Europe Digital Health Innovation 2023 Year End Report

Europe’s digital health ecosystem continues to evolve. While funding levels have declined, Europe remains a dynamic hub for Digital Health innovation. Ventures are focusing on evidence-based approaches, with a growing number leveraging AI and GenAI technologies to address healthcare challenges. In 2023, the Wellness cluster gained momentum, driven by high-profile deals and innovative solutions.

Galen Growth is pleased to share with you our 2023 Year-End Report on Digital Health Key Trends in Europe. This report looks across the Digital Health startup ecosystem to reflect on the 2023 trends and move the industry forward into 2024. Our analysis focuses on private ventures and includes most active partners, regulatory approvals and venture funding strength, among others.

HealthTech Alpha, a Galen Growth proprietary solution, and the world’s leading Digital Health private market data, intel and insights platform powers this report!

Highlights from the 2023 Europe Digital Health Innovation Report

Despite Global Funding Downturn, Europe Remains a Hotbed for Digital Health Investments

  • 2023 witnessed a 42% YoY decline in Digital Health venture funding in Europe, mirroring global trends.
  • Germany and Switzerland bucked the trend, with venture capital investments exceeding 2022 levels.
  • Europe has surpassed Asia Pacific to become the second-largest market for Digital Health venture capital investments.

Digital Health Ventures Face Funding Challenges, But Europe Leads in Evidence-Based Approaches

  • Despite funding reductions, Europe maintains a similar funding landscape to North America, with 43% of growth-stage ventures securing funding within the typical runway period.
  • Europe’s Digital Health ecosystem stands out globally, with 30% of ventures achieving a high Evidence Signal, indicating robust clinical trials, regulatory approvals, or peer-reviewed publications.

AI Adoption Gains Traction, Wellness Cluster Outperforms

  • AI and Generative AI (GenAI) technologies are gaining traction in Europe, with 42% of private Digital Health ventures adopting these advancements.
  • AI adoption is particularly prevalent in Medical Diagnostics and Patient Solutions, with 45% of ventures specializing in these areas utilizing AI or GenAI.
  • GenAI technology is gaining prominence in research-focused ventures, with 8% of Research Solutions Cluster companies employing this advanced AI approach.
  • The Wellness cluster emerged as the top-funded Digital Health sector in 2023, attracting $415M, driven by mega deals from eGym and Urban Sports Club.

Ventures and Companies Covered in the Report

The “2023 Europe Digital Health Innovation Year End Report” includes data on the following companies:

Delve into the Digital Health Innovation 2023 Year End Reports for Asia Pacific and North America

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Source of Data

Galen Growth’s proprietary platform, HealthTech Alpha, provides the data source for this report. Corporate Business Development, Business Intelligence, and Digital Health Partnership teams worldwide prefer HealthTech Alpha, the world’s most-trusted Digital Health data, intel, and insights platform. Visit to learn more about our data or research for our reports.

Our Mission

Founded in 2016 by Digital Health experts, Galen Growth empowers global Fortune 500 companies, institutional investors, and promising Digital Health ventures to fast track their digital health strategy to create significant financial and social values. To find out more, visit

HEADLINES: 9 pages, 14 charts, 4 tables    
ECOSYSTEM INSIGHTS: 4 pages, 7 charts, 2 tables    
INVESTMENT INSIGHTS: 4 pages, 6 charts    
CLUSTER FOCUS: 4 pages, 3 charts, 1 table    
THERAPEUTIC FOCUS: 3 pages, 3 charts, 1 table    
DEEP DIVES: 17 pages, 25 charts, 4 tables    
NOTEWORTHY: 3 pages, 3 tables    

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