PitchBook年二季度健康科技风险投资趋势（英）

EMERGING TECH RESEARCHHealthtech VC TrendsVC activity across the healthtech ecosystemQ22025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ2 2025 Healthtech VC TrendsInstitutional Research GroupAnalysisAaron DeGagne, CFA Senior Research Analyst, Healthcare aaron.degagne@pitchbook.comDataCharlie Farber Manager, Data Analysispbinstitutionalresearch@pitchbook.comPublishingReport designed by Jenna O’Malley, and Megan WoodardPublished on August 27, 2025Healthtech landscape 3Healthtech VC ecosystem market map 4VC activity 5Healthtech VC deal summary 15CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q2 2025 Healthtech VC TrendsHealthtech landscapeInfrastructure & complianceEHRs & clinical informationDigital care & treatmentsOperationsTelehealthCare managementSports & wellnessAnalyticsRevenue cycleCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 4Q2 2025 Healthtech VC TrendsHealthtech VC ecosystem market mapCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q2 2025 Healthtech VC TrendsVC activityDeal activityHealthtech startups have raised $7.9 billion of VC funding through the first half of the year. This is a strong result considering the challenging environment for VC investment the sector has experienced in the years since pandemic-era highs. If current funding trends hold, VC funding for 2025 could come in at its highest level since 2022. At the same time, overall deal counts continue to decline, and this year is likely to mark the fourth straight year of fewer total deals. Higher total deal value and rebounding valuations, along with roughly flat deal counts, are continuing to push median deal sizes higher. The current median pre-money valuation of $33.8 million YTD is a multiyear high, up from $30 million last year and well above the $18 million average seen in 2022 to 2023.Alongside relative strength in the IPO market and improving public market conditions, the rising number of large funding rounds signals that a rebound in the VC healthtech sector is underway. Deal activity in the second quarter was led by two AI-first companies, Transcarent and Abridge, which raised $481 million and $316 million of new funding, respectively. These deals show that the largest VCs continue to be involved in healthtech, as Andreessen Horowitz led Abridge’s latest round, and GC is backing Transcarent—and also provided funding for Transcarent’s purchase of Accolade earlier in the year. In total, there were six deals exceeding $100 million in the quarter, including new VC funding above that mark for Function Health, Commure, United Imaging Healthcare, and Tennr. There have also been five deals above $300 million YTD, with four occurring in Q2 alone, led by Transcarent’s $481 million Series D1. In comparison, for all of 2024, there were only two deals above $300 million in the sector (Doc.com and Caresyntax) and none above $310 million. Source: PitchBook • Geography: Global • As of June 30, 2025Healthtec