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State of Digital Health 2023: From Gold Rush to Consolidation in a Cooling Market

January 29, 2024
Summary
2023 saw a shift in digital health from record-breaking funding to consolidation due to market cool, according to CB Insights. The pandemic had inflated innovative funding, which halved to $13.2 billion in 2023, a pre-pandemic level. Mega-rounds exceeding $100 million decreased, however, the median deal size remained high, suggesting resources being focused on fewer, promising ventures. The number of "unicorn" companies decreased, M&A deals nearly doubled, pointing to consolidation focus. Despite the downturn, opportunities for expansion and technology refinement exist in the reshaped ecosystem.
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