硅谷银行-医疗保健行业趋势2025年中报告（英）

Published July 29, 2025Reach out to your SVB point of contact to gain access to the full version of the report.Report PreviewA revenue cycle platform that can process as many appeals in an hour as manual reviewers can in a week, or that reduces denials by 10%, might not make for punchy headlines, but it could be the difference between a hospital staying open or closing. The areas getting the most value from AI have been priorities for healthcare for years, and AI is making a real difference.”HEALTHCARE INVESTMENTS & EXITS | MID-YEAR REPORT 20252Are we in an investment slump? Or are we seeing a resurgence? Is there a threatening mid-stage barbell or have early rounds been taking companies further? Is the exit market suddenly healthy or are public markets taking hits?It looks like all of that is true. All at once.Private markets are looking better than they have in years. After the dizzying heights of 2021 and the subsequent plunge, we’re moving towards something that looks like a reasonable slope for investment. Valuations are making more sense. There’s less hype about AI changing the face of healthcare, and more focus on powerful tools making a difference in unseen ways. A revenue cycle platform that can process as many appeals in an hour as manual reviewers can in a week, or that reduces denials by 10%, might not make for punchy headlines, but it could be the difference between a hospital staying open or closing. The areas getting the most value from AI have been priorities for healthcare for years, and AI is making a real difference.Investors are no longer satisfied with promises; they demand concrete plans, strong market presence and robust clinical evidence. Companies that raised a Series A with the goal of reaching preclinical milestones are facing a funding environment wanting Phase 1 data before backing a Series B.Data and interviews show a potentially dangerous emerging barbell trend. The scale of early-stage rounds has ballooned. With bigger seed and Series A raises and multiple extension rounds, early-stage companies are raising enough to bring them further than we expect. Is the Series B challenge a symptom of a tougher market, or simply a reflection of startups strategically raising enough in their Series A to reach critical value inflections points before seeking additional capital?Public markets can also be deceptive, especially if you focus on industry indices. Many companies that exited in the frothy 2021 market likely shouldn’t have, and they continue to drag down the overall healthcare metrics. But beneath the surface, new entrants with solid fundamentals are not just surviving but thriving in public markets even as they weather the broader economic storms. Big Pharma is especially reliant on the innovation ecosystem. Expiring exclusivity rights mean they desperately need to refill pipelines and find new blockbusters, and for that they need a research and startup pipeline exploring novel therapeutics. Corporate venture capital (