PitchBook年EMEA医疗市场快照

EMERGING TECH RESEARCH2025 EMEA Healthcare Market Snapshot PitchBook Data, Inc. Nizar TarhuniExecutive Vice President ofResearch and Market Intelligence Paul CondraGlobal Head of PrivateMarkets Research James UlanDirector of EmergingTechnology Research Overview of healthcare private market activity in theEMEA region Institutional Research Group Analysis PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Aaron DeGagne, CFASenior ResearchAnalyst, Healthcareaaron.degagne@pitchbook.com Data Sara GoodData Analyst Commentary Industry update pbinstitutionalresearch@pitchbook.com The EMEA region (Europe, Middle East, and Africa) covers a diverse landscape of over100 nations and more than 2 billion people. Within this broad footprint, just under halfof VC deal value is concentrated in just three cities: London, Paris, and Cambridge.And since 2016, Milan has accounted for the second-highest PE deal and exit value inthe region. PublishingDesigned byAdriana Hansen Published on 22 July 2025 Standout EMEA-based startups include CMR Surgical, Doctolib, and Kry, all of whichhave achieved unicorn status and appear likely to eventually go public, accordingto PitchBook’sVC Exit Predictor. However, the broader IPO landscape has remainedsluggish since its 2021 peak, as elevated interest rates and a pullback in valuations havemade traditional exit strategies significantly less appealing. As a result, public listingshave declined, deals between sponsors have slowed, and companies have faced tightercash and financing conditions. New entrants to the EMEA VC landscape, IsomorphicLabs and Neko Health, both achieved unicorn status after successful funding rounds of$579.1 million and $260 million, respectively. Beyond European hot spots, Tel Aviv has emerged as a significant contributor, withthe second-highest first-time financing count in the region, only trailing London.Further, it has the fourth-highest median VC valuation in the region, indicating stronginvestor confidence in its VC-startup landscape. Leading the way in Israel are Insightec(diagnostics) and ForSight Robotics (surgical robotics), both securing funding roundsexceeding $125 million over the past year. On the macroeconomic front, there is growing optimism in European markets, aseurozone inflation has reached its 2% target, accompanied by the European CentralBank’s eighth interest rate cut since last June, slashing rates from a peak of 4.5% to2.1%. However, the current regulatory landscape is marked with a lot of uncertaintyas the Trump administration’s tariffs threaten to affect the healthcare sector. TheEU appears willing to accept a 10% universal tariff but is seeking exemptions forkey sectors, including pharmaceuticals. Tariffs could still apply to other areas ofthe healthcare sector, such as EU exports of medical devices to the US. European pharmaceutical industry officials have raised alarms about the effects of reciprocaltariffs if EU drug exports are not exempted. Medicinal and pharmaceutical productsare Europe’s leading exports to the US, representing over 24% of all exports.1Pharma-focused startups have received the highest level of private investment in the EMEAhealthcare landscape, outraising medtech and healthtech combined since Q1 2023. Future opportunities With significant changes to the geopolitical landscape, Europe is attempting to positionitself as a hub for scientific development in the coming decade. In May, the EuropeanCommission (EC) allocated €500 million ($563 million) for its Choose Europe forScience initiative,2aimed at attracting US researchers to the bloc. After a proposed 56%cut to the National Science Foundation,³ and significant cuts to the National Institutes ofHealth and university funding and grants,4the EU is trying to position itself as the newsafe haven for science. With a long-term well-funded vision, consistent investment, streamlined policies,and broad political support, Europe is building an environment to actively shape thenext frontier of global science. Just recently, the EC announced €7.3 billion throughHorizon Europe, in addition to easing the application process, with an emphasis onhealth research and innovation.5France has launched Choose France for Science,pledging up to 50% of the costs per project to be funded by the state, while othercountries—including Austria, Germany, Greece, and Spain—have all written lettersproposing increased funding to attract researchers. Further, the Netherlandsannounced it would be committing €1.3 billion ($1.5 billion) to biotech funding ina move to become an industry leader.6As public sector instability threatens theresearch landscape in the US, the EU has the opportunity to realign the makeup ofglobal research leadership. VC and PE activity Healthcare VC activity in EMEA peaked in Q2 2021 with $5.6 billion of deal valueacross 581 deals. Deal activity sa