PitchBook年一季度医疗科技VC和PE趋势（英）

EMERGING TECH RESEARCHMedtech VC and PE TrendsVC and PE activity across the medtech ecosystemQ12025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ1 2025 Medtech VC and PE TrendsInstitutional Research GroupAnalysisAaron DeGagne, CFA Senior Research Analyst, Healthcare aaron.degagne@pitchbook.comDataSara Good Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Josie Doan and Jenna O’MalleyPublished on June 18, 2025Medtech landscape 3Medtech VC and PE ecosystem market map4VC and PE activity5Medtech VC deal summary17CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q1 2025 Medtech VC and PE TrendsMedtechlandscapeRemote monitoring &portable careDiagnostics & life sciencesSurgical devices & toolsNonsurgical medicaltreatmentsMedical imagingCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q1 2025 Medtech VC and PE TrendsVC and PE activityVC activityThere are clear signs of momentum for medical technology (medtech) VC investment. In Q1, VC funding totaled $4.1 billion, the highest figure since Q1 2022. The quarterly deal count also reversed a four-quarter decline by reaching 216 confirmed transactions—and this is likely an undercount, as we expect additional deals to be reported for the quarter. Preliminary data for Q2 shows over $3 billion of VC funding in the sector so far, with Neuralink’s $650 million deal leading the way. 2025 is shaping up to be a strong year for global medtech funding, especially compared with the funding doldrums of the past few years. In Q1, 11 deals met or exceeded the $100 million mark, the highest being Sweden-based whole-body-imaging startup Neko Health’s $260 million Series B. EverBridge Medical claimed the second spot, raising $138.9 million. Neko’s whole-body-screening peer Prenuvo was also among the top deals with a $120 million Series B. It has been an active start to the year for the burgeoning whole-body-screening subsector, which we explored in prior research; on May 5, Function Health acquired Ezra, integrating Ezra’s whole-body-scanning services into Function Health’s subscription-based diagnostic platform.Following a challenging stretch for the broader consumer health space, the medtech sector is showing renewed momentum as the lines continue to blur between medtech and traditional digital health offerings. This convergence is exemplified by the growing adoption of smart rings (such as Oura and WHOOP), consumer-grade glucose monitors, and longevity-focused platforms such as Superpower and the aforementioned Function Health.PE activityPE deal activity in the medtech sector is off to a solid start in 2025, with 44 deals already completed in Q1—well ahead of the pace set in 2024, which saw 126 PE transactions during the year. Notably, PE firms participated in Saluda Medical’s $100 million funding round in January, including TPG and Redmile Group, bringing the neuromodulation startup’s fundraising total to over $600 million t