ARTICLE SUMMARY:
The first half of 2026 saw record first financing activity in medtech, including nine $20 million-plus deals, and robust late-stage deals of $50 million or more, according to a mid-year 2026 HSBC Venture Healthcare Report, but concerns about exits and lagging interest in some indications linger. Jon Norris, managing director at HSBC, and lead author, discusses recent medtech trends with MTS' Wendy Diller in a two-part video interview.
Overall, healthcare venture investment activity is gaining strength, after years of weakness, and dominated by mega rounds. The environment for exits has improved, with selective IPO activity picking up and more M&A, giving investors confidence that they can realize returns within reasonable timing.
This momentum is true in medtech as well, although the environment remains tough and its share of total healthcare investment is declining. For the first half of 2026, medtech companies received 13% of dollars invested in healthcare, compared to 17% for the full year 2025; biopharma’s share, in contrast, rose from 45% for all of 2025 to 50% for the first half of 2026, says Jonathan Norris, managing director at HSBC and lead author of the well-regarded mid-year 2026 HSBC Venture Healthcare Report. In a recorded interview with Medtech Strategist, he observes notable strengths included more capital available for first financings (≥ $2 million), with record activity, both in financings and volume, for Series A rounds of $20 million or more. There were nine such financings in the first half of 2026.
