Telemedicine Report | September 2023

What’s the state of Telemedicine in Europe and the US? Our comprehensive report outlines all the key players in the space, M&A transactions, and company valuations. Download the full report below. Key highlights include:

  • We note that for the first time since H2 2020 public market valuations in terms of revenue multiples increased in H1 2023 to 3.1x, below the LT average of 3.9x.

  • M&A activity remained very selective with 22 transactions as the larger operators continued to consolidate the market and add new services. We see the larger groups looking to dominate their markets.

  • While fund raising has declined, 121 fundraisings were completed for nearly € 1 billion as specialist investors continue to anticipate secular growth drivers for the sector including government support, aging populations, and medical diagnostic advancements.

  • These same drivers are the reasons why we believe we will continue to see growth in the sector.

  • We have updated our mapping of the US and EU operators in the telemedicine market, organized in five subsectors, namley remote consultation, clinician selection & e-booking tools, symptom checker & remote monitoring solutions, specialty care and remote pharmacy. 

Download the full report here.


For further inquiries, please contact:

Christophe Morvan

Managing Partner



Digital Services


Lawrence Giesen


Consumer & Retail Tech

Digital Media



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