Drake Star – Telemedicine Report, 1Q2025

The main topic of the report is the analysis of the state and dynamics of the telemedicine market in 2024 and the first quarter of 2025.

Key findings include the growth of M&A activity in 2024, especially in the US, a 19% year-on-year decrease in capital raising, but an increase in average deal size to €15.8 million. There is a dual trend of consolidation through M&A and capital reallocation to mature, profitable companies. Valuation multiples have stabilized, indicating a more disciplined market. There is a shift away from early-stage venture capital, forcing unprofitable companies to adapt or exit the market. The telemedicine market is transitioning into a new phase of maturity after a period of hyper-growth and subsequent correction.