital health services
for chronic disease management.
Plenna: Women’s health platform with 500,000+ users and a growing virtual
healthcare network.
Alivio Salud: Offers AI-powered diagnostics, digital pharmacy, and genetic
testing; over 1M tests conducted.
Apotheka: Pharmacy optimization for healthcare; works with over 100
pharmacies to enhance operational efficiency.
Market Fragmentation
70% of HealthTech startups in Mexico are 1-7 years old (avg. 6.7 years).
83% of companies are in the early development or launch phase.
$25M in VC funding (2023), positioning Mexico as the 4th largest HealthTech
market in LATAM.
FUENTE: PANORAMA DE LAS HEALTHTECHS EN MÉXICO, 2023, AVANCES, RETOS Y OPORTUNIDADES, DELOITTE/HEALTHTECH EN MÉXICO, ICEX 2023
Healthtech in México
Risks & Challenges Exit Strategies
Fragmented Healthcare System: Public and private sectors lack integration; IPOs: HealthTech companies with strong growth, like Plenna or Welbe Care,
60% of the population is covered by IMSS, but digital adoption is slow. may pursue IPOs to raise capital on global exchanges (NYSE, NASDAQ) as
Regulatory Risks: Strict health and data privacy laws (COFEPRIS, LFPDPPP); Mexico’s market evolves.
telemedicine regulations are inconsistent across states. Strategic Buyers: Large players (e.g., Amazon, Pfizer) may acquire startups with
Macroeconomic Instability: 8% inflation (2023) and economic disparity hinder advanced tech and large user bases, as seen in PillPack’s acquisition by
consumer spending on digital health services, especially in rural areas. Amazon.
Adoption Resistance: Doctors and healthcare workers are skeptical of digital Secondary Buyouts: Private equity firms may sell stakes in high-growth firms
tools; internet access issues persist in rural areas. like Medikit or Alivio Salud to other PE firms, providing an exit while supporting
Competition & Market Saturation: Rapid growth in HealthTech startups; $25M further growth.
in VC funding (2023) increases competition, especially from international Recapitalization: Companies like Welbe Care can raise funds through
players. debt/equity recapitalization, fueling growth while retaining control.
Low Health Literacy & Trust: Low digital health adoption due to data privacy Strategic Partnerships: Plenna and Apotheka may form partnerships with large
concerns and lack of education on health technology benefits. firms (Microsoft, Amgen) for capital, distribution, and market expansion.
FUENTE: PANORAMA DE LAS HEALTHTECHS EN MÉXICO, 2023, AVANCES, RETOS Y OPORTUNIDADES, DELOITTE/HEALTHTECH EN MÉXICO, ICEX 2023
Target Companies
1. Sofía – Digital Health Insurance 5. Welbe Care – Chronic Disease Management
Revenue & EBITDA: ~$10M revenue, ~$1.5M EBITDA Revenue & EBITDA: ~$2M revenue, ~$400K EBITDA
Growth Potential: Expanding digital-first health insurance model to Growth Potential: Expansion into preventive care and B2B partnerships with
underserved populations employers
Investment Score: 4/4 – Scalable business with strong VC backing Investment Score: 3/4 – Niche but strong retention potential
2. Plenna – Women’s Health & Wellness 6. Apotheka – Pharmacy & Supply Chain Optimization
Revenue & EBITDA: ~$4M revenue, ~$700K EBITDA Revenue & EBITDA: ~$3.5M revenue, ~$600K EBITDA
Growth Potential: Expanding specialized health services and digital Growth Potential: AI-driven pharmacy inventory management and last-mile
engagement for women distribution
Investment Score: 4/4 – High-demand niche, growing focus on preventive care Investment Score: 3/4 – Tech-driven differentiation in an essential industry
3. Medikit – Electronic Health Records (EHR) 7. Salud Fácil – Healthcare Financing & Lending
Revenue & EBITDA: ~$5M revenue, ~$800K EBITDA Revenue & EBITDA: ~$7M revenue, ~$1.2M EBITDA
Growth Potential: Increasing adoption of digital health records across private Growth Potential: Expanding financing options for elective and preventive
healthcare providers healthcare services
Investment Score: 3/4 – Growing demand but fragmented market Investment Score: 3/4 – Addressing financial barriers, fintech opportunity
4. Alivio Salud – AI-Powered Healthcare Services
Revenue & EBITDA: ~$6M revenue, ~$1M EBITDA
Growth Potential: AI-driven diagnostics and automation for cost reduction and
efficiency
Investment Score: 4/4 – Strong technology moat, scalable business
FUENTE: PANORAMA DE LAS HEALTHTECHS EN MÉXICO, 2023, AVANCES, RETOS Y OPORTUNIDADES, DELOITTE/HEALTHTECH EN MÉXICO, ICEX 2023
Key Investment Conclusions –
Mexico’s HealthTech Sector
Strong Market Growth & Scalability
Strategic M&A and Exit Potential
Mexico’s HealthTech market is growing at >15% CAGR, driven by digital
Active interest from Amazon, Pfizer, and regional PE firms; prior funding
transformation and increased private healthcare spending.
rounds reaching $20M USD indicate strong acquisition potential.
Expanding Total Addressable Market (TAM)
Regulatory and Operational Risks
The sector’s TAM exceeds $4B USD, with significant opportunities in
Regulatory uncertainty exists, but low government reliance reduces
telemedicine, AI-driven diagnostics, and digital insurance.
exposure; high CAC requires optimized LTV/CAC strategies.
High-Margin, High-Growth Companies
Institutional Investment Appeal
Shortlisted firms maintain EBITDA margins >15% and annual revenue growth of
The sector’s resilience to macroeconomic fluctuations and alignment with
15%-30%, demonstrating strong unit economics.
ESG mandates make it attractive to institutional investors.
Fragmented Competitive Landscape
No single dominant player; key companies include Sofía (digital insurance),
Medikit (EHR), Plenna (women’s health), and Alivio Salud (AI-driven care).
FUENTE: PANORAMA DE LAS HEALTHTECHS EN MÉXICO, 2023, AVANCES, RETOS Y OPORTUNIDADES, DELOITTE/HEALTHTECH EN MÉXICO, ICEX 2023
Thank
You
