Med-tech financings with reported values reached $23.33 billion through the first three quarters of 2025, putting the sector on pace to surpass last year’s full-year total of $25.37 billion. Activity peaked in the first quarter with $9.33 billion raised, followed by $8.23 billion in Q2 and $5.77 billion in Q3.

Med-tech financings with disclosed valuations from January through October 2025 totaled $26.58 billion, nearly matching 2022’s $26.83 billion and marking a continued recovery from the sector’s 2023 low of $15.59 billion. The data suggest renewed investor confidence in med-tech, with capital flows shifting back toward public markets after two years of restrained activity.

Biopharma financings from January through October 2025 totaled $61.45 billion, roughly in line with the $61.04 billion raised during the same period in 2023 but down sharply from last year’s $93.83 billion.