数字健康现状：全球私募市场数字健康公司的交易、融资和退出数据及分析

State ofDigital Health Global | Q3 2025 Global data and analysis on dealmaking, funding, andexits by private market digital health companies Action is better. We track and compare the world’s companies. Our AIagents keep you a step ahead of competitors anddisruption. Trusted by the world's smartest companies:Every big tech company. Every top professional servicesfirm. 26 of the top 30 banks. All ten Fortune 10 companies.Put our AI agents to work today. ▮▮▮IIIIIIStart 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 data TL;DRYour rundown ondigital healthin Q3’25 $4.5B 55 20% 27% 4 Funding and dealsdecline for 2ndconsecutive quarter. M&A activity surgesto highest levelsince Q1’23. Mid-stage dealsreach highest sharein 5 years. New unicornsemerge despitemarket headwinds. Europe capturesrecord deal share asUS slips. Total funding fell14% QoQ to$4.5B while deal volumedropped 11% to 289 deals—the lowest quarterly total in 5years. Both have declinedsince Q1’25, reflectingcontinued investor caution. M&A deals reached 55 in Q3’25—the highest quarterly totalsince Q1’23, signalingsignificant marketconsolidation. Three of the top5 acquisitions by valuationinvolved AI-enabled companieswith proprietary models trainedon valuable datasets. Europe-based digital healthcompanies captured 27% ofglobal deal share in Q3’25—the highest in the last 4 years.It also saw an increase in theannual median deal size to$4.1M YTD compared to $3.4Min 2024. Mid-stage deals reached 20%in 2025 YTD, up from 18% in2024—the highest in 5 years.Early-stage deals dropped to57% from 63% in 2024. Four new unicorns(companies valued at $1B+)emerged in Q3’25—3 in theUS and 1 in Asia—doublingthe amount from the previousquarter. Annual median funding acrossall stages has increased in2025 so far, with mid-stagedeals rising to $23M (from$18.6M in 2024) and late-stagedeals jumping to $47.5M (from$32M in 2024). This shiftreflects investors prioritizingmore mature companies withproven traction. All 4 of these unicornsleverage AI in their coreproducts, from life sciencesplatforms likeEnveda(drugdiscovery) to provider toolslike Ambience (clinicaldocumentation) andUltraGreen (fluorescence-guided surgery). Mega-rounds ($100M+) madeup 34% of funding, down from47% in Q2’25. Despite fewerlarge rounds, annual averageand median deal sizescontinue to rise, signalingfewer but larger deals. While US deal share declined to49%—the lowest since Q4’21—its median deal size remainsrobust at $9.5M in 2025 YTD vs$6.5M in 2024. Four companies went public inQ3’25, including 3medtechIPOs, reflecting strong investorappetite for medical deviceinnovation. See the data→ See the data→ See the data→ See the data→ See the data→ TL;DRState ofDigital Health Fundingcontinued todecline as dealvolume hit a5-year low inQ3’25 TL;DRState ofDigital Health Mid-stage dealsreached theirhighest sharein 5 years TL;DRState ofDigital Health M&A activitysurged to 55deals—themost sinceQ1'23 TL;DRState ofDigital Health All 4 newunicornsdevelopAI-enabledsolutions TL;DRState ofDigital Health Europe reacheda new high indeal share whilethe US hit a4-year low ContentsState of Digital Health Global Trends11Investment Trends12Headcount Trends35Unicorns42Exit Trends48Investors54CVC57NEW! Geographic Trends US66Silicon Valley72New York76Asia80Europe86United Kingdom92 Global Trends Investment Trends State of Digital Health|Global Trends|Investment Trends Annual equity funding & deals State of Digital Health|Global Trends|Investment Trends Quarterly equity funding & deals State of Digital Health|Global Trends|Investment Trends Funding & deals by global region in Q3’25 State of Digital Health|Global Trends|Investment Trends Percent of quarterly deals by global region State of Digital Health|Global Trends|Investment Trends Percent of quarterly deals by investor group State of Digital Health|Global Trends|Investment Trends Annual average & median deal size State of Digital Health|Global Trends|Investment Trends Annual median deal size by global region State of Digital Health|Global Trends|Investment Trends Annual median deal size by investor group State of Digital Health|Global Trends|Investment Trends Quarterly funding & deals from mega-rounds (deals worth $100m+) State of Digital Health|Global Trends|Investment Trends Mega-round funding & deals by global region in Q3’25 State of Digital Health|Global Trends|Investment Trends Quarterly mega-round deals by global region State of Digital Health|Global Trends|Investment Trends Quarterly mega-rounds as percent of funding State of Digital Health|Global Trends|Investment Trends Annual percent of deals by deal stage State of Digital Health|Global Trends|Investment Trends Regional deal sha