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2022 year-end funding report: a reality check for Canadian health tech

The new year is here and with it comes resolutions, goals and excitement for what lies ahead. At Pender Ventures, we have made a resolution: to release an annual investment and trends recap covering Canada’s health tech ecosystem, and today we are releasing our Canadian Health Tech Funding Report and Market Map.

While Canada’s healthcare system faces countless challenges, we are also home to a growing ecosystem of companies using technology to transform healthcare delivery. This burgeoning group of innovators is already making impressive strides in closing the many gaps across all facets of healthcare in Canada and the US.

Health tech represents a tremendous opportunity in Canada, not only from an investment perspective, but also from a societal one. Our report aims to map out Canada’s health tech market and track the trends that are shaping this sector as we head into 2023.

Zooming out to broader investment trends, 2022 saw a dramatic downswing in both deals and dollars, following impressive growth years in 2020 and 2021. Last year, we faced a looming recession, a vicious bear market and record-high inflation, leading many founders to rethink their growth plans.

While Canada’s health tech sector was certainly not immune to the wider ‘tech winter’ in 2022, the ecosystem continued to demonstrate resilience and maturity. As we enter / embark upon a new year, we also expect several trends to chart the course for Canada’s health tech sector, including patient-centric care, decentralized data, cross-continuum care, and ongoing staff shortages.

Download our first Canadian Health Tech Funding Report, including the first Canadian Health Tech Map for a review of 2022’s funding environment and the underlying key emerging trends that will continue to drive investment and innovation in 2023.

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