Asian healthcare deals heat up as investors bet big on brain tech and surgical robotics

Over the past year, private investors in Asia, particularly family offices based in Hong Kong, have demonstrated a heightened interest in cutting-edge medical technologies such as brain-computer interfaces and surgical robotics. This surge in healthcare deal activity is fueled by China's booming biotechnology sector and the region's growing aging population, which increases demand for advanced surgical and medicinal solutions.

According to William Chow, deputy group CEO of Raffles Family Office, the innovation is primarily centered in Asia.

The number of healthcare private equity funds engaged in Asia-Pacific transactions nearly doubled in the first half of the year, from 66 to 129 funds, as reported by Bain & Company. However, the total disclosed deal value for the same period decreased by 18% year-over-year to US$51 billion, indicating that while deal frequency is up, the overall value remains relatively stable.

At the MedTech World Asia conference in Hong Kong, Charles Hu, founder and CEO of Ryoden Medical Holdings, emphasized the burgeoning interest in neurotechnology and artificial intelligence. Hu stated that AI adoption is transitioning from drug discovery to direct clinical applications, such as enhancing surgical workflows through real-time feedback systems for surgeons.

Following a freeze on exit routes from 2021 to 2024, Hong Kong's thriving IPO market is now providing venture investors with an exit strategy, allowing them to reinvest their capital. Noah Medical, a surgical robotics company backed by SoftBank, is preparing for a Hong Kong public listing, potentially filing its application as early as next year.

Irene Hong, a founding partner at CEC Capital Group, highlighted that the current deal landscape features a concentration of large transactions rather than a multitude of smaller deals, with a global trend towards investing in emerging technologies like AI, surgical robots, and brain-computer interfaces.

Despite the increased deal activity, returns have been challenging due to a backlog of unsold assets and regulatory uncertainties worldwide. However, the increasing number of public listings, particularly in Hong Kong and mainland China, is providing relief for some firms. Tay Choon Chong, managing partner of Vertex Ventures China, anticipates that five to seven companies within his portfolio, covering AI, robotics, semiconductors, and photonics, will list in Hong Kong this year, compared to just two the previous year.

For deals that cannot wait for an IPO, secondary funds have emerged as a viable alternative exit route, with the global secondary market reaching a record US$240 billion in transaction volume in 2025.