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A key driver has been the growing presence of US investors in European late-stage rounds—investors who often bring valuation benchmarks shaped by the US market, where larger deal sizes, higher revenue multiples, and faster scaling assumptions are the norm. The excesses of the past have given way to a more focused, resilient ecosystem, one better aligned with the realities of healthcare delivery and the expectations of capital markets. The next phase of digital health growth will be built by companies that understand healthcare's constraints as well as its possibilities and by investors and corporates willing to engage with nuance rather than hype. Readers are encouraged to consult the full report for a comprehensive and detailed understanding of the digital health landscape.