2023-01-06-SVB-healthcare_investments_and_exits_annual_report_2022_42页_3mb

报告摘要

VC Investments Declined: Global venture fundraising for healthcare fell from a 2021 record of ~$48B to ~$45B, with a significant pullback in late 2022.
Value Reset: Valuations cooled after an unprecedented 2021 surge; larger deals featured revised term sheets with liquidation preferences and payout structures.

Biopharma: Investment declined 40%, with focus shifting to providers/payers and platform companies. Series A/B activity slowed as investors prioritized progress before funding.
Healthtech: Declined 25%, early-stage investors concentrated on workflow/efficiency tools. Series A extensions bridged time gaps until 2023.
Dx/Tools: Dropped 41%, with R&D tools suffering the steepest decline. Dx analytics/breathing room market stable.
Device: Slumped 49%, marking a return to pandemic ERP/$ (devices less affected). Strong M&A focus amidst supply-constrained environment.
Comp Bio: Continued strong interest despite pullback, with outsized valuations captured in early rounds.

M&A Surged in 2021: Deal count reached record levels (288 globally) but declined sharply in 2022 due to market conditions.
IPOs Vanished in US: Only 19 US/EU listings in 2022 vs. record 96 in 2021. Exceptions: successful platform/tech trade names trading in Chinese markets.
Cross-Border Activity Prolific: Particularly China’s SHSE listings offering better exit avenues for investors.

Cryptocurrency+Tokenization Impact: Vacuum left by failed Cardano model; regulated/deniable DeFi healthcare projects may surface late 2023.
Aging Populations Driving Enterprise DaaS Demand: Data infrastructure as critical asset especially for pharma/labs.
Blockchain above Sub-Value: Continued consolidation in precise-use blockchain tools enabled by sensor/healthcare vertical integratives.
Macro Risk: Persistently high inflation/stablecoin devaluation creating debt risk in venture financing cycles.

$15B investment expected; traditional VCs/deals likely lead, biopharma may resume post-dip rounds for top pipeline companies with clear data-readouts.
M&A predicted to increase with healthcare ecosystems buying functional tech/IO + protocol innovation assets.
IPO recovery unlikely until 2024; downside risk signaling for companies with 2021/2022 highs remains elevated until pipeline data improves.

展开完整摘要