硅谷银行-健康科技的未来2023（英）-27页_2mb

October 2023 Healthtech Investment Trends and Analysis

The 2023 Future of Healthtech report highlights a challenging investment environment with economic stabilization. Key trends include a decline in deal volume, smaller check sizes, and downward valuation pressure due to post-pandemic excesses, but recovery through achievable growth targets and M&A. Value-based care (VBC) emerged as a bright spot, accounting for half of mega-deals, driven by payer partnerships and technological enablement. Alternative care and provider operations also saw significant focus, with strategic acquisitions by large entities like payers and retailers. Geographically, the US dominates investments, while VBC adoption continues amid regulatory pushback and operational challenges. The market reset has led to more sustainable valuations, though IPO activity remains low, and M&A shows early signs of life with declining valuations in acquisitions. Overall, resilience in innovation persists despite economic headwinds.

• Investment Highlights: Deals decreased by 116% in mega-investments from 2021, with VBC and clinical trial enablement leading subsectors. Fundraising rebounded late in 2022, supporting healthtech innovation.
• Value-Based Care: VBC ties reimbursement to outcomes, facing adoption barriers like financial risk but benefiting from CMS goals and payer incentives.
• Market Challenges: Valuation resets and reduced deal activity persist, with many companies cutting costs and revising projections to navigate economic uncertainty.
• Future Outlook: Positive momentum from M&A, AI integration, and government initiatives could drive further growth, but geographic disparities and sector-specific hurdles remain.