State of digital health : Global. Q3 2025

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      <subfield code="a">The report reveals that global digital health funding fell 14% quarter-over-quarter to $4.5 billion, with an 11% drop in the number of deals, marking the lowest level in five years; however, mid-stage investments reached their highest share during the same period (20%), while early-stage investments declined to 57%, reflecting a shift toward more mature companies. There were 55 mergers and acquisitions, the highest number since Q1 2023, with a focus on companies using artificial intelligence. Four new unicorns emerged, all offering AI-based solutions, mainly in the United States and Asia. Europe captured 27% of global deals, its highest share in four years, while the United States fell to 49%. General Catalyst led investments with nine deals. In terms of employment, the fastest-growing sectors were developer tools for health and medical robotics</subfield>
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