Cbinsights-2022Q1数字健康状况报告（英）-2022-164页_3mb

State of Digital Health - Q1 2022 Summary

Core Content

The State of Digital Health report for Q1 2022 provides an overview of global trends in dealmaking, funding, and exits within the digital health sector. It highlights key statistics and insights across various sub-industries, including digital therapeutics, mental health tech, telehealth, and health IT.

Main Points

Funding Trends

• Global Digital Health Funding: Reached $10.4B in Q1 2022, marking a 36% decrease from Q4 2021 and the lowest level in six quarters.
• Mega-round Funding: Declined by 52% QoQ, with total mega-round funding at $4.4B, accounting for 42% of all digital health funding in Q1 2022, down from 57% in Q4 2021.
• Telehealth Funding: Decreased by 32% QoQ to $3.2B, despite a 12% increase in the number of deals.
• Mental Health Tech Funding: Fell by 60% QoQ to $792M, with the sector representing 8% of total digital health funding in Q1 2022, down from 12% in Q4 2021.
• Valuation Trends: Companies raising new financing saw a median valuation increase of 350% compared to their prior rounds. However, late-stage deal valuations dropped 35% QoQ to $1B.

M&A Activity

• M&A Deals: Total M&A activity reached 138 deals, continuing a trend of consolidation that has been above 100 deals for 7 consecutive quarters.
• Consolidation Trends: As dominant players emerge in a fragmented market, the trend of consolidation is expected to continue.

IPO Activity

• IPOs: A significant drop in IPO activity, with only 1 IPO compared to 23 in Q4 2021. No SPAC deals occurred in Q1 2022.

Unicorn Activity

• New Unicorns: 6 new unicorns were born in Q1 2022, valued at $9.5B in total, less than half of the previous quarter's unicorn births.
• Unicorn Distribution: Most of the new unicorns focused on chronic disease management for conditions such as diabetes, cancer, and chronic kidney disease.
• Global Unicorn Count: The total number of unicorns reached 91, with the US leading in unicorn births and having 63 unicorns as of Q1 2022.

Regional Trends

• Early-stage Deals:
  • Europe: Early-stage deal share increased to 76% in Q1 2022.
  • Asia: Early-stage deal share rose to 64%.
  • Canada: Early-stage deal share increased to 67%.
  • US: Early-stage deal share decreased by 4 percentage points.
• Median Time Between Series A and B: Increased to 20 months in 2022, up from 18 months in 2018, indicating longer timeframes for early-to-mid-stage financing.

Key Information

Investment Trends

• Investor Share: Venture capital (VC) continued to lead in investor deal share in Q1 2022.
• Deal Size: The average deal size in Q1 2022 was 24% lower than in 2021, with US-based startups dominating both early- and mid-stage deals.
• Deal Activity: While the number of deals increased in the telehealth sector, the total funding decreased.

Top Deals

Top Unicorns

Conclusion

The digital health sector experienced a notable decline in funding and IPO activity in Q1 2022, with $10.4B in total funding, a 36% drop from the previous quarter. The sector saw a 52% decline in mega-round funding, while M&A activity remained high. The US continued to dominate in terms of funding and unicorn births, but early-stage deal share increased in Europe and Asia, suggesting a shift in investor focus. Valuations increased significantly, but late-stage valuations saw a sharp decline.