Healthcare Industry Trends
Mid-Year 2023 Update

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Key takeaways

A new healthcare investment landscape is emerging marked by fewer deals, slower investment pace, smaller check sizes and more scrutinous investors. Yet, there are reasons for optimism. The rightsizing of valuations is leading to more sustainable, long-term growth and profitability targets. Venture fundraising rebounded, with investors sitting on record capital for right-sized investment into the healthcare innovation economy.


Venture capital raised in H1’23. At this pace, 2023 healthcare fundraising could near 2021’s record pace.


Venture capital raised in the last 18 months, resulting in an unprecedented amount of dry powder to fund new healthcare companies.


The number of VC deals in H1’23. Quarter-over-quarter investment has stabilized in the last three quarters, signaling an end to the dramatic pullback in investment.