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Medtech deals were resuscitated thanks to activity in cardiovascular and surgical robotics, per a new PitchBook report.

Why it matters: At the current pace, medtech annual venture deal value could tick higher in 2024 than it has since 2022, the report finds.

By the numbers: The medtech sector drew $3.3 billion in venture funding in Q1 2024, up from $2.8 billion in Q4 2023.

Zoom in: Cardiovascular and surgical robotics drew $2.2 billion and $1 billion, respectively, over the past 12 months across the following deals:

Remote cardiac arrest device maker Avive Solutions in April secured a $56.5 million Series B; R3 Vascular raised $87 million for its peripheral artery disease stent.

Agilis Robotics, Medical Microinstruments, True Digital Surgery and LEM Surgical have collected a combined $300 million since January.

Between the lines: Of the $3.3 billion in funding, roughly half ($1.6 billion) went to later-stage deals, including:

Boston Scientific in January agreeing to acquire incontinence treatment device maker Axonics for $3.7 billion, making it one of the largest medtech transactions in the past year.

Cancer detection test maker Freenome in February raising $254 million.

Surgical robotics developer Medical Microinstruments in February closing a $110 million Series C.

Labcorp in April agreeing to acquire assets from bankrupt genomic company Invitae for $239 million.

What's next: In cardiovascular, potential M&A targets include Cardiac Dimensions, R3 Vascular and Corvia Medical, all of whom have raised more than $100 million in venture funding, per PitchBook.

What they're saying: "We view the strong start to VC funding for the year with cautious optimism," writes PitchBook senior health care analyst Aaron DeGagne.

The other side: Despite a rise in fundraising deals, Q1 saw no major IPOs and only a few acquisitions, the report found.

Yes, but: Public medtech valuations appear to have steadied following declines in 2022 and 2023, per the report, which could inspire increased activity.

State of play: Other relevant recent venture medtech deals include:

Swallowing dysfunction treatment developer Phagenesis in March gobbled up a $42 million Series D.

Motif Neurotech, a developer of brain stimulation devices for depression, in January closed an $18.75 million Series A.

Cognito Therapeutics, a medical device company using light and sound to treat neurodegenerative disease, in January raised a $35 million Series B extension.

What we're watching: Atlantic Street and Linden Capital Partners-backed microscope maker Prescott's was exploring a sale earlier this year, amid increased private equity interest in the med tech sector.

Medtech deals "meaningfully rebound" in Q1, per report

At the current pace, medtech annual venture deal value could tick higher in 2024 than it has since 2022.

Illustration of an upward trending stock line with a heart in place of an arrowhead 

Health tech deals

Medtech deals were resuscitated thanks to activity in cardiovascular and surgical robotics, per a new PitchBook report.Why it matters: At the current pace, medtech annual venture deal value could tick higher in 2024 than it has since 2022, the report finds.

Medtech deals "meaningfully rebound" in Q1, per report

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