Every European health fund raised between 2019 and 2022 now holds companies that are alive, off plan and unlikely to raise another priced round. They are not the winners that will return the fund, and they are not the write-offs that have already been taken. They sit in the middle: a CE-marked device with slow hospital uptake, a digital therapeutic with a reimbursement code in one country and nothing elsewhere, a health AI company whose models are good but whose NHS or German

Nelson Advisors: Specialists in European HealthTech, MedTech, Healthcare AI and Digital Health. Partnerships, Investments, Mergers & Acquisitions from $25M to $250M Enterprise Value. The European healthcare technology M&A landscape is undergoing a structural realignment, and it is happening quietly. There is no single headline moment to point to, no dramatic collapse or blockbuster deal that marks the shift. Instead, the change has been cumulative: a gradual hollowing out of