1、2024 saw an uptick in M&A activity with 53 deals a clear recovery compared to 2023(42)The growth is heavily US-driven with+31%YoY compared to a+15%for EuropeMajor players dominate dealflow with standout transactions like LetsGetCheckeds 480m acquisition of Truepill and GTCRs 166m acquisition of Clou

2、dbreak HealthThe telemedicine sector is entering a new phase of maturity.In 2024,M&A activity rebounded sharply,with 53 deals driven largely by US-based consolidation efforts,confirming the countrys continued dominance in the spaceFundraising activity on volume declined by 19%year-on-year,yet the av

3、erage deal size increased to 15.8 million,marking a clear shift toward later-stage investmentsA dual trend is emerging trough M&A consolidation and a reallocation of capital toward mature,profitable business.Both trends are driven by two key dynamics:(i)a challenging macroeconomic environment(charac

4、terized by high interest rates,trade tensions,and geopolitical risks)and(ii)a maturing market offering fewer untapped opportunities than beforeFor the first time in three years,valuation multiples showed signs of stabilization,rising from 2.7x to 3.2x,reflecting a more disciplined market shaped by c

5、onsolidation and the exit of weaker playersAs early-stage capital pulls back,only resilient,profitable companies continue to attract investment.Unprofitable players,now cut off from easy VC funding,face a stark choice:adapt or exit.The result is a leaner,more stable market no longer driven by hype,b

6、ut by fundamentals“The telemedicine market is clearly transitioning into a new phase of maturity.Following the hypergrowth of the COVID era and a sharp post-pandemic correction,2024 shows signs of stabilization in deal activity,in valuations,and in strategic focus.Investors are no longer chasing gro