The main theme of the report is the analysis of the state of digital health in the third quarter of 2025, including deals, funding, and market exits of private companies.
Key findings include: The share of mid-stage deals reached 20% in 2025, the highest in the last 5 years. Total funding decreased by 14% compared to the previous quarter, amounting to $4.5 billion, and the number of deals dropped by 11%, reaching 289 deals. Four new unicorns emerged in Q3 2025, three in the US and one in Asia. M&A activity reached its highest level since Q1 2023, with 55 deals. European digital health companies captured 27% of the global deal share in Q3 2025.