PitchBook-数字健康报告（英）-2023.12-12页_4mb

Summary of PitchBook Digital Health Report Q3 2023

This report, published in December 2023, provides a vertical update on the digital health industry for the third quarter of 2023. It covers key data points, deal activity, emerging opportunities, and company highlights.

Q3 2023 Overview

Digital health funding reached a multiyear low in Q3, with $0.8 billion invested across 60 deals, showing modest quarterly growth (23.1%) but significant year-over-year growth (-52.8%). Deal activity was concentrated in primary & general telehealth ($590.5 million funded), teletherapy & behavioral health ($431.9 million), and care coordination & navigation ($470.5 million), though this quarter had fewer large deals, with only one exceeding $100 million.

Key Highlights from Q3 Deals

• VC Funding: Notable transactions included Halodoc's $100 million Series D funding for telehealth, showcasing investor interest in consolidated virtual care platforms.
• M&A Activity: Consolidation occurred, such as Big Health acquiring Limbix in digital therapeutics and Tendo acquiring MDSave for $150 million, the largest startup-to-startup deal of the year.
• Market News: Challenges emerged, like Babylon Health filing for bankruptcy due to its virtual-first strategy faling, illustrating risks in the sector.

Digital Health Landscape

The report identifies trends in telehealth, digital therapeutics, digital care management, and health coaching. The landscape faces challenges from reimbursement issues and market conditions, with low exit opportunities pressuring funding levels.

VC Ecosystem and Emerging Opportunities

The VC market showed weaker deal concentration compared to previous years, with investors like What If Ventures leading deal activity. Emerging opportunities include virtual gastrointestinal care and digital drug companions, though the report does not delve deeply into specifics. PitchBook introduced updates to its Exit Predictor tool and methodology for pre-seed deals.

Company Spotlight: Headway

Headway, a behavioral health platform, raised a $125 million Series C at a $875 million valuation, becoming the highest-valued behavioral health startup. It operates a two-sided virtual therapy marketplace and has expanded its network of therapists, focusing on growth rather than immediate exits, with a 68% M&A probability and 30% IPO probability based on PitchBook's predictive model.

Overall Trends

The report concludes with an appendix detailing top VC investors since 2020 and notes ongoing low funding coupled with high growth potential in behavioral health and telehealth.

CONFIDENTIAL. NOT FOR REDISTRIBUTION.