全球数字健康状况报告

Makesmartertech decisions.Our platform will help youdiscover, understand, andmanageyour response to emerging tech. Make confidenttech decisions that drive growth, improve operations, andbeat the competition with CB Insights.▮▮▮▮IIIITry our platform–free!Sign up for a free trial “Steal” our data.Download the underlying data in this report. If you createany analysis or visualizations with this data, send it ourway and you could be featured in the CBI newsletter.@ us on social–LinkedIn X (Twitter)Instagram▮▮▮▮IIIIDownload the raw dataSign up for a free trial TL;DRYour rundown ondigital healthin Q1’2546%Mega-rounds’ shareof digital healthfunding in Q1’25.Mega-rounds ($100M+deals)totaled$2.5B across11 deals—more than doubleQ4’24’s total.These rounds captured 46%of all digital health funding,the highest share sinceQ4’21.AI-focused startupssecured 8 of these 11deals,including Isomorphic Labs,Truveta,and Innovaccer.See the data→60%Of funding went toAI-focusedcompanies.AI startups raised $3.2B inQ1—60%ofalldigital healthfunding,upfrom41% in2024.Deal volume rose6%QoQ,even asoverall dealsdeclined. Top-funded areasincluded AI-derived smallmolecule drugs and clinicaldocumentation tools.See the data→27%Uptick in M&A exitsin Q1’25.M&Aactivity surged 27%QoQto 51deals, the highestlevelsince Q1’23 Thisincrease was driven entirelyby US companies, while M&Ain Europe and Asia declined.The quarter featured two$1B+acquisitions:CentralReach($1.6B)andAlto Pharmacy($1.5B),highlighting renewed buyerinterest in scaled platformswith proprietary data.See the data→$5.3BDigital healthfunding in Q1’25, thehighest since Q2’22.See the data→Equity funding surged 47%QoQin Q1’25—thestrongest showing sinceQ2’22—even as deal volumedeclined 9%.This consolidation pushedthe global median deal sizefrom $5.4M to $6.4M,reflecting investorpreference for later-stagestartups with regulatorymilestones and scalable AIplatforms. 6New digital healthunicorns.Q1’25saw 6 newunicorns—more than all of 2024andthe mostina single quartersince Q2’22.Half leverageAIforproviderworkflows, includingHippocratic AI (patientfollow-up),Abridge (clinicaldocumentation), andOpenEvidence(decisionsupport).OpenEvidencehitunicorn status with just 21employees.See the data→ 4 Digital healthequity fundingup 47% asinvestorsconcentratecapitalTL;DRState ofDigital Health▮▮▮▮▮▮▮▮▮▮IIITrack 11K+ digital health companies Mega-roundsdrive 46% ofdigital healthfunding, led byAI startupsTL;DRState ofDigital Health▮▮▮▮▮▮▮▮▮▮IExplore this quarter’s mega-rounds AI startupspulled in 60% ofQ1’25 digitalhealth fundingQuarterly share of digital healthfunding going to AI companiesTL;DRState ofDigital Health▮▮▮▮▮▮▮▮▮▮▮▮▮▮ISee 370+ high-potential AI startups in digital health US companiesfuel a Q1’25M&A resurgenceTL;DRState ofDigital Health More unicornsare born inQ1’25 than inall of 2024TL;DRState ofDigital Health▮▮▮▮▮▮▮▮▮▮▮▮IIIIISeeall ofdigital health’s current 120+ unicorns ContentsGlobal TrendsInvestment TrendsUnicornsExit TrendsInvestorsGeographic TrendsUSSilicon ValleyNew YorkBostonAsiaEuropeUnited KingdomState of Digital Health 11123541454950566064687480 11 Global Trends Investment Trends Annual equity funding & dealsState of Digital Health|Global Trends|Investment Trends$52.4B$26.6B2,9192,43020212022 Quarterly equity funding & dealsState of Digital Health|Global Trends|Investment Trends$11.4B$14.7B$12.1B$14.2B$10.1B$7.6B$4.8B713748768690807612548Q1Q2Q3Q4Q1Q2Q320212022 $4.0B State of Digital Health|Global Trends|Investment TrendsUS$3.4B166 DealsCanada$14M8 DealsLatAm$49M2 DealsFunding & deals by global region in Q1’25 Europe$1.5B62 Deals$0.2M2 Deals Percent of quarterly deals by global regionState of Digital Health|Global Trends|Investment Trends54%51%50%49%50%51%56%55%19%21%25%23%22%21%19%17%19%22%17%22%21%21%18%23%7%6%8%6%7%7%7%Q1Q2Q3Q4Q1Q2Q3Q420212022 53%54%54%54%16%16%19%18%25%22%21%22%7%7%5%7%Q1Q2Q3Q42023 Percent of quarterly deals by investor groupState of Digital Health|Global Trends|Investment Trends35%35%31%33%33%33%33%31%29%18%17%18%17%16%19%21%19%19%7%8%9%8%7%8%8%9%10%10%11%11%13%12%12%10%11%12%7%7%8%8%9%8%7%7%8%7%9%8%9%9%9%7%9%7%7%7%6%6%7%6%6%6%9%6%8%7%8%6%9%8%11%Q1Q2Q3Q4Q1Q2Q3Q4Q120212022 33%35%33%33%21%20%20%19%10%9%12%9%9%9%9%9%8%8%9%9%9%7%7%8%6%5%6%6%Q2Q3Q4Q12023 Annual average & median deal sizeState of Digital Health|Global Trends|Investment Trends$22.3M$13.8M$11.9M$16.9M2021202220232024Average Deal Size $23.8M2025YTD Annual median deal size by global regionState of Digital Health|Global Trends|Investment Trends$5.2M$5.0M$4.5M$7.0M$7.5M20212022202320242025YTDUS$3.0M2021 $3.2M$3.5M$2.6M20222023Asia Annual median deal size by investor groupState of Digital Health|Global Trends|Investment Trends$3.1M$5.0M$2.2M202120232025YTDAngel$55.0M$17.9M$25.2M202120232025YTDAsset/InvestmentManagement$16.0M20212023CVC $13.6M$21.0M2025YTD$13.0M2021Corp Quarterly funding & deals from mega-rounds (deals worth $100m+)State of Digital Health|Global Trends|Investment Trends