Medical & Healthcare Atlas (Jolt Capital)

Summary

• Using an AI-powered methodology, 47,770 companies were identified within the global Medical & Healthcare dealflow perimeter.p.6
• Over the last 10 years, more than €372b has been invested in Medical & Healthcare Technologies across +37k equity deals.p.8
• Europe hosts 15,514 identified Medical & Healthcare companies, led by the UK with 2,690 companies and Germany with 2,204.p.11
• An estimated 32% of European Medical & Healthcare companies mention leveraging AI, predominantly in Robotics and Digital Medicine.p.12
• The Unfunded Hidden Universe contains +9,000 companies with 15 or more FTEs that have not raised VC/PE funding since 2010.p.18
• Medical & Healthcare public companies traded at an average LTM EV/Revenue multiple of 4,0x as of Q2 2025.p.29

Key insights

1. From 2021 to 2024, capital invested in European Medical & Healthcare companies fell by 42%.p.8
2. Medical Robotics venture investment grew steadily over the past decade to reach nearly 40% of global deals in 2024 with €621m raised worldwide.p.9
3. On average, 32% of European Medical & Healthcare companies mention leveraging AI in their business.p.12
4. Diagnostic Devices companies are catching up in VC rounds, capturing 40% of European rounds in Y24 while representing 27% of companies.p.13
5. Since 2016, European companies took an average of 3-4 years to reach €20 million in VC/PE funding compared to less than 2 years in NORAM.p.14
6. While 80% of Digital Medicine companies have received VC/PE funding, only 48% of Medical Equipment companies have received such funding.p.18
7. Since 2010, European companies captured 15% of total capital raised globally while filing 31% of active patents.p.20
8. Europe's share of global IP applications has slightly increased over the years, whereas Asian companies saw a larger increase in high-quality patent filings.p.25
9. As of Q2 2025, public Medical & Healthcare company valuation multiples averaged 4,0x EV/Revenue, ranging from 2,9x for Medical Equipment to 5,3x for Medical Robotics.p.29
10. European Medical & Healthcare companies have an average exit value of €122m (excluding outliers) and account for 30% of global exit rounds on a 10-year average.p.31