远程医疗：2025年回顾与2026年展望——从远程医疗到全面整合的健康科技

TELEMEDICINE : 2025 RECAP AND2026 OUTLOOK FROM TELEMEDICINE TO FULLY INTEGRATEDHEALTHTECH LOS ANGELES | SAN FRANCISCO | NEW YORK | LONDON |PARIS | MUNICH | BERLIN | DUBAI WWW.DRAKESTAR.COM TELEMEDICINE 2025 KEY TAKEAWAYS: M&A RECOVERS, FUNDRAISING SHIFTS ANDVALUATION MULTIPLESSTABILISE Key industry dynamics •2025 confirmed asustainable recovery in M&A activitywith 87 deals, aclear increaser over 2024 (53 deals)•Growth in transaction volumes is higher in Europe with +93% YoYcompared to +52% in the US•Major players dominatedealflowwith standout transactions like PaulusHolding €1,250m acquisition of Alto Pharmacy and Hims & Her €219macquisition ofZava •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 toprofitability, which leverage funding and M&A to build integrated, end-to-endtelemedicine offerings and strengthen their market positions•EV/Revenue multiples have increased for four consecutive quarters, rising from 2.7x inH1 2024 to 3.9x in H2 2025 Rebound intransactions •2025 experienced an accelerationin funding activitywith343fundraisings comparedto 2024 (166 deals)•EU is growing at a higher pace than the US with +182% YoY comparedto +86%•Most fundraisings are concentrated on both ends of deal spectrum : Pre-seed/Seed (152 deals) and Later stage funding (131 deals), resultingin adecrease of average deal size (€9.8m vs €15.8m in 2024) SignificantFundingGrowth Lawrence GiesenSenior Advisorat Drake Star •Drake Star Telemedicine Index(EV/Revenue multiples) increased from3.1x at end 2024 to 3.9x at end 2025, showinga recovery towards the 10-year average•VCs have demonstrated arenewed interest for early-stageinnovativebusinesses–often driven by AI applications–while large fundingsconcentrated on mature businesses “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 andclinical care is improving productivity and resulting profitability.” Valuationmultiplesstabilisation 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 “physicianaugmentation”,automating documentation, triage, and decision support to unlockproductivity and capacity. The ultimate goal consists in introducing productivity gains inhealthcare delivery to halt the historic conundrum ofmedical costs inflation(GenAIhealthcare market projected from $2.7bn in 2024 to $17bn by 2034, 20% CAGR)•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•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) AI-DrivenInnovationand StrategicAcquisitions •In 2025,leading telemedicine players are stepping up targeted M&Atolock in proprietary models, scarce clinical AI talent, and defensibledatasets-with capital largely concentrated in the US •Recent 2025 funding highlights underline this AI pivot:Nabla(€70m) toscale clinical AI capabilities, andOpenEvidence(€200m) to accelerateits medical AI platform •Digital health players are increasinglyshifting towardrecurring revenuemodelsby expanding beyond mono-product offerings into integratedsuites that orchestrate the full ecosystem around patients and physicians,including care pathways, data, coordination, and engagement Telemedicineto DigitalHealth •Historically non-recurring platforms are evolving towardmega suites,broadening their scop