2025年第三季度医疗科技风险投资和私募股权趋势

EMERGING TECH RESEARCH Medtech VCand PE TrendsVC activity across themedtech ecosystem REPORT PREVIEWThe full report is available through Contents Institutional Research Group Analysis Aaron DeGagne, CFASenior Research Analyst,Healthcareaaron.degagne@pitchbook.com Data Sara GoodData Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byDrew SandersandJenna O’Malley Published on November 4, 2025 For previous updates as well as our complete medtechresearch, please see the designatedanalyst workspace Medtechlandscape Medtech VC and PE ecosystem market map This market map is an overview of venture-backed or growth-stage companies that have received venture capital or other notable private investments as of Q3 2025.Click to view the latest interactive map on the PitchBookPlatform. VC and PE activity the sector has returned—there has been a deterioration of funding possibilities for early-stagemedtech companies and especially ones without AI tailwinds. This dynamic, where the medtech Key takeaways •High-quality, later-stage platforms are drawing outsized VC checks as early-stage medtechfunding fades, marking a sharp divide across the innovation curve. •Public markets have taken center stage as medtech’s exit engine, with a number of IPOsthis year, offsetting muted strategic M&A. Boston Scientific’s recent acquisition spree is a The third quarter saw five medtech VC deals above $100 million, including radiology decisionsupport platform Aidoc’s $150 million late-stage round, which brought the startup’s total fundingraised to $420 million. Aidoc has been able to stay ahead in the radiology tech space with itsfull-scale “operating system” approach, a market-leading number of algorithms cleared by the •Medtech PE is still hot—though capital is concentrated in top-tier assets with scalable models •Many of medtech’s AI applications predate the current AI cycle, providing a buffer against near-term hype. At the same time, advances in smart implants, wearables, and surgical navigation The surgical devices & tools segment has continued to be a major driver of overall medtech VCdeal activity. The segment accounted for over $6 billion of VC funding over the trailing-12-monthperiod and nearly 40% of the $15.5 billion of total deal value. Diving deeper, there have been topdeals in the cardiovascular, surgical robotics, neurostimulation, and brain-computer-interface (BCI) VC activity There was $3 billion in medtech VC investment in Q3, a step down from the $4.6 billion of VCfunding in Q2 and also the lowest overall level of funding since Q4 2023. Still, quarterly funding There has also been a resurgence in the diagnostics & life sciences category, which has had adifficult few years after reaching new heights during a pandemic period fueled by unprecedentedgrowth and investment into the life sciences sector. A meaningful number of recent and upcomingIPOs in medtech, including Caris Life Sciences and Heartflow’s listings as well as BillionToOne’sexpected IPO in early November, are all in the broader diagnostics & life sciences sector. On theM&A front, we have seen innovative treatment platforms become key targets with the recent ongoing PE interest in the space to a strong cycle for medtech innovation (driven by AI and seculargrowth), pandemic-era investments coming up on exit timelines, and IPO green shoots driving A standout PE deal in Q3 was a PE growth transaction worth $250 million for Kardium, receivedfrom an investment consortium including MMCAP International, Eckuity, Eventide AssetManagement, and others. Notably, this was Kardium’s first funding round from PE sources. Thestartup previously raised over $300 million of VC funding. Though not disclosed, Kardium’s press IPOs for previously PE-backed Caris Life Sciences and Kestra Medical Technologies account for thebulk of total PE exit value this year, which has reached $8 billion total, meaningfully higher than2024’s total exit amount of $4.4 billion. Over 90% of exit value this year has come from publiclistings, a sign of how important the reopening of the IPO window is for the exit prospects of PE-and VC-backed medtech firms, as overall M&A activity continues to lag due to strategic investor PE activity In ourQ2 medtech update, we wrote that medtech PE funding was on pace to reach its highestlevel in a decade. However, similar to the dynamics in VC, the pace of funding declined in Q3.Based on current medtech PE deal flow through the third quarter—$7.4 billion of buyout and PEgrowth deal value across 75 investments—this year may not exceed the record set last year of AI is less likely to drive immediate paradigm shifts in the device sector, where innovationtypically centers on hardware. However, there have been recent advancements in bringing AIto orthopedics through AI-powered smart implants, such as Zimmer Biomet’s Persona IQ kneeimplant. Additionally, the integration of AI technology into surgical navigation is a go