2025年四季度健康科技风险投资趋势（英）

EMERGING TECH RESEARCH Healthtech VC Trends VC activity across the healthtech ecosystem The full report is availablethrough the PitchBook Platform. Contents Healthtech landscape3 Institutional Research Group Quarterly analysis4 Brian WrightLead Research Analyst, Healthcarebrian.wright@pitchbook.com Key takeaways pbinstitutionalresearch@pitchbook.com VC activity Published on February 25, 2026 Valuations Exit activity AI investment dominates subsector allocation5 Funding relative to prior three-year averages6 Healthtech VC deal summary19 Healthtechlandscape Infrastructure& complianceEHRs & clinicalinformationOperations For the complete healthtech taxonomyand company list,click hereto see themarket map on the PitchBook Platform. Quarterly analysis •We believe healthcare delivery and administration will be fundamentally reimagined from caredelivery to administration, and that recent investment trends will continue to accelerate as AIdrives significant relief of clinical and administrative burdens and generates meaningful returnon investment (ROI). As such, we believe there remains substantial opportunity across all ninehealthtech segments. Our current order of preference is weighted by recent valuation step-uplevels from the hot categories in 2025 and is as follows: 1) digital care & treatments (this categoryshould be combined with telehealth, and AI clinicians would fall under this category), 2) operations,3) revenue cycle, 4) analytics, 5) care management, 6) electronic health records and clinicalinformation, 7) infrastructure & compliance, and 8) sport & wellness. Key takeaways •Healthtech VC funding continues to rebound, with startups raising $15.3 billion in 2025, up 26.1%from 2024 levels, driven by higher average deal sizes and significant venture growth rounds. Dealvolume rose modestly in the time period (up 3.4% YoY), with fourth-quarter deal counts up 24.5%from the year-ago quarter. •Median pre-money valuation continues to climb, reaching $31 million in 2025, up from $26.5 millionin 2024, as AI’s influence is ever-present. VC activity •VC exit count surged to an all-time high of 141 in 2025, although total exit value held steady with2024 at $5.8 billion, as most transactions involved smaller, early-stage acquisitions. PE deal activityin healthtech rebounded as well, with $13 billion in PE deal value, up from $1.9 billion in 2024. PEexits similarly rose to $12.2 billion in 2025, up from $2.6 billion in 2024, as PE continues to be anattractive exit option for VCs in healthtech. Healthtech startups raised $3.8 billion in VC funding during the fourth quarter, slightly below the priorthree quarters of 2025, which were all in the $4 billion range but 131.7% above the prior-year quarterlevel. Startups raised $15.3 billion in 2025, 26.1% more than was raised in 2024. The largest Q4 dealsincluded the $907.7 Series E funding (likely crossover) round of Ōura at an $11 billion post-moneyvaluation, new VC rounds from OpenEvidence ($200 million) at $6 billion post-money. Other notablesincluded a $126 million raise at Hippocratic AI at a $3.5 billion post-money valuation, and a $300 millionSeries B by Function Health at a $2.5 billion post-money valuation. Deal count growth in 2025 acrosssegments was highest in operations at 45.7%, followed by 19.8% in both analytics and electronic healthrecords (EHRs) & clinical information. Deal value growth was led by analytics at 171.2% followed by96.3% in EHRs & clinical information. Digital care and treatments and revenue cycle saw lower totaldeal value growth of -12.1% and -11.3%, respectively, in 2025, although we would expect the pendulumto reverse in 2026, as these are areas ripe for AI innovation. •IPO momentum improved with five listings in 2025, up from three in 2024. Notable IPOs in 2025included Omada Health and Hinge Health in the US. As with biotech and life sciences, Chinacontinues to gain share in IPOs, accounting for two public listings. Other late-stage startups,including Sword Health, Spring Health, and Maven, remain IPO candidates for 2026, with VC ExitPredictor probabilities exceeding 80%. Health, Spring Health, and Maven, remain IPO candidates for 2026, with VC Exit Predictor probabilitiesexceeding 80%. There were no healthtech IPOs in the fourth quarter either. Valuations The median healthtech VC pre-money valuation climbed to $31 million in 2025. For comparison, thisfigure was $26.5 million in 2024, indicating that rising valuations, particularly for AI companies, aredriving deal sizes higher. Healthtech valuations have surged as expected in 2025, benefiting from AIvaluation premiums, with early VC round valuations benefiting the most. Pre-seed/seed valuationsin 2025 were 33.7% above the prior three-year average at $14.8 million. Early-stage VC valuationsaveraged $50.0 million, 82.8% above the prior three-year average. Later VC rounds averaged a $45million pre-money valuation, up 34.4% from the prior three-year average. The ve