Our report sets out to explain that paradox and to help founders, investors and operators navigate it. The core finding is concentration. Galen Growth’s data show European digital health venture funding reaching $6.2 billion in 2025, up 15 per cent year-on-year and the fastest growth of any region globally.

Short answer: the first wave has started, but the spree has not. What we are seeing in October 2026 is the opening act. A handful of small, adjacency driven deals have closed. Two category leaders have raised enough capital to buy things. The NHS has begun to buy in bulk, which changes who survives. Regulation has become a real fixed cost. The conditions for a busier twelve to eighteen months are in place, but a "spree" is a forecast, not a fact and we will try to keep the tw