In 2025, digital health recalibrated.
After years of rapid funding and experimentation, the market entered a more disciplined phase. The speculative rush of the pandemic was replaced by a sharp focus on clinical proof and operational efficiency.
At Health Tech Forward 2025, Galen Growth unveiled its exclusive HT50 Core Investors report, revealing where the “smart money” is going.
The report offered a data-backed view of where capital is truly flowing and why.
Here’s what Galen Growth’s analysis revealed.
Galen Growth HT50 Core Investors report
Using its HealthTech Alpha platform, Galen Growth analysed more than 16,100 global investors, identifying a smaller group of 695 Core Investors who are consistently shaping the direction of digital health through repeat investments, long-term conviction, and ecosystem influence.
These are not just the most active investors, but the ones setting the tone for what gets built, scaled, and sustained.
Across regions, the report highlights a clear pattern of capital concentrating around investors who prioritise clinical relevance, operational readiness, and real-world adoption over experimentation alone.
Core Investors: Who’s shaping the market and where they’re based
Across regions, the report found a small group of investors standing out for both consistency and influence.
In Europe, firms like Khosla Ventures, Eurazeo, and Verve Ventures emerged as key players, backing data-driven and clinically grounded companies with long-term potential.
In the United States, CVS Health Ventures, Insight Partners, and GV (Google Ventures) continue to shape the market. Not only through capital, but through strategic integration across care delivery, trials, and technology.
In the Asia Pacific, Accel, Novo Holdings, and HealthQuad are playing a central role in scaling companies across care delivery, biopharma, and health infrastructure.
Global distribution of active investors
A closer look at the HT50 report reveals that influence in digital health remains geographically concentrated, even as innovation becomes more global.
North America continues to dominate, accounting for 56% of all active digital health investors and $15.3 billion in deployed capital in H1 2025 alone. This concentration helps explain why U.S.-based players continue to set the pace for scale, partnerships, and commercial adoption.
Europe represents the second-largest hub, with 26% of active investors and approximately $6 billion deployed.
Asia Pacific accounts for around 15% of active investors.
The remaining 4% of investor activity spans emerging markets across South America, the Middle East, and Africa. Still early, but signalling long-term potential rather than absence.
Where the money is actually going
The report shows a clear shift in how capital is being deployed.
Clinical trials have become a major focus.
With trials accounting for a significant share of R&D costs, investors are backing AI-led platforms that compress timelines, improve recruitment, and strengthen evidence generation.
Infrastructure and TechBio are gaining momentum.
Foundational technologies, from molecule design to regulatory-ready data systems, are attracting increased attention as enablers of long-term scale.
Evidence-led therapeutics are gaining preference.
“Pill-plus” models, where digital layers demonstrably improve outcomes, are emerging as a strong signal of maturity in the market.
Rather than chasing novelty, investors are backing systems that integrate into healthcare’s core workflows.
Global capital trends
The report revealed that despite tighter capital conditions, activity remained resilient.
Between 2021 and H1 2025, digital health attracted $164 billion across more than 10,100 deals. While funding peaked during the pandemic, 2025 raised $42.1 billion, signalling stabilisation.
Capital is still flowing, but with greater discipline. Investors are favouring evidence and quality over unproven, rapid expansion.
The distribution of activity tells the same story:
- Early-stage deals remain dominant but are gradually declining from 52% in 2021 to 49% in H1 2025.
- Growth-stage activity holding steady reflects maturity and greater confidence in commercial readiness.
- Late-stage investments rose from 8% in 2021 to 11% in 2025. But contraction of deal volume shows that they are becoming more selective.
One thing that stood out in the report was investor consistency. Despite fluctuations in capital, the number of active investors and ventures has remained relatively steady from 2021 through H1 2025.
Final word
What stands out most from this analysis is the depth and clarity of insight made possible by HealthTech Alpha’s data. By tracking investor behaviour, capital flows, and long-term market signals, the platform offers a rare, evidence-backed view of how digital health is truly evolving.
For anyone in the healthtech space, this kind of intelligence can be a strategic advantage. It helps identify where capital is concentrating, who the core investors are, which models are gaining long-term confidence, and how the market is recalibrating around proof, performance, and scalability.
As HealthTech Alpha’s exclusive sales partner in India, we work closely with teams looking to use this data to sharpen strategy, identify opportunities, and make more informed decisions in an increasingly competitive landscape.
If you’re building, investing, or planning your next move in healthtech, this is the kind of insight worth having.
Get in touch with us to explore how HealthTech Alpha’s data can support your growth.
