PitchBook年EMEA 医疗市场快照（英）

1PitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchJames Ulan Director of Emerging Technology ResearchInstitutional Research GroupAnalysisDataSara Good Data Analystpbinstitutionalresearch@pitchbook.comPublishingDesigned by Adriana HansenPublished on 22 July 2025ContentsEMERGING TECH RESEARCH2025 EMEA Healthcare Market SnapshotOverview of healthcare private market activity in the EMEA region PitchBook is a Morningstar company providing the most comprehensive, most accurate, and hard-to-find data for professionals doing business in the private markets.Commentary 1City comparison 5Public markets 6VC activity 7PE activity 10Fundraising 11Aaron DeGagne, CFA Senior Research Analyst, Healthcare aaron.degagne@pitchbook.comCommentaryIndustry updateThe EMEA region (Europe, Middle East, and Africa) covers a diverse landscape of over 100 nations and more than 2 billion people. Within this broad footprint, just under half of VC deal value is concentrated in just three cities: London, Paris, and Cambridge. And since 2016, Milan has accounted for the second-highest PE deal and exit value in the region. Standout EMEA-based startups include CMR Surgical, Doctolib, and Kry, all of which have achieved unicorn status and appear likely to eventually go public, according to PitchBook’s VC Exit Predictor. However, the broader IPO landscape has remained sluggish since its 2021 peak, as elevated interest rates and a pullback in valuations have made traditional exit strategies significantly less appealing. As a result, public listings have declined, deals between sponsors have slowed, and companies have faced tighter cash and financing conditions. New entrants to the EMEA VC landscape, Isomorphic Labs and Neko Health, both achieved unicorn status after successful funding rounds of $579.1 million and $260 million, respectively. Beyond European hot spots, Tel Aviv has emerged as a significant contributor, with the second-highest first-time financing count in the region, only trailing London. Further, it has the fourth-highest median VC valuation in the region, indicating strong investor confidence in its VC-startup landscape. Leading the way in Israel are Insightec (diagnostics) and ForSight Robotics (surgical robotics), both securing funding rounds exceeding $125 million over the past year. On the macroeconomic front, there is growing optimism in European markets, as eurozone inflation has reached its 2% target, accompanied by the European Central Bank’s eighth interest rate cut since last June, slashing rates from a peak of 4.5% to 2.1%. However, the current regulatory landscape is marked with a lot of uncertainty as the Trump administration’s tariffs threaten to affect the healthcare sector. The EU appears willing to accept a 10% universal tariff but is seeking exemptions for key sectors, including pharmaceuticals. Tariffs could still apply to other areas of the healthcar