The EMEA region (Europe, Middle East, and Africa) includes over 100 nations and a population of over 2 billion. According to PitchBook’s EMEA Healthcare Market Snapshot, healthcare VC investment here is concentrated in London, Paris, and Cambridge, accounting for about 50% of deal value. Top EMEA healthcare startups include CMR Surgical, Insightec, Kry, Doctolib, and Apollo Therapeutics, with funding ranging from $405 million to over $1.1 billion. Cambridge-based CMR Surgical and Apollo Therapeutics are likely IPO candidates, with VC Exit Predictor IPO scores of 92% and 77%, respectively. The CE marking process in Europe enables rapid scaling of innovative solutions by centralizing regulatory clearances.

Antitrust scrutiny is rising in the life sciences sector, illustrated by the EU’s opposition to Illumina’s acquisition of GRAIL. However, Novo Nordisk’s acquisition of Catalent is expected to proceed, aiming to address drug shortages. Political changes could impact policies as the UK and France prepare for national elections.

Healthcare VC activity in EMEA peaked at $5.5 billion in Q4 2020 but stabilized at around $2.5 billion quarterly by early 2023. Recent major deals include Apollo Therapeutics’ $260 million Series C and CMR Surgical’s $165 million late-stage round. The decline in healthcare VC activity was less severe in EMEA than in other regions, supported by resilient biopharma and medtech sectors. PE activity has been sluggish due to higher interest rates, with notable deals including Dechra Pharmaceuticals’ acquisition by the Abu Dhabi Investment Authority and EQT.

European share prices are near all-time highs, driven by companies like Novo Nordisk. The STOXX Europe 600 Health Care Index has outperformed broader indices. While healthcare IPOs are rare, recent listings include Dubai-based PureHealth and Swiss dermatology vendor Galderma. In healthcare IT, VC activity peaked at $737.6 million in 2021 but dropped to $441 million in 2023. Key investments include care orchestration platforms like Lumeon and UpHill, and GDPR-compliant data exchange platforms such as Medi2data and Enovation. Future investments will likely focus on technologies that enhance operational efficiency and improve access to care.

The EMEA region remains a key hub for healthcare VC investment, showcasing resilience and innovation despite regulatory challenges. With concentrated activity in major cities and evolving investment trends, the region continues to attract strong interest in cutting-edge technologies and digital health, paving the way for significant growth and transformation in the healthcare sector.