Canadian Health Tech Funding Report & Market Map: 2022: Year in Review (Pender Ventures)
Summary
- Canadian health tech venture funding totaled $672M across 168 deals in 2022, down 30% from the previous year with an average deal size of $4M.p.2
- Alberta accounted for 16% of Canadian health tech venture funding in 2022 (up from 7% in 2021), ranking second behind Ontario.p.4
- The Canadian health tech M&A market saw 20 transactions in 2022, with disclosed deals valued at a total of $190M.p.2
- Female founders accounted for 20% of founders in Canadian health tech, surpassing the 15% rate across the broader industry.p.7
- The funding gap between the US and Canada remained wide in 2022, with US health tech companies raising 62x more capital across 14x more deals.p.11
Key insights
- Canadian health tech demonstrated relative resilience, experiencing a smaller funding contraction in 2022 than HRTech (78%), Fintech (57%), EdTech (52%), and Life Sciences (47%).p.6
- The three largest health tech financing deals accounted for 45% of all venture and growth capital raised in Canada in 2022.p.9
- Telus Health, WELL Health, and CloudMD remained the most active strategic acquirers, participating in over 50% of annual disclosed health tech M&A deals.p.10
- Patient engagement and communication tools became the fastest-growing investment sub-segment in 2022 as healthcare models shifted toward value-based and cross-continuum care.p.15
- Telemedicine grew to represent 48.2% of total health tech care administration funding between 2018 and 2022, up from 34.9% during 2013-2017.p.16
- Canada spends $8,563 per person on healthcare across 14 separate federal, provincial, and territorial systems, totaling $331B in 2022.p.12
Topics and entities
Summary and figures generated from the document and checked automatically: every number shown appears on the cited page. The full document is available from the publisher. Publishers can request removal.