The level of investment in Europe’s med-tech sector in 2025 did not materialize as many had hoped at the beginning of the year. Reciprocal tariffs introduced by the U.S. government created an uncertain macroeconomic environment, curtailing dealmaking and slowing financing activity. Nevertheless, amid uncertainty, there were some bright spots as medical devices remain essential, and investors know how to navigate market cycles.

Livsmed Inc. closed the year’s biggest Kosdaq IPO with a ₩135.85 billion (US$94 million) haul Dec. 24. Livsmed specializes in the development of hand-held multi-joint laparoscopic surgical instruments for minimally invasive procedures.

Ultromics Ltd. secured a strategic investment from the American Heart Association's Go Red for Women Venture Fund to advance the use of its technology to help clinicians better identify women suffering from heart failure with preserved ejection fraction (HFpEF). The condition goes undiagnosed in millions of women, who are disproportionately affected by HFpEF. Ultromics’ Echogo Heart Failure software analyzes routine ultrasound scans to quantify heart function and identify patterns that signal HFpEF.  

Acryl Inc. debuted on South Korea’s Kosdaq Dec. 16, raising ₩42.12 billion ($28.5 million) in an IPO. Shares (KOSDAQ:0007C0) closed at ₩67,000 on the first day, up 243.5% from its offering price, before closing 30% down on Dec. 17 at ₩47,500. Seoul, South Korea-based Acryl sold 2.16 million shares priced at ₩19,500 each. Notably, Acryl won South Korea Ministry of Food and Drug Safety approval of Acryl-D01 software in December 2024, making it the country’s first AI-based digital therapeutic solution for depression screening and diagnosis. The generative AI-based medical software is cleared to analyze patient interviews and medical records and provide a probability score for clinical depression.