The digital health industry in the U.S. had a 55% decline in venture capital activity in 2022, data shows, representing a downturn in the industry that experts say will only be exacerbated by the collapse of Silicon Valley Bank.

Venture capital funding in the digital health space totaled $7 billion in 2022, down from deals totaling $15.6 billion in 2021, according to a digital health report released by PitchBook last week.

Among digital health companies based in New York, venture capital activity totaled approximately $1 billion, additional data from PitchBook showed.