The digital health sector enters late 2026 at a pivotal financial transition point. Following a multi-year liquidity drought, public capital markets briefly reopened in mid-2025, enabling a cohort of scaled healthtech companies, most notably Hinge Health, which raised $437 Million at a $2.6 Billion valuation on the NYSE and Omada Health, which raised $150 Million at a $1.1 Billion valuation on NASDAQ, alongside HeartFlow, Carlsmed and Profusa, to execute initial public offeri

For European health companies operating in the mid-market segment, defined as those with enterprise values (EV) between €25M and €250M, the initial public offering (IPO) window is structurally closed. Public equity markets have fundamentally recalibrated their underwriting criteria, demanding institutional scale, positive EBITDA and deep secondary market liquidity that companies within this valuation band cannot credibly deliver.