2025年第四季度远程医疗报告

TELEMEDICINE : 2025 RECAP AND2026 OUTLOOK FROM TELEMEDICINE TO FULLY INTEGRATEDHEALTHTECH LOS ANGELES | SAN FRANCISCO | NEW YORK | LONDON |PARIS | MUNICH | BERLIN | DUBAI TELEMEDICINE 2025 KEY TAKEAWAYS: M&A RECOVERS, FUNDRAISING SHIFTS ANDVALUATION MULTIPLESSTABILISE Key industry dynamics •Thetelemedicine sector continues to consolidate. In 2025, M&A activity reboundedsharply, with 87 deals driven largely by large US consolidators efforts, confirming thecountry's continued dominance in the space•Fundraising activity on volume increased by 107%year-on-year, driven byPre-Seed/Seed and Later-stageinvestments, with nearly two-thirds of these deals beingUS companies. A dual trend is emerging in 2025, combiningsustained early-stageinnovation focusing on AIdriven by continued Pre-Seed/Seed activity with increasingcapital concentration and consolidation among scaled players•As themarket matures, investors remain supportive of innovation at inception whilefavoring established platformswith scale, recurring revenues, and clear paths to Rebound intransactions Lawrence Giesen Senior Advisorat Drake Star “AI is becoming a core enabler in telemedicine, shifting platforms fromsimple video visits to workflow engines that automate triage,documentation, and follow-up, so clinicians can handle higher volumes and Valuationmultiples TELEMEDICINE 2026 KEY TRENDS: TELEMEDICINE ENTERS 2026 SHAPED BYAI DISRUPTIONAND TRANSITION TO MULTIFUNCTIONAL PLATFORMS Key industry trends •AI has become foundational to telemedicine platforms, accelerating theshift from simple video-consult tools to intelligent, end-to-end careorchestration (AI triage, clinical decision support, workflow automation) •AI is scaling rapidly in healthcare and is increasingly positioned as “physician AI-DrivenInnovation augmentation”,automating documentation, triage, and decision support to unlock productivity and capacity. The ultimate goal consists in introducing productivity gains inhealthcare delivery to halt the historic conundrum ofmedical costs inflation(GenAI •Theaging population is structurally increasing healthcare demand, with the 55+ cohortrising from 20% of the global population in 2024 to 23% by 2034 (world populationgrowing from 8.2bn to 8.8bn) •Telemedicine’s economics remainhighly sensitive to public reimbursementandregulatory frameworks, meaning policy shifts and uneven implementation acrosscountries can quickly impact eligible volumes, pricing, and care pathways—makingregulatory instability a structural sector risk Telemedicineto Digital •Mental health remains one of the most resilient growthvectors in digital health,supported by structurally rising demand and broadening employer coverage (~90% ofemployers offered mental health coverage in 2024) Christophe Morvan Managing Partnerat Drake Star “Telemedicine is entering a new phase: the market is shifting fromstandalone telemedicine products to fully integrated, patient-centricplatforms (‘mega-apps’) that cover the entire care journey. This shift islargely being driven by consolidation across formerly fragmented verticals- USreimbursement HEALTHTECHMARKET IS LARGE AND GROWING WITH STRONG GEOGRAPHICALEXPANSION POTENTIAL •TheDigital Treatment & Care segmentincludes remote patient monitoring, onlineprescription and medication fulfillment, ERP solutions and other services for medicalprofessionals. It is thefastest-growing (7.6% CAGR) and largest submarket of the broaderhealthechmarket •TheUSremainstheleadingcountryaccountingformorethanaquarterofthemarket•Thecurrenttop10countriesbymarketsizeareexpectedtoremainunchangeduntil2029 •Telemedicine remains a nicheleading companies to pivottheir platforms toward digitaltreatment and care to gain TAM and growth AI IS UNLOCKING EFFICIENCY IN A CONSTRAINED HEALTHCARE SYSTEM Opportunity Pain The market has already identified AI as acatalyst for data-augmented doctors and Medical costs are increasing faster thanphysician productivity, leading to higher costs Volume of Healthcare data is exploding, butneeds to be cleaned and structured to be Key adoption levers •AI helps overcome key barriers in healthcare bycleaning and structuring medical data, improvingquality andstandardisation•As a result,physicians can treat moretswithgreater accuracy and efficiency “Today, approximately 30 % of the world’s data volume isbeing generated by the healthcare industry” TELEMEDICINE M&A REBOUNDS IN 2025, DRIVEN BY STRONG US MOMENTUM M&A activity highlights •2025 deal activity increased, supported by a strong H1 (48 transactions)and sustained momentum in H2 (39 transactions) •Europe outpaced the US in growth, with deal volume up +93% YoYversus +64% in the US,although the US still represented more thantwo-thirdsof total transactions across 2024–2025 •Dealflowremained highly concentrated, with scaled consolidatorsdriving standout transactions such as Paulus Holding’s €1,250macquisition of Alto Pharmacy and Hims & Hers’ €219m acquisition ofZava,