2025 was defined by higher capital volumes and a widening divide across sectors. Venture capital deployed more than doubled, driven largely by a surge in seed and start-up activity. Growth rounds increased in ticket size but not in number.
Digital Health led the market with 92 venture deals during the year. Diagnostic Imaging accelerated, while IVD remained stable. Reproductive Health continued to show the most pronounced funding gap.
Private equity activity expanded sharply, with deal count rising from 10 to 64. M&A reached 205 transactions worth $15.8B. The year’s only IPO was Ottobock’s $838M listing in Frankfurt. Most exits occurred through trade sales rather than public markets.
Overall, the 2025 data does not suggest a broad recovery. Instead, it reflects a reorganization around certainty: validated mechanisms, experienced syndicates and sectors where exits are more achievable.
