Highest-Performing Companies to Dominate Fundraising in Venture Healthcare Market, However Challenges Persist
HSBC's Venture Healthcare Report reveals a 30% increase in healthcare investments in 2024 compared to 2023, with a notable shift towards larger rounds for top-performing companies. Biopharma investments rose 33%, driven by oncology and platform companies, with mega-rounds accounting for 72% of first-financing dollars.
The medical device sector saw decreased first-financing investment, with the top 10% of deals attracting 60% of dollars. Healthtech showed normalized investment levels with growing momentum in AI applications, particularly in clinical workflows. The DX/Tools sector experienced increased overall investment, though top-heavy with 48% of dollars going to the top 10% of deals.
Looking ahead to 2025, HSBC predicts flat healthcare investment, focusing on large rounds for high-performing companies. The report warns of potential consolidation and shutdowns as companies struggling with insider extensions face challenges securing new investor-led rounds.
Il Rapporto sulla Sanità di HSBC rivela un incremento del 30% degli investimenti nel settore sanitario nel 2024 rispetto al 2023, con un notevole spostamento verso round più grandi per le aziende ad alte prestazioni. Gli investimenti in biopharma sono aumentati del 33%, sostenuti dalle aziende nel campo dell'oncologia e delle piattaforme, con le mega-finanziamenti che rappresentano il 72% dei dollari totali per i primi finanziamenti.
Il settore dei dispositivi medici ha visto una diminuzione degli investimenti per i primi finanziamenti, con il 10% delle transazioni che attrae il 60% dei fondi. Healthtech ha mostrato livelli di investimento normalizzati con una crescente spinta nelle applicazioni AI, in particolare nei flussi di lavoro clinici. Il settore DX/Tools ha sperimentato un aumento generale degli investimenti, sebbene concentrato, con il 48% dei fondi destinati al 10% delle operazioni di maggiore valore.
Guardando al 2025, HSBC prevede investimenti sanitari stabili, con un focus sui round grandi per le aziende più performanti. Il rapporto avverte di potenziali consolidate e chiusure man mano che le aziende in difficoltà con estensioni interne affrontano sfide nel garantire nuovi round guidati da investitori.
El Informe de Atención Médica de HSBC revela un aumento del 30% en las inversiones en atención médica en 2024 en comparación con 2023, con un notable cambio hacia rondas más grandes para las empresas de alto rendimiento. Las inversiones en biofarmacia aumentaron un 33%, impulsadas por empresas de oncología y plataformas, siendo las mega-rondas responsables del 72% de los dólares invertidos en las primeras financiaciones.
El sector de dispositivos médicos experimentó una disminución en las inversiones de primeras financiaciones, con el 10% principal de las transacciones capturando el 60% de los fondos. Healthtech mostró niveles de inversión normalizados con un creciente impulso en las aplicaciones de IA, particularmente en flujos de trabajo clínicos. El sector DX/Tools experimentó un aumento general en la inversión, aunque concentrado, con el 48% de los dólares yendo al 10% superior de las transacciones.
Mirando hacia 2025, HSBC predice que las inversiones en atención médica serán estables, enfocándose en rondas grandes para empresas de alto rendimiento. El informe advierte sobre la posible consolidación y cierres a medida que las empresas que luchan con extensiones internas enfrentan dificultades para asegurar nuevas rondas lideradas por inversores.
HSBC의 헬스케어 리포트는 2024년 헬스케어 투자액이 2023년에 비해 30% 증가했으며, 우수 성과를 내는 기업을 위한 대규모 투자로의 현저한 전환이 있음을 나타냅니다. 생물 제약 투자액이 33% 증가했습니다, 이는 종양학 및 플랫폼 기업에 의해 주도되었으며, 초거대 자금 조달이 최초 자금 조달 총액의 72%를 차지하고 있습니다.
의료기기 부문은 최초 자금 조달 투자 감소를 보았으며, 상위 10%의 거래가 60%의 자금을 끌어들였습니다. 헬스테크는 일반화된 투자 수준을 보였으며, 특히 임상 작업 흐름에서 AI 애플리케이션의 증가하는 모멘텀을 보였습니다. DX/도구 부문은 전반적인 투자 증가를 경험했으나 상위 10% 거래에 48%의 자금이 집중되어 있습니다.
2025년을 바라보며, HSBC는 헬스케어 투자액이 평탄할 것으로 예측하며, 성과가 높은 기업을 위한 대규모 투자에 집중할 것입니다. 리포트는 기업들이 내부 연장 문제로 어려움을 겪으면서 새로운 투자자 주도의 라운드를 확보하는 데 도전을 겪을 경우, 잠재적인 통합 및 종료를 경고합니다.
Le Rapport sur la Santé d'HSBC révèle une augmentation de 30 % des investissements en santé en 2024 par rapport à 2023, avec un changement notable vers des levées de fonds plus importantes pour les entreprises les plus performantes. Les investissements dans la biopharmacie ont augmenté de 33 %, soutenus par des entreprises d'oncologie et de plateformes, les méga-tours représentant 72 % des dollars des premiers financements.
Le secteur des dispositifs médicaux a vu une diminution des investissements au premier financement, avec les 10 % des meilleures transactions attirant 60 % des fonds. Healthtech a montré des niveaux d'investissement normalisés avec une dynamique croissante dans les applications d'IA, en particulier dans les flux de travail cliniques. Le secteur DX/Tools a connu une augmentation globale des investissements, bien que très concentrée, avec 48 % des dollars allant aux 10 % des meilleurs deals.
Pour 2025, HSBC prévoit un investissement stable en santé, en se concentrant sur de grandes levées de fonds pour les entreprises les plus performantes. Le rapport avertit des possibles consolidations et fermetures alors que les entreprises en difficulté avec des prolongations internes rencontrent des défis pour obtenir de nouveaux tours dirigés par des investisseurs.
HSBCs Bericht über die Gesundheitsversorgung zeigt einen Anstieg der Investitionen in den Gesundheitssektor um 30% im Jahr 2024 im Vergleich zu 2023, mit einem bemerkenswerten Trend hin zu größeren Finanzierungsrunden für leistungsstarke Unternehmen. Die Biopharma-Investitionen stiegen um 33%, angetrieben von Onkologie- und Plattformunternehmen, wobei Mega-Runden 72% des gesamten Finanzierungsvolumens bei den Erstfinanzierungen ausmachten.
Der Sektor der Medizinprodukte verzeichnete einen Rückgang der Erstfinanzierungsinvestitionen, wobei die obersten 10% der Deals 60% des Kapitals anlockten. Healthtech zeigte normalisierte Investitionsniveaus mit wachsender Dynamik bei KI-Anwendungen, insbesondere in klinischen Arbeitsabläufen. Der DX/Tools-Sektor erlebte insgesamt steigende Investitionen, die jedoch ungleich verteilt waren, da 48% des Kapitals auf die obersten 10% der Deals floß.
Für 2025 prognostiziert HSBC eine stabile Gesundheitspolitik und konzentriert sich dabei auf große Runden für leistungsstarke Unternehmen. Der Bericht warnt vor möglicher Konsolidierung und Schließungen, da Unternehmen, die mit internen Verzögerungen kämpfen, Schwierigkeiten haben, neue von Investoren geleitete Runden zu sichern.
- 30% increase in healthcare investments in 2024
- 33% rise in Biopharma investments
- Strong growth in AI applications within Healthtech sector
- Normalized investment levels returning to pre-2023 banking crisis levels
- Increased corporate investment in DX/Tools first-financing
- Decline in small Seed and Series A deals
- Medical device first-financing investment down year-over-year
- Risk of consolidation and shutdowns for companies relying on insider extensions
- First-financing hit four-year low in DX/Tools sector
- Weak exit landscape affecting venture investments
Insights
The healthcare venture capital landscape is experiencing a significant structural shift, with investment concentrating in the hands of top-performing companies. The 30% increase in new investments versus 2023 masks a concerning trend - a 72% concentration of first-financing dollars in mega-rounds exceeding <money>$100M</money>.
The biopharma sector's 33% growth in 2024 and projected <money>$24-26B</money> investment for 2025 indicates strong institutional confidence. However, the medical device sector's declining first-financing investments and the 60% concentration of capital in top-tier deals suggests a widening gap between elite and average performers.
Most concerning is the surge in insider-round extensions, which typically signals funding difficulties. Companies failing to secure new investor-led rounds face increased consolidation risk, potentially leading to a market correction in 2025.
The AI revolution in healthcare is gaining momentum, particularly in clinical workflow applications, despite overall healthtech investment moderation. The sector's normalization to pre-2023 levels, coupled with sustained investment in specialized care and underserved populations, indicates a maturing market focused on practical applications rather than speculative technologies.
In the diagnostics and tools sector, the concentration of 48% of capital in the top 10% of deals reflects investor preference for revenue-generating companies. Key investment themes - radiopharma, computational biology and oncology-focused liquid biopsy - suggest a shift toward technologically sophisticated, commercially viable solutions.
The increased corporate investment in first-financing rounds, filling the void left by traditional VCs, indicates a strategic pivot in how innovation is funded in the healthcare sector.
The bifurcation in healthcare venture funding reveals a 'flight to quality' phenomenon. Elite companies are securing larger rounds at premium valuations, while earlier-stage ventures face heightened scrutiny. This polarization could reshape the innovation landscape, potentially limiting the diversity of healthcare solutions reaching the market.
The surge in crossover investor participation at cycle-high valuations suggests growing confidence in near-term exit opportunities, either through M&A or IPOs. However, the dependence on insider rounds and the four-year low in DX/Tools first-financing indicates underlying market stress.
The strategic focus on in-licensing China assets and venture-created companies with blank checks points to evolving market dynamics, where capital efficiency and proven concepts take precedence over early-stage innovation.
HSBC Venture Healthcare Report: Look What You Made Me Do showcases latest trends in Biopharma, Medical Devices, Healthtech, and DX/Tools
- Investors finally started to invest in new deals in 2024, shifting focus to large rounds for the highest-performing companies
- In 2025, first-financing to remain muted, excluding biopharma, as a weak exit landscape and trouble finding Series B investors have pushed VC investments to later stage
- With many companies leaning on insider fundraising rounds, there is a likelihood of consolidation or shut-downs if companies fail to secure new investor-led rounds
“In 2023 and 2024, many companies that raised insider extensions have not had the ‘rubber hitting the road’ moments as expected, so it’s likely that we see after-effects, including substantial consolidation and shut-downs as companies struggle to secure that next round of funding,” said Jonathan Norris, Lead Author and Managing Director, HSBC Innovation Banking,
Biopharma
Bouncing back from 2023, investment rose
Medical Devices
While there was a surge in first-financing deals and dollars in 2Q 2024, overall first-financing investment was down for the year, marked by early investor fear of finding a new Series B lead and a longer time to exit in private M&A, as Series A insider-round extensions spiked. Notably, the top
Healthtech
Early-stage investment in AI (artificial intelligence) applications continued to gain momentum, particularly within the clinical workflow subsector, although investments overall were down compared to 2023. Overall, Healthtech investment dollars grew from 2023 and have normalized to pre-2023 banking crisis levels, with continued investment in companies targeting underserved groups and in specialized care. Investment dollars dipped in 4Q 2024 relative to earlier quarters, partially driven by investors waiting to see what happens with potential IPOs in 2025, as high-growth companies have been waiting in the wings. The market may continue to normalize in 2025 for early to mid-stage companies amid further proliferation of AI solutions, particularly in clinical applications. All eyes are on IPOs as the market tracks early IPO performance and digests the new deregulatory policy positions in healthcare.
DX/Tools
Overall investment was up but top-heavy as the top
The HSBC Venture Healthcare Report was written and produced by HSBC Innovation Banking’s Life Science and Healthcare Team, which serves the innovation economy by providing products and solutions to early and growth-stage companies.
“Even while investors are looking to decrease risk, the continued inflows to emerging sectors like AI are an encouraging sign for the year ahead,” said Katherine Andersen, Head of Life Science and Healthcare, HSBC Innovation Banking,
Learn more about HSBC Innovation Banking.
About HSBC
HSBC Holdings plc, the parent company of HSBC, is headquartered in
HSBC Bank
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Vice President of External Communications
Matt.Kozar@us.hsbc.com
Source: HSBC
FAQ
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