In 2023, med-tech firms garnered a total of $17.68 billion in funding, marking a 53.85% decline from the $38.31 billion raised in 2022 and ranking as the lowest financing year documented by BioWorld MedTech. This decrease follows a 22.3% dip from 2021’s $49.3 billion. The top-value year in med-tech financings remains 2020, recording $59.7 billion, followed by 2021’s $49.3 billion.

The new year kicked off with med-tech deal value in January totaling $107.75 million. By the numbers, January’s 183 deals surpassed the 2023 monthly average of approximately 142 deals per month.

In the first month of 2024, med-tech financings passed the $1 billion mark once more, raising a total of $1.06 billion through 46 transactions recorded by BioWorld. It was the fourth consecutive month where med-tech financings exceeded the $1 billion threshold, just slightly down from the $1.07 billion raised in December.

December med-tech deals totaled $220 million, down 50.25% from $442.2 million raised in November. However, for the full year 2023, med-tech deal value reached $10.63 billion, the top year in BioWorld’s records going back to 2018, and up 33.1% from 2022’s $7.99 billion.