Healthcare Industry Trends
2023 Annual Report 

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Key takeaways

Our 13th Healthcare Investments & Exits report examines how fundraising, investment and exit trends are impacting the VC-backed healthcare ecosystem. This edition unlocks new insights through our first-ever analyses around generative AI, spoon-fed deals and the occurrences of down, flat and up rounds.


Raised by U.S. VC firms for health-focused funds

2023 was the third best year for healthcare fundraising in the past decade.


Of healthcare deals were spoon-fed

The proportion of deals involving later-stage companies valued at more than $20M raising $15M or less is on the rise.


Total number of biopharma IPOs

Biopharma exits are historically low, but the IPO market is showing signs of life.