2025年第四季度医疗科技风险投资和私募股权投资趋势

EMERGING TECH RESEARCH Medtech VC andPE Trends VC and PE activity across the medtech ecosystem REPORT PREVIEWThe full report is availablethrough the PitchBook Platform. Contents Medtech landscape3Quarterly analysis4Key takeaways4VC activity4PE activity6Medtech VC deal summary16 Institutional Research Group Ben RiccioResearch Analyst, Healthcareben.riccio@pitchbook.com pbinstitutionalresearch@pitchbook.com Published on February 13, 2026 Medtechlandscape Quarterly analysis for 16.8% of deal value. Total transaction count remains muted at just 855, far below the 10-yearaverage of 962. With increased capital spread across fewer deals, median deal value rose to a record Key takeaways •Medtech VC funding reached a multi-year high of $16.1 billion in 2025. However, deal count stilllagged as investors consolidated capital in mature startups with established clinical efficacy and Taken together, these figures underscore a complex medtech funding environment. Investors aredemonstrating a clear appetite for medtech exposure. However, despite widespread deployment intothe sector, a high degree of caution remains. Activity heavily consolidated around later-stage rounds asinvestors prioritized startups with, or nearing, regulatory approval and payer coverage. As a result, seed •After three quarters of muted M&A activity, Q4 acquisitions for Acera Surgical and ForesightDiagnostics signal that strategic acquirers will be more active in 2026. BillionToOne completed the •PE-backed Medline completed the largest healthcare IPO in history in Q4. The successful listingindicates that US tariff policies are less of a concern for investors, and appetite remains for more Areas of investment •The brain-computer-interface race is accelerating. Merge Labs entered the space in January2026 with a $252 million seed round from backers Bain Capital and OpenAI. At the clinical stage, Surgical devices and tools remained the largest area of medtech investment in 2025, capturing $6.9billion in capital. Activity has concentrated in the high-growth cardiovascular and surgical robotssubsegments, which saw $2.5 billion and $1.1 billion in funding, respectively. Led by Neuralink’s $650 VC activity 2025 Overview Medtech VC deal value reached a three-year high of $16.1 billion in 2025. Outsized deals for thesector’s strongest startups drove the uptick, with the 10 largest funding rounds of the year accounting QUARTERLY ANALYSIS As in prior years, remote monitoring and portable care captured the smallest share of total medtechinvestment in 2025. However, it was the only medtech segment to post a year-over-year increase in deal with OpenAI also participating (Sam Altman is one of several co-founders of Merge). In the near term, thepartnership provides OpenAI with a testing ground for its models’ applications in scientific development, The diagnostics and life sciences space remained under pressure in 2025, with total investment declining14.5% YoY and deal count falling 17%. This pullback reflects an ongoing normalization following the rapidcapital deployment into life sciences in 2021, alongside broader investor caution toward biotech in the current Exit activity The medtech exit environment gained much-needed momentum heading into 2026, with two majoracquisitions announced during the quarter. Acera Surgical, a developer of biomaterials for wound care, wasacquired by Solventum for $725 million, with up to an additional $125 million in milestone-based payments. Notable Q4 deals Megadeals continued in Q4, with seven rounds exceeding $100 million. Impulse Dynamics raised $242.1million after securing Medicare coverage for its heart failure implant in October. Other notable roundsincluded surgical robotics developer Distalmotion, which raised $150 million in a Series G, and SetPointMedical, the most well-capitalized neurostimulation company to date, which raised $115 million in a Series After several years of muted M&A activity, these transactions signal a renewed appetite for acquisitionsamong strategics. We expect activity to continue to improve, supported by valuation normalization and a Outside of the venture-backed universe, large strategic transactions reinforced demand for differentiatedassets. Abbott acquired cancer diagnostics company Exact Sciences for $21 billion, and Boston Scientificannounced its $14.5 billion acquisition of Penumbra following the J.P. Morgan Healthcare Conference. ThePenumbra deal strengthens Boston Scientific’s cardiovascular franchise and re-establishes its presence Synchron, a developer of a stent-like BCI technology, raised a $200 million Series D. The BCI space isbecoming increasingly competitive as leading startups progress through clinical trials and extend the QUARTERLY ANALYSIS On the IPO side, prenatal and oncology diagnostics startup BillionToOne completed a successful listingin November, raising $273 million at a $2.4 billion pre-money valuation. It is the second major listingof a