Global Digital Health Ecosystem 2022 3rd Quarter Report


  • In the first 9 months of 2022, venture funding across the globe declined by 35% YOY, ushering in a return to normal but slashing valuations for thousands of ventures.
  • Early-stage venture funding remains strong and promises a healthy pipeline of innovation, while the IPO market has stagnated, with a total of 6 IPOs and 4 SPACs globally. M&A activity has maintained strength, with a dip of only 7% YOY.
  • While North American and Asian funding has been dominating global headlines, the Middle East and South America have raised record-breaking amounts of venture funding. In contrast, Europe is maintaining momentum throughout 2022 and has not experienced the quarter-on-quarter decrease in venture funding that is impacting North America.
  • Our analysis of 12,000+ Digital Health ventures globally, revealed that just 17% of these ventures have significant Clinical Strength. The Medical Diagnostics cluster takes the top spot for Clinical Strength, with 37% of ventures having achieved an Evidence Signal > 40.
  • Even though both therapeutic areas saw funding shrink by more than 30%, oncology maintained the position of the most invested therapeutic areas in Q1 – Q3 2022, while mental health held the second position. Among the top 5 most invested therapeutic areas, gastroenterology was the only one that saw an increase of funding (2%) from 2021 to 2022.
  • The path forward into 2023 will be more challenging, but this new landscape will strengthen the pipeline of ventures, driving innovation further and bringing the Digital Health promise nearer


Global Digital Health Ecosystem  2022 3rd Quarter Report

For this report, Galen Growth’s data & research professionals worked side-by-side with experts from the FINN Global Digital Health Group to:

  • Chart the complex & fragmented digital health landscape
  • Uncover emerging market trends
  • Identify areas of growth & innovation
  • Look beyond funding to explore what’s next in this fast-paced sector

HealthTech Alpha, a Galen Growth proprietary solution, powers this report!

Table of Content – Global Digital Health Ecosystem  2022 3rd Quarter Report

The Ecosystem Snapshot focuses on the ecosystem, venture funding, clinical strength, and partnership analysis are highlighted in this report, along with an in-depth analysis including:

  • Ecosystem Insights
  • Investment Insights
  • Cluster Focus
  • Therapeutic Focus
  • Noteworthy
  • What’s Next?

Source of Data

HealthTech Alpha, Galen Growth’s proprietary on-demand platform, is the data source for this report. With more than 200 million data points HealthTech Alpha is the leading Digital Health intelligence and analytics platform. Moreover, its coverage exceeds 12,000 Digital Health ventures globally. To find out more about our data, visit, or visit for our reports.

Our Mission

Founded by HealthTech innovators, Galen Growth solves global healthcare system pain points and to create significant financial and social values. To find out more, visit

© Galen Growth 2023




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