During the first half of 2025, the global medical and health investment and financing market remained sluggish, with a decline in both the number of financing events and the total amount of funding secured. Nonetheless, various segments within this market exhibited distinct developmental trends. Notably, artificial intelligence has emerged as a pivotal area, deeply integrating with multiple facets of medical and health, and spearheading technological innovation. Conversely, the fervor for biopharmaceutical financing waned, while the sectors of medical devices and consumables, along with digital health, demonstrated growth momentum. Remarkably, the financing scale of medical devices and consumables projects surpassed that of biopharmaceuticals for the first time. Furthermore, the proportion of large-scale financing events increased globally, indicating a shift where funds are increasingly focusing on top-tier projects. In China, despite the ongoing decline in primary market financing for medical and health, the number of initial public offerings (IPOs) surged, and License-out transactions became more frequent, emerging as a significant financing avenue for innovative pharmaceutical companies. Simultaneously, the medical and health investment and financing markets in the UK and Switzerland defied the global trend, experiencing growth, while the financing scale in the US and China declined. Overall, medical innovation is entering a phase of deepening, with capital placing greater emphasis on project certainty and technological barriers.