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1、WWW.DRAKESTAR.COMTELEMEDICINE:2025 RECAP AND 2026 OUTLOOKFROM TELEMEDICINE TO FULLY INTEGRATED HEALTHTECHLOS ANGELES|SAN FRANCISCO|NEW YORK|LONDON|PARIS|MUNICH|BERLIN|DUBAITELEMEDICINE 2025 KEY TAKEAWAYS:M&A RECOVERS,FUNDRAISING SHIFTS AND VALUATION MULTIPLES STABILISE22025 confirmed a sustainable r

2、ecovery in M&A activity with 87 deals,a clear increaser over 2024(53 deals)Growth in transaction volumes is higher in Europe with+93%YoY compared to+52%in the USMajor players dominate dealflow with standout transactions like Paulus Holding 1,250m acquisition of Alto Pharmacy and Hims&Her 219m acquis

3、ition of ZavaThe telemedicine sector continues to consolidate.In 2025,M&A activity rebounded sharply,with 87 deals driven largely by large US consolidators efforts,confirming the countrys continued dominance in the spaceFundraising activity on volume increased by 107%year-on-year,driven by Pre-Seed/

4、Seed and Later-stage investments,with nearly two-thirds of these deals being US companies.A dual trend is emerging in 2025,combining sustained early-stage innovation focusing on AI driven by continued Pre-Seed/Seed activity with increasing capital concentration and consolidation among scaled players

5、As the market matures,investors remain supportive of innovation at inception while favoring established platforms with scale,recurring revenues,and clear paths to profitability,which leverage funding and M&A to build integrated,end-to-end telemedicine offerings and strengthen their market positionsE

6、V/Revenue multiples have increased for four consecutive quarters,rising from 2.7x in H1 2024 to 3.9x in H2 2025“AI is becoming a core enabler in telemedicine,shifting platforms from simple video visits to workflow engines that automate triage,documentation,and follow-up,so clinicians can handle high