2025年第二季度医疗科技VC和PE趋势（英）

EMERGING TECH RESEARCH Medtech VCand PE Trends VC and PE activity across the medtech ecosystem REPORT PREVIEWThe full report is available through the PitchBook Platform. Contents Medtech landscape3 Institutional Research Group Medtech VC and PE ecosystem market map4 Analysis VC and PE activity5 Aaron DeGagne, CFASenior Research Analyst, Medtech VC deal summary16 Data Sara GoodData Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byJosie DoanandJenna O’Malley Published on August 22, 2025 Medtechlandscape Remote monitoring &portable careDiagnostics & life sciencesSurgical devices & toolsNonsurgical medicaltreatmentsMedical imaging Medtech VC and PE ecosystem market map VC and PE activity On this point, five out of the nine deals exceeding $100 million in Q2 came from the surgicaldevices & tools segment. Elon Musk’s Neuralink led the way with a $650 million Series E, attaininga valuation of $9 billion. Other surgical devices startups raising significant funding includedcompeting brain-chip interface startup Science Corporation (founded by a Neuralink co-founder),unicorn CMR Surgical, Vascular Perfusion Solutions, and Hexin Medical. Together, these fivestartups raised $1.2 billion in VC funding, representing over 25% of all medtech VC funding in thequarter. Beyond the surgical segment, diagnostics startup Function Health attained unicorn statusthrough its $300 million Series B, corresponding to a $2.5 billion post-money valuation. This comesafter Function acquired full-body MRI company Ezra one month prior, aiming to leverage Function’slab testing expertise with Ezra’s AI imaging engine. Other startups receiving significant fundingrounds in Q2 included Lumicell (medical imaging), Forsight Robotics (vision tech) and Biolinq(remote monitoring). VC activity Medtech investment had another strong quarter in Q2 with $4.1 billion of VC funding, just below Q1investment of $4.4 billion. Halfway through the year, the sector is on pace for its second-highestannual funding total on record, trailing only the 2021 peak. While additional Q2 deals may still bereported retroactively, the 189 currently disclosed transactions represent the lowest quarterly dealcount in our dataset since at least 2017. This decline aligns with the broader VC market trend ofrebounding deal value along with stagnant deal counts. In medtech, the sector’s trailing 12-month(TTM) deal count has declined 10.4%, while its share of overall VC deal volume has ticked upfrom 2.3% to 2.4%. The data underscores a meaningful shift in private markets toward capitalconcentration: Larger rounds increasingly favor top-tier companies and AI-native startups, leavingother startups fighting for a smaller pool of capital. Medtech deal activity is driven primarily by the surgical devices & tools segment, which accountedfor 46% of deal value and 30% of deal count in the quarter. The second-most-active segmentwas diagnostics & life sciences, which accounted for 28% of the deal count and 19% of dealvalue. While funding leadership within medtech has typically alternated between the surgicaland diagnostics/life science segments, a clear shift has taken place. During the pandemic period,diagnostics & life sciences held a slight edge, receiving slightly more total funding in aggregate.However, since 2023, the surgical segment has received $13.6 billion in funding compared withdiagnostics’ $7.6 billion. This marks a strategic realignment in investor priorities, with the surgicalsector now firmly established as the hottest destination for capital within medtech. PE activity Medtech private equity funding is set to be at its highest level on record this year, with investorsdeploying just under $5 billion across 60 investments through the first two quarters. Funding levelshave increased each year since 2020, growing at a 31.5% CAGR and peaking at $9.2 billion in 2024.Rising deal count was strongly correlated with this increased funding activity from 2020 to 2023,but that trend has since reversed as investors have more recently prioritized later-stage, moremature assets. Two of the most notable deals in Q2 came in the surgical devices & tools segment.Kardium raised an oversubscribed $250 million round, and OrganOx raised a $160 million fundinground supported primarily by Lauxera Capital Partners. Due to medtech’s lack of liquidity events, funding allocated toward venture-growth-stagecompanies (which refers to companies in the latest stages of the venture lifecycle) has increased.PitchBook defines the venture-growth stage as any deal tagged in round Series E+, or dealsinvolving companies that are at least 7 years old and have raised at least six funding rounds.While pre-seed, early-stage VC, and later-stage VC all experienced deal value and count declinesin Q2, venture-growth companies experienced a roughly 25% increase in funding value whileholding steady at an especially high deal count, with Q1 and Q2 2025 in the top two of all t