2025年二季度健康科技风险投资趋势（英）2025

EMERGING TECH RESEARCH Healthtech VC Trends VC activity across the healthtech ecosystem REPORT PREVIEWThe full report is available through Contents Healthtech landscape Institutional Research Group Healthtech VC ecosystem market map Analysis Aaron DeGagne, CFASenior Research Analyst,Healthcareaaron.degagne@pitchbook.com VC activity Healthtech VC deal summary Data Charlie FarberManager, Data Analysispbinstitutionalresearch@pitchbook.com Publishing Report designed byJenna O’Malley,andMegan Woodard Published on August 27, 2025 Healthtechlandscape Healthtech VC ecosystem market map VC activity Deal activity Healthtech startups have raised $7.9 billion of VC funding through the first half of the year. Thisis a strong result considering the challenging environment for VC investment the sector hasexperienced in the years since pandemic-era highs. If current funding trends hold, VC funding for2025 could come in at its highest level since 2022. At the same time, overall deal counts continue Alongside relative strength in the IPO market and improving public market conditions, the risingnumber of large funding rounds signals that a rebound in the VC healthtech sector is underway.Deal activity in the second quarter was led by two AI-first companies, Transcarent and Abridge,which raised $481 million and $316 million of new funding, respectively. These deals show thatthe largest VCs continue to be involved in healthtech, as Andreessen Horowitz led Abridge’s subsectors have remained subdued this year, owing to a lack of incumbents and ongoing valuationgaps with potential acquirers. Without a pickup in M&A, the IPO market may continue to shoulder Exit outlook The second quarter delivered two of the most significant healthtech IPOs since the zero-interest-rate-policy period ended, with Hinge Health and Omada Health debuting at valuations of $2.6billion and $1.1 billion, respectively. As covered in ourHinge Health Breaks IPO Logjamanalystnote, the Hinge listing is the first in a potential wave of “B2B2C” startups considering going public,and the listing reflected a key test case for the digital health IPO window. Since going public, thesetwo companies’ share prices have diverged—Omada shares are down 12%, while Hinge is up As we noted in ourprevious sector update, Transcarent’s acquisition of publicly traded Accoladeis the standout deal to date—a strategic play in the care navigation space aimed at acceleratingthe company’s growth and differentiating it in a crowded market. Other transactions, such asQuantum Health’s June acquisition of provider service analytics platform Embold Health, also AI scribes Despite signs of growing fragmentation and intense competition in the space, investor appetitefor AI medical scribes remains strong, with capital increasingly flowing toward platforms thathave the potential to expand beyond basic transcription into revenue cycle, authorization, and Broadly, late-stage startups and their investors in the healthtech sector have seen few concreteexit opportunities, with Hinge’s and Omada’s IPOs being the exception and not the rule. In our VC ACTIVITY and deliver longer-term, profitable growth. In a sign of a broader shift in the ambient scribelandscape, Abridge specifically called out its plans to use new proceeds to move downstreamand embed revenue cycle capabilities into its system. Ultimately, we expect platforms that candeliver clear return on investment beyond workflow improvements (and directly appeal to CFOs) Despite these recent developments, we would contend that the AI scribe market is still in its earlyinnings. Incumbent competition is increasing—for example we expect that Doximity’s recentlyannounced free AI scribe offering could add additional pricing pressure to the market. At Epic’s VC ACTIVITY About PitchBookIndustry and TechnologyResearch PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Research and Market IntelligencePaul CondraGlobal Head of Private Markets Research Industry and Technology Research team PitchBook’s Industry and Technology Research team providescomprehensive updates on over 20 different coverage areas. As the private markets ecosystem continues to grow in complexity and competition, investors need Eric Bellomoeric.bellomo@pitchbook.com Ali Javaheriali.javaheri@pitchbook.com Our Industry and Technology Research provides detailed analysis of established industries and nascenttech sectors from the perspective of private market dealmaking, helping you stay current on market Jim Corridorejim.corridore@pitchbook.com John MacDonaghjohn.macdonagh@pitchbook.com Rudy Torrijosrudy.torrijos@pitchbook.com Aaron DeGagneaaron.degagne@pitchbook.com Brian Wrightbrian.wright@pitchbook.com Alex Frederickalex.frederick@pitchbook.com ©2025 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means—graphic, electronic, ormechanical, including photocopying, recordi