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Global Digital Health Innovation Ecosystem Report on H1 2023 Key Trends

Galen Growth is pleased to share with you our Mid-Year Global Analysis on Digital Health Innovation. We look across the global startup ecosystem for Digital Health and explain the current trends that are driving demand. Our analysis focuses on private ventures and includes ecosystem growth, most active partners, regulatory approvals and venture funding. HealthTech Alpha, a Galen Growth proprietary solution, and the world’s leading Digital Health private market data, intel and insights platform powers this report!

H1 2023 Global Digital Health Funding - Title

Global Digital Health Ecosystem 2023 Mid Year Report

Don’t miss the H1 2023 Key Trends in Digital Health with this semi-annual report on the current state and future outlook of the global Digital Health ecosystem. The past year’s macro events are accelerating the sector’s maturity and driving consolidation of this highly fragmented industry. While this contraction signifies progress towards a stronger and more relevant future, addressing the hype surrounding Digital Health is crucial. Recent incidents like Babylon’s collapse and Pear Therapeutics’ bankruptcy serve as cautionary tales, emphasizing the need for substantiated proof points, realistic projections, and tangible results. The Global H1 2023 Key Trends report dives into both Pear Therapeutics and Babylon Health, as well as focusing on private ventures and includes current trends, ecosystem development, most active partners, and venture funding.
  • Across the globe $10.8B of venture capital was deployed in H1 2023, down 50% from $21.2B in H1 2021.
  • The number of partnerships announced by Digital Health ventures grew 1.8x YoY from 2021 to 2022. H1 2023 has seen 1.2x more partnerships than H1 2022. Venture-to-venture partnerships have reached 18% share of all Digital Health partnerships.
  • In 2022 and 2023, investors are focusing their funds more on ventures that can provide evidence of their solution’s effectiveness. While those ventures with significant Clinical Evidence only captured 47% share of the funding deals in their cluster from 2022 to H1 2023, they received 78% share of the funding value.
  • The African Digital Health ecosystem is now part of HealthTech Alpha. With 327 ventures across 22 countries, new venture incorporation 5-year CAGR reached 27% at the end of 2022. Nearly half of the ventures offering solutions that are agnostic to therapeutic area, and the top Digital Health Category for ventures in Africa is Online Marketplaces. Nigeria takes the top spot in Africa with more than 90 Digital Health ventures.
The “Global Digital Health Innovation Ecosystem Report on H1 2023 Key Trends” report includes data on the following companies: Pear Therapeutics, Lucira Health, Babylon Health, Femtec Health, Pomelo Care, Finni Health, Caraway, BenchSci, Little Journey, and many more
HealthTech Alpha, a Galen Growth proprietary solution, powers this report!

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