CB Insights – State of Digital Health Global, 2025

The report provides global data and analysis on dealmaking, funding, and exits by private market digital health companies in 2025.

Global funding in digital health rose for the second consecutive year, increasing 19% year-over-year to $22.3 billion. Deal volume declined by 9% to 1,474 deals, indicating fewer but larger deals. The average deal size increased by 29% to $20.3 million. The US captured 71% of global funding ($15.8 billion), with a 33% increase in median deal size to $8 million. M&A activity rebounded with a 33% increase to 210 deals, ending a three-year decline. Nearly a quarter of M&A deals targeted AI companies. Mega-rounds ($100M+ deals) accounted for 44% of total funding with 48 deals totaling $9.8 billion. Mid-stage deal share reached an all-time high at 19%, with late-stage deals also increasing. Early-stage deals declined to their lowest share ever at 59%. Fourteen new digital health unicorns emerged in 2025, nearly tripling from 5 in 2024, all leveraging AI.