Research presentation

Exits Are Back. Easy Exits Aren’t.

M&A now accounts for 95% of digital health exits as the IPO window stays shut to all but the most evidence-led ventures. Galen Growth's Digital Health Exits 2026 report — powered by HealthTech Alpha — analyses 282 exits from 2025 to June 2026 and the Roche/PathAI deal that turns vendor neutrality into a board-level governance question.

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Digital Health Global IPO M&A Thematic Report

In this report

Featured Statistics

95% Share of digital health exits

Share of digital health exits (2025–YTD 2026) completed via M&A (268 of 282 exits).

68% Share of exits accounted for

Share of exits accounted for by North America (192 of 282 exits), led by the United States.

60 Number of exits in the

Number of exits in the Health Management Solutions cluster, the most active of all clusters tracked.

$1.05B Disclosed value of Roche's acquisition

Disclosed value of Roche's acquisition of PathAI, the report's central case study.

$7.7M Median last funding round prior

Median last funding round prior to M&A exit, confirming acquirers are buying the asset, not the burn rate.

Valuations are down, the IPO window is barely open, and in digital health, M&A has become the only real path to exit. Galen Growth’s Digital Health Exits 2026 report breaks down 282 recent exits—95% of them acquisitions—to reveal where value is actually being realized, how exit timelines are shifting, and why landmark deals like Roche’s $1.05B takeover of PathAI are redefining vendor neutrality, competitive risk, and strategic control. With fresh insights on IPO readiness, emerging candidates like Oura and WHOOP, and three forward-looking exit scenarios shaped by market signals, this report gives investors, corporates, and founders the clarity they need to navigate—and win in—a tougher, acquisition-driven market.Designed for investors underwriting liquidity timelines and for pharmaceutical innovation managers assessing vendor and partnership risk, the report converts proprietary HealthTech Alpha data into the strategic implications stakeholders need: how to build exit-ready portfolios, how to treat vendor acquisition as a governance trigger, and how to plan for a median time-to-exit that has risen from 7 years in 2022 to 9.5 years in the first half of 2026.

How to Cite This Report

APA: Galen Growth. (2026). Exits Are Back. Easy Exits Aren't. Galen Growth. https://www.galengrowth.com/product/digital-health-exits-2026-ma-ipo-market-report/

Short form: Galen Growth / HealthTech Alpha, June 2026.

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