The first half of 2026 confirmed the thesis we set out last December: European HealthTech and MedTech are transitioning from a volume-driven market into a value-driven one. Fewer companies are being funded, but the survivors are being funded harder; fewer deals are being signed, but the ones that close are larger, more strategic and increasingly organised around a single question, who owns defensible, clinically validated artificial intelligence. We enter the second half of t