For founders, investors and acquirers operating in European HealthTech, understanding this new shape of the market matters more than tracking any single quarterly funding figure. The headline numbers now tell contradictory stories depending on which slice you examine, European digital health funding in the first quarter of 2026 fell 44% year on year, yet first-half funding rose 60% over the same period. Both figures are accurate. Reconciling them is the key to understanding w