Since Ukraine’s eastern neighbour launched a full-scale invasion, the country’s healthcare system has come under severe pressure and has had to find novel solutions at speed. Ukraine now boasts one of the largest healthtech sectors, thanks to engineers, capital funds, and doctors working to make it real. Sergey Tokarev shared the uniqueness of the Ukrainian innovation market and opportunities for investors. He is an investor, IT entrepreneur, and co-founder of the Roosh investment group.
The Impact of the War on Ukraine’s Healthtech Market
The full-scale invasion put Ukraine’s healthcare sector under severe pressure: it became necessary to treat the wounded quickly, simplify access to doctors, and strengthen medical supply logistics. Early solutions were developed by healthcare professionals, start-ups, and engineers.
“The start-up ecosystem of the nation was already robust. The top ten largest start-up rounds raised $300 million in 2024. Esper Bionics, which raised $5 million to develop the first-ever bionic ecosystem in the world, was one of the big deals. The company was previously recognized for making a robotic arm that Time magazine rated one of the 200 best inventions of 2022 and featured on its cover,” Tokarev says.
The start-up ecosystem is supported by a range of organisations, foundations, and incubators, including the Ukrainian Startup Fund, u.ventures, Google for Startups, USAID, Horizon Capital, and UVCA.
Healthcare Digitalisation and the Most Promising Areas
Healthcare digitisation in Ukraine began before the full-scale invasion and accelerated further once hostilities intensified. For example, the Helsi platform, which allows users to book doctor appointments, now has 29 million registered patients. It processes around 200,000 bookings every day.
Another strong example is the Liki24 medicine marketplace, which enables users to reserve and purchase medical products at nearby pharmacies. The marketplace has shown that scaling is possible even during wartime: while revenue from the EU accounted for 30–40% in 2023, today it stands at 70%.
Sergey Tokarev also highlights other fast-developing areas:
- Mental health: around 10 million Ukrainians are at risk of developing mental health conditions, including 1.4 million children.
- Rehabilitation and prosthetics: according to experts, the war has left Ukraine facing the prospect of 20,000–50,000 amputations.
- Data and logistics: growth in this area is driven by the wider adoption of supply chain management systems, AI diagnostics, and electronic medical records.
“Anything that can be developed and scaled in Ukraine under extreme conditions can work anywhere. So, despite the risks, investors should pay special attention to Ukrainian healthtech start-ups,” Tokarev says.
According to the IT entrepreneur, Ukraine is shaping a model for the future of global healthcare—a flexible, digital system capable of responding quickly to large-scale challenges and crises.
“In Ukraine, healthcare innovation is not an option; it is a necessity dictated by circumstances. Today, we have one of the most promising healthtech frontiers, and investors looking for the future of healthcare should pay attention to it,” Sergey Tokarev adds.
