CB-Insights-2021Q3医疗保健行业投融资报告（英）-2021.10-229页_13mb

报告摘要

State of Healthcare Q3 2021 Summary

Core Content

The State of Healthcare Q3 2021 report provides an overview of global trends in healthcare dealmaking, funding, and exits in the private-market healthcare sector. It highlights key developments across various sub-sectors, including Digital Health, Medical Devices, Biopharmaceuticals, and Telehealth, as well as investment and exit trends.

Main Points

Global Deal and Funding Trends

Global Healthcare Deals: In Q3 2021, there were 1,904 deals, setting a new record and a 15% increase compared to the previous quarter.
YTD Funding: As of Q3 2021, $30.7B in funding was raised, which is 41% higher than the same period in 2020.
YTD Funding Growth: The year-to-date funding has already surpassed 2020 levels by over 20%, reaching $97.8B.
Mega-Rounds: The number of mega-rounds (>$100M) in 2021 YTD has already surpassed 2020 totals by 35% in deal count and 46% in funding.
Early-Stage Deals: Early-stage deal share rebounded from a multiyear low of 50% in 2020 to 54% in 2021 YTD, with Asia and the US sharing equal shares.
Median Deal Size: The median late-stage deal size in 2021 YTD reached $46M, up from $292M in 2020.
Median Late-Stage Valuation: The median late-stage valuation in 2021 YTD reached $471M, an increase of over 60% from 2020.
Exit Trends: Total exits in Q3 2021 declined by 5% QoQ, with IPO and M&A activity slowing. However, SPAC exits reached an all-time high of 11.
SPAC Valuation: The median SPAC exit valuation in 2021 YTD exceeded $1.2B, which is more than double the median IPO valuation.

Regional Trends

Asia Deal Share: Asia accounted for 38% of total deals in Q3 2021, the highest ever for the region. This is also the only major region to see sequential funding growth.
US Deal Share: The US deal share dropped to 42%, an all-time low.
Asia Funding Growth: Asia's funding in Q3 2021 increased by 18% QoQ, reaching $8.6B.
Deal Count by Country: The US remained the largest market with 808 deals, while China and other regions also contributed significantly to deal count and funding.

Investment Breakdown

Investor Types: VC led the investment share in Q3 2021 at 30%, followed by Corp and CVC at 15%.
Average Deal Size: The average deal size in 2021 YTD is 39% higher than in 2020.
Mega-Round Funding: Mega-rounds accounted for 43% of total funding in Q3 2021.

Sub-Sector Highlights

Digital Health: Raised $39.6B YTD, 27% more than in 2020. Q3 2021 saw a 18% QoQ decline in funding, but deal count reached an all-time high of 727.
Biopharmaceuticals: Highlighted as a key area of growth and investment.
Digital Therapeutics: Increasingly influenced by pharma, payers, and providers.
Telehealth: Seen as a growing sector with new partnerships shaping its future.
Health IT: Over 90 companies are driving digital transformation.

Key Insights

Deal Growth: The number of healthcare deals in Q3 2021 reached a record high.
Funding Growth: Despite a slight dip in Q3 funding, YTD funding has exceeded 2020 levels.
Asia's Rise: Asia's deal share and funding growth were notable, especially in the context of a declining US share.
Early-Stage Recovery: Early-stage deal share rebounded from a multiyear low.
SPAC Valuation Surge: SPAC exits in healthcare reached an all-time high, with median valuations surpassing $1.2B.
Mega-Rounds: These accounted for a significant portion of funding and deal count, with US and Asia leading the way.

Summary

The State of Healthcare Q3 2021 report showcases a record number of deals and significant funding growth, with Asia emerging as a key player in the sector. Early-stage deal share is rebounding, and late-stage valuations and deal sizes are increasing substantially. SPAC exits are rising, although M&A and IPO activity slowed slightly. The US remains the largest market for healthcare deals, but its share is declining, while Asia is gaining prominence. VC investment continues to be the dominant source of funding, and mega-rounds are contributing significantly to the overall growth in the sector.