1、Click here or press enter for the accessibility optimised versionThe Future ofHealthtech 2022Click here or press enter for the accessibility optimised versionExecutive SummaryIn just the past nine months,the healthtechindustry has seen dramatic shifts.Venturecapital investment and deal pace are slow

2、ingfrom their peak in 2021,with valuationslowering and check sizes decreasing.Rising interest rates,inflation and globalgeopolitical factors all created record marketvolatility.Public healthtech companies sawtheir shares drop at record paces.These shifts all indicate a healthtech marketreset is unde

3、rway.Weve moved from agrowth-at-all-costs era to an era thatemphasizes clear value creation,whether itsthrough improving health outcomes,access,or affordability.Investment has shifted into earlier stageswhere valuations are corrected from lastyears sky-high levels.With a record amountof dry powder a

4、vailable to healthtechstartups,and mergers and acquisitions onthe rise,there is still a tremendousopportunity for healthtech companies togrow.The healthcare industry,presenting new andemerging challenges in 2022,remains ripefor innovation and is more resilient duringperiods of downturn.Looking forwa

5、rd,healthtech companies willneed to focus on delivering measurable valueto continue driving innovation.The Future of Healthtech 2022Market reset from 2021s blockbuster levels marked by flight to quality and early-stage investmentI think this is one ofthe best times to bestarting a companyand one of

6、the besttimes to be buildingresponsibly.Hemant Taneja,Managing Partner General CatalystTable of ContentsHealthtech Market HighlightsHealthtech Investment OverviewSpotlight:Mental HealthSector to Watch:Womens HealthHealthtech Subsector Trends and PredictionsHealthtech Global ExitsClick here or press

7、enter for the accessibility optimised versionHealthtech MarketHighlightsHealthtech 2022 Statistics$23BUS and EU1healthtechinvestments in 20222,down from 2021 peak-40%decline in mega-round($100M+)investments318unicorns formed in 2022$1.6Brecord seed/Series Ainvestment in Q12216%increase in private VC

8、-backed M&A19%of 2022 healthtechinvestments went tofemale-founded4companies0US and EU VC-backedIPOs6in 20222acquisitions by Big Fivetech5companiesNotes:1)EU includes UK-based companies.2)All 2022 data is through 9/30/22.3)Mega-round defined as funding round$100M.4)Female-founded companies refer to c

9、ompanies with at least one femalefounder.5)Big Five tech includes Alphabet,Amazon,Apple,Microsoft and Meta.6)IPO statistics only include venture-backed IPOs with a minimum of$25M proceeds raised.Source:PitchBook,SVB proprietarydata and SVB analysis.SVB Healthtech Market ShareNote:Only includes US ve

10、nture-backed companies that have raised$5M+in 2022.Source:PitchBook,SVB proprietary data and SVB analysis.Innovation Opportunities Along the Patient JourneyAdding tech-enabled products within the patient journey can increase accessibility,personalization,transparency,and quality of care.Thepatient j

11、ourney below highlights the various ways healthtech has improved the consumer experience and quality of healthcare.Vertical integration allowsconsumers to utilize an all-in-onesolution.Companies like Parsley Health areproviding end-to-end integration fortheir users.We look forward to seeing morevert

12、ically-integrated solutions asconsumers demand these featuresin a convenient one-stop shop.Key Challenges HealthtechEntrepreneurs are SolvingNote:VC investment includes investment into US,EU and UK-based companies as of 9/30/22.Source:PitchBook,SVB proprietary data and SVB analysis.Click here or pre

13、ss enter for the accessibility optimised versionHealthtech InvestmentOverviewHealthtech investment and dealpace is down this year from itsunprecedented levels in 2021.This downturn is expected,as themarket rebalances from 2021sunsustainable activity.Last year,robust private andpublic equity markets,

14、peaked VCfundraising and new investorspouring capital into healthtech atrecord rates pushed investmentsand valuations to all-time highs.This year,tumultuous publicmarkets,global geopoliticalfactors and rising interest ratesall rebalanced healthtechinvestment,with an especiallyinvestment,with an espe

15、ciallysharp drop in Q322($4.4B),down 39%from Q222 and down67%from its peak in Q221.Now,we are seeing investmentsshift to high-quality companiesthat are improving healthoutcomes,access or affordability.There is also a shift to earlierstages where valuations arenormalized.At the later stages,valuation

16、s are correcting forcompanies that havent yet growninto their inflated valuations.Investment OverviewInvestment Slows as Market Rebalancesfrom 2021s BoomHealthtech VC Deals and Dollars,US and EU1Notes:1)EU includes UK-based companies.Source:PitchBook,SVB proprietary data and SVB analysisLater-stage

17、companies aregenerally closing fewer deals atlower valuations,marked by a40%decrease in mega-dealinvestments from 2021 to 2022.With a record amount of drypowder available to healthtechstartups,there is still atremendous opportunity forhealthtech companies to grow.We estimate that US and EUhealthtech

18、 investment will reach$27B in 2022.Investment OverviewHealthtech VC Dollars by GeographyGeography200222US$11.4B$19.4B$39.2B$18.6BEU1$2.0B$2.2B$4.7B$4.1BTotal$13.4B$21.6B$42.9B$22.7BNotes:1)EU includes UK-based companies.2)All 2022 data is through 9/30/2022.Source:PitchBook,SVB proprietary

19、 data and SVB analysis.Investment OverviewHealthtech Subsectors:ProviderOperations Leads 2022 InvestmentHealthtech VC Deals by Subsectors,US and EU1Notes:1)EU includes UK-based companies.Source:PitchBook,SVB proprietary data and SVB analysis.Investment OverviewMost Active VC Investors by SubsectorNu

20、mber of Deals,1US and EU,20222Notes:1)Most active investors defined as by count of deals in which investor participated(new or follow-on).2)All 2022 data through 9/30/22.EU includes UK-based companies.3)Additional investors have thesame number of deals but are not included because of space limitatio

21、ns.Source:PitchBook,SVB proprietary data and SVB analysis.Investment OverviewFemale Founders Break InvestmentRecord in 2022Female-founded1healthtech companies broke a record in 2022,receiving 19%of all capital invested.This is well ahead of VCinvestment across other healthcare sectors(biopharma,dx/t

22、ools,device),where only 12%went to female-founded companies.Female-founded companies are becoming more prevalent,and theirvaluations are increasing.Two companies in 2022 hit unicorn status(Bellabeat and Wheel).While overall healthtech valuations are down from their peak in 2021,there were more femal

23、e-founded companies valued over$100M in2022(29 companies),a 12%increase over 2021.Invested Capital by Founder Gender,US and EU2Notes:1)Female-founded companies refer to companies with at least one female founder.2)EU includes UK-based companies.All 2022 data is through 9/30/22.Source:PitchBook,SVB p

24、roprietary data and SVBanalysis.Investment OverviewFemale-Founded Company ValuationsThe higher concentration of female founders among the highest-valued healthtech companies is a promising development for theindustry.Increasing perspectives and the pool of knowledge due to diversity willcreate bette

25、r solutions to healthcares toughest problems.Women cannot only provide unique lenses to these challenges,but can alsostrongly identify with female consumer bases.With VCs now holding record amounts of dry powder following arecord fundraising season,it is crucial that investors consider diversefounde

26、rs and challenge traditional funding inequities.Companies Valued Over$100M by CEO Gender,US and EU1Note:1)EU includes UK-based companies.All 2022 data is through 9/30/22.Source:PitchBook,SVB proprietary data and SVB analysis.Investment OverviewNotable 2022 Financingswith Female FoundersNote:All 2022

27、 data is through 9/30/22.Financing date,size and post-money valuation listed when available.Source:PitchBook,SVB proprietary data andSVB analysis.Investment OverviewHealthtech Investment by US RegionNotes:1)All 2022 data is through 9/30/2022.Source:PitchBook,SVB proprietary data and SVB analysis.Inv

28、estment OverviewHealthtech Unicorns by Birth Year and SubsectorUS and EU1Note:1)EU includes UK-based companies.2)All 2022 data is through 9/30/22.3)De-SPAC is a company merger of the special purpose acquisition company(SPAC),the buying entity and a target privatebusiness.Source:PitchBook,SVB proprie

29、tary data and SVB analysis.Investment OverviewHealthtech Unicorn Births Down from 2021 PeakUS and EU1Note:1)EU includes UK-based companies.2)All 2022 data is through 9/30/22.Source:PitchBook,SVB proprietary data and SVB analysis.Click here or press enter for the accessibility optimised versionSpotli

30、ght:Mental HealthMental health1(MH)companieswerent immune to the marketdownturn this year,withinvestment slowing from 2021sblockbuster levels.However,while the broaderhealthtech industry saw mediandeal sizes and valuationsdecrease in 2022,MH companiesactually saw increases.Many MH solutions rapidlye

31、xpanded and scaled theirplatforms this year,enabled byrecord amounts of capitaldeployed to them in 2021.As a result,employee-sponsoredMH benefits have shifted from anice-to-have to a must-have.Theyve improved accessibilityand gained traction amongemployees,with highengagement rates and promisingoutc

32、ome improvements.Demandfor these solutions continues togrow,providing opportunities forMH companies to expand.Market leaders in MH are alsoassuaging the provider shortage,which has reached a tippingpoint.2Mental HealthDemand Soars,Valuations Uniquely UpMental Health VC Deals and Dollars,US and EU3No

33、tes:1)This analysis does not include the$2B raised this year(as of 9/30/22)by healthtech companies with mental health offerings that are not exclusively focused on mental health.2)AAMC report.3)EUincludes UK-based companies.Source:PitchBook,SVB proprietary data and SVB analysis.Mental HealthThe hybr

34、id care model in particular has exploded in popularity,as in-person care remains the most trusted by patients while virtual optionsimprove access and offer more touchpoints at lower costs.Deal Size and Valuation by Year,US and EU1Notable 20222DealsAs demand continues to soar and MH tops concerns of

35、consumers,employers,investors,payers,and providers,we believe MH investmentwill remain steady in 2023.Notes:1)EU includes UK-based companies,2)All 2022 data is through 9/30/22.Source:PitchBook,SVB proprietary data and SVB analysis.Last year saw a sharp rise ininvestments into point solution3companie

36、s focusing on a singleMH disorder.This created a highlyMH disorder.This created a highlycompetitive landscape saturatedwith point solutions.Since then,weve seen many pointsolutions evolve into platform4,expanding service offerings toother areas of MH.Platformother areas of MH.Platformsolutions domin

37、ated MH this year,earning 69%of investments,upfrom 51%last year.As MH care demand soars,weexpect more point solutions toexpand to platform to grow theirexpand to platform to grow theirpatient bases.Despite marketsaturation,point solutionvaluations have risen in 2022.Their focus on single conditionsa

38、llows for high-quality,specializedhealthcare,especially for higher-acuity MH disorders likeMental HealthPoint Solutions Evolving into PlatformMH Deals and Dollars by Top ConditionsUS and EU1,2020-20222Investment by Platform or Point Solution,US and EU2Notes:1)EU includes UK-based companies.2)All 202

39、2 data is through 9/30/22.3)Point solution defined as companies focused on single indication or disorder.4)Platform solution defined as companies thattarget a combination of mental and behavioral health conditions.Source:PitchBook,SVB proprietary data and SVB analysis.acuity MH disorders liketreatme

40、nt-resistant depression,OCD,etc.Interestingly,pointsolution median deal size in 2022($12M)is double platforms($6M).Weve also seen an increase inculturally competent MH servicesthat meet the social,cultural,andlinguistic needs of patients.Forexample,the Bronx-basedcompany Health in Her Hueconnects Bl

41、ack women toappropriate healthcare providers,including MH providers.Going forward,we expect to seemore companies expand accessto culturally-competent MH care.Mental HealthNotable 20221Point Solution DealsNotes:1)All 2022 data is through 9/30/22.Source:PitchBook,SVB proprietary data and SVB analysis.

42、Click here or press enter for the accessibility optimised versionSector to Watch:Womens HealthThe womens health(WH)industry has never seen moremomentum than now.This year,the largest WH devoted fundclosed,early-stage investment hita new record,and the second-ever WH unicorn(Bellabeat)wasborn.The ove

43、rturn of Roe v.Wade in 2022 also sparkedattention to WH,highlighting thenecessity for WH innovation andfueling mission-driven foundersto continue moving the needle.Last year,investments hit an all-time record of$1.4B.This year isslightly down from 2021 but isalready 30%above 2020s full-year investme

44、nts.We have seen investments shiftto early-stage,as new entrantsprovided new solutions for WHchallenges.Seed/Series Ainvestments hit a record$177M inthe first three quarters of thisyear alone,up 9%from 2021.The increase in investmentsdespite the markets broaderdownturn is promising for the WHindustr

45、y.As these companiesgrow and mature,they can scaleto serve more women and theirdiverse health needs.Womens HealthWomens Health Breaks RecordsInvestment by Company Stage,US and EU1Notes:1)EU includes UK-based companies 2)All 2022 data is through 9/30/22.Source:PitchBook,SVB proprietary data and SVB a

46、nalysis.Womens Health50%of the population isnt niche,”says Maria Velissaris,foundingand general partner of SteelSky Ventures.Velissariss perspectivehighlights the immense opportunity WH companies hold to serve thehealth needs of half our population.Highest-Valued Private Companies 20221,US and EU2Co

47、mpanyIndicationValuationBellabeatPlatform$1.02BBillion to One3Pregnancy$950MMirvie3Pregnancy$155MGaiaFertility$125MWildflowerPregnancy$115MPrelude Dx3Oncology$109MOpen full table in browser:https:/svb.turtl.co/story/svb-the-future-of-healthtech-2022/page/6/2Average Post-Money Valuations,US and EU2In

48、vestors will likely strike on the investment opportunities in WHas the industry continues to grow and provide new solutions forthe health needs of women.Notes:1)Highest-valued defined by post-money valuation on private round in 2021Q322.2)EU includes UK-based companies.3)This company overlaps with t

49、he dx/tools sector.Source:PitchBook,SVB proprietary data and SVB analysis.We also notice several WHalternative care companiesmoving towards whole-personcare.Maven Clinic recentlyannounced the addition ofmenopause care to their platform,and Kindbody expanded theirplatform into womens mentalhealth.Tia

50、 and Parsley Health both aimto take a holistic approach whenproviding care,offeringgynecological services alongsideprimary care.Womens HealthFertility and Pregnancy Lead InvestmentFertility and pregnancycompanies dominated WHinvestment in 2022,accountingfor a record 68%of allinvestment.Historically,

51、therapeutic areas other thanfertility and pregnancy,such aspelvic floor health andmenopause,have received morecombined investments and haveshown substantial growth.We anticipate increasedinvestment into therapeutic areasoutside of fertility and pregnancyas they garner more attention.Fertility&Pregna

52、ncy vs Other1Womens Health Deals andDollars,US and EU2Notes:1)Other companies are focused on single indications such as breastfeeding,mammography,womens mental health,and breast cancer.2)EU includes UK-based companies.All 2022 data is through 9/30/22.Source:PitchBook,SVB proprietary data and SVB ana

53、lysis.These new models applied infertility and pregnancy areimproving maternal healthoutcomes by increasing access tospecialty providers,includingOBGYNs,nutritionists,and mentalhealth providers.Companies focusing on hormonehealth are increasing productivityin women who suffer fromdebilitating and hi

54、storicallyundiagnosed hormone-relatedconditions.We predict that personalized,whole-person care will continueto grow,as WH is not a one-size-fits-all solution.These companies are not onlyserving 50%of the population,but are also helping to reducestigmas,raising awareness,anddismantling the taboo cult

55、urearound WH.Womens HealthInvestment by Application,US and EU222ApplicationsDollarsDealsDollarsDealsDollarsDealsFertility$107M13$211M22$253M13Pregnancy$132M12$448M25$296M27Platform$253M15$508M17$75M14Menopause$57M4$16M6$46M4Pelvic Health$89M9$53M12$76M9Oncology$00$12M5$79M10Birth Control$

56、11M3$63M7$5M2Menstruation$9M7$94M7$2M3Notes:1)EU includes UK-based companies.2)All 2022 data is through 9/30/22.Source:PitchBook,SVB proprietary data and SVB analysis.Womens HealthLargest 20221Deals by IndicationNotes:1)All 2022 data is through 9/30/22.2)These companies overlap with the biopharma,de

57、vice or dx/tools sectors.Source:PitchBook,SVB proprietary data and SVB analysis.Click here or press enter for the accessibility optimised versionHealthtech Subsector:Alternative CareLast year alternative care(AC)companies earned the bulk ofhealthtech investments,with newinvestors deploying recordamo

58、unts of capital into thesubsector and raising valuations.Consequently,AC companies sawthe sharpest decrease ininvestments and later-stagevaluations this year.Despite the steep drop,investment this year($5.6B)isstill well ahead of 2020s total($5.4B).Investment dramatically shifted toearlier stages wh

59、ere valuationsare lowered from 2021s levels.Growing opportunities at theearlier stage indicate that ACcompanies are not slowing down.Now that virtual care isubiquitous in 2022,investment isshifting to companies deliveringquality outcomes.Mature ACcompanies must not only provetheir profitability but

60、also theirability to take on risk andaccountability with buyers todeliver quality outcomes.Subsector:Alternative CareDramatic Shift to Early Stage Alternative CareOpportunitiesAlternative Care VC Deals and Dollars,US and EU1Notes:1)EU includes UK-based companies.Source:Pitchbook,SVB proprietary data

61、 and SVB analysis.Virtual and hybrid care modelshave proven especially effectivein providing high-quality primarycare and mental healthcare.Arecent study showed that virtualprimary care increased mentalhealth screenings and improvedchronic condition management.1These two therapeutic areasreceived ov

62、er half of all virtualcare investment in 2022.Virtual care also provides moreflexibility to physicians,improvingoptimism about the effects of ACon physician burnout.2Even asvirtual care continues to explodeand as in-person models receiveless investment,in-person willalways be necessary for complexca

63、re delivery.Subsector:Alternative CareNotable 20221DealsVirtual CareFocused on providing care that enables a patientto see a provider remotelyHybrid CareFocused on providing care that is a combinationof in-person and virtualIn-Person CareFocused on providing care that requires thepatient to physical

64、ly visit a providerNotes:1)All 2022 data is through 9/30/2022.Source:Pitchbook,SVB proprietary data and SVB analysis.A record number of point solutionAC companies formed in 2021,creating a highly competitivelandscape saturated with pointsolutions.As point solutions continue tocompete for the same pr

65、ovidersand employers and point solutionfatigue increases,companies willgrow to integrate and expandplatforms.Many companies that started aspoint solutions have alreadyevolved to offer platform care,such as Honor and Hinge Health.This can provide AC companieswith additional revenue streamsand improve

66、d care models,andand improved care models,andwe expect to see more of thisactivity in Q422 and 2023.Shifts to whole-person care droveinvestments into primary care andplatform care this year,whichearned 43%of 2022 investment.Going forward,AC companiesmay need to prove they canintegrate,scale,improve

67、healthoutcomes and be profitable orreimbursable by payers.Subsector:Alternative CareShift to Integrate and Provide Whole-Person CareAC Investment by Top Applications,US and EU222Application DollarsDealsDollarsDealsDollarsDealsMentalHealth$976M54$3.8B101$1.5B60PrimaryCare$2.3B59$5.0B94$1.7

68、B51WomensHealth$242M16$485M32$308M32PlatformCare3$823M16$1.5B17$622M8SeniorCare$350M13$1.0B16$262M10Notes:1)EU includes UK-based companies.2)All 2022 data is through 9/30/22.3)Platform care combines primary care with at least one form of specialty care.Source:PitchBook,SVB proprietary data and SVBan

69、alysis.Mental health AC companiesearned a record 28%of all ACdollars in 2022,up from 17%in2020.We also saw significantinterest in senior care companies,as the aging populationincreasingly faces complex andcostly healthcare challenges.At the early stages,weve seenmore AC companies offeringculturally

70、centered,whole-personcare.Leaders in the spaceinclude Folx Health($25M SeriesA,1/19/21),Zocalo($7M seedround,9/19/22)and Hurdle($6Mseed round,1/7/21).Subsector:Alternative CareMedian Series A Post-Money Valuations,US and EU2Notable 20221Deals,US and EU2Notes:1)All 2022 data is through 9/30/2022.2)EU

71、 includes UK-based companies.Source:Pitchbook,SVB proprietary data and SVB analysis.Click here or press enter for the accessibility optimised versionHealthtech Subsector:Provider OperationsNow more than ever,traditionalproviders are forced to evolve toimprove clinician capacity andcompete with the t

72、ech-enabledalternative care(AC)solutionsthat rapidly scaled last year.Although the healthcare industryhas seen marked improvementsin innovation adoption since2020,it still lags behind otherindustries.Historically,techadoption by providers is slow,hindered by providers resistingnew solutions.Provider

73、s must adopt provideroperations(PO)solutions toexpand consumer-preferredvirtual offerings,improve providerworkflows,assuage physicianburnout and facilitate theadoption of value-based caremodels.The pandemic accelerated thephysician shortage,leading someproviders to adopt PO solutionsto expand virtua

74、l care options orstreamline provider workflows toimprove capacity.Subsector:Provider OperationsProviders Must Evolve to Reinvent CareAmid Physician ShortagePO Dollars and(Deals),US and EU1Notes:1)EU includes UK-based companies.Source:PitchBook,SVB proprietary data and SVB analysis.However,many have

75、lagged inadoption and have alleviated thegap by restricting patient care.Since the pandemics onset,over18%of US hospitals have reducedservice hours,and 14%cancelledor delayed elective procedures.1As pressure mounts on providersto adopt technology solutions,investment in PO solutions willremain high.

76、We expect PO tocontinue to lead healthtechinvestment in 2023.Subsector:Provider OperationsPO Investment by Application2020202120222ApplicationsDollarsDealsDollarsDealsDollarsDealsWorkflowOptimization$2.8B178$6.6B284$4.0B236Clinical DecisionSupport$2.4B133$4.3B233$3.0B188Median Series A Post-Money Va

77、luations,US and EU3Notes:1)Deloitte report.2)All 2022 data is through 9/30/22.3)EU includes UK-based companies.Source:PitchBook,SVB proprietary data and SVB analysis.Click here or press enter for the accessibility optimised versionHealthtech Subsector:Clinical TrialEnablementVC investment into clini

78、cal trialenablement(CTE)has grown 2.5xover the past five years.Thisyears total of$1.1B is higher thanany year on record other than2021($2.4B).Although Q322marks the lowest quarter sinceQ118($59M),investors arebullish in the space.While most other healthtechsubsectors have seen valuationsdrop this ye

79、ar,median later-stageCTE valuations are only 7%lowerthan in 2021.Early-stage valuations increaseddramatically as well,followinginvestor patterns acrosshealthtech to act early to avoidhigher later-stage valuations andexpensive financings.There has been a broad industrycommitment to patientrecruitment

80、,up 250%from 2020and the focus of Reify Health,CTEs largest deal of 2022 for$220M.Larger public companieslike Walgreens are entering thespace and utilizing communitytrust and embeddedness torecruit more diverse patients totrials.Subsector:Clinical Trial EnablementCTE Scratching the Surface of AI,ML-

81、Based DiscoveryCTE Dollars and(Deals),US and EU1Notes:1)EU includes UK-based companies.Source:PitchBook,SVB proprietary data and SVB analysis.Healthtech has only scratchedthe surface in terms of usingdata,AI and ML to develop drugs,but this is an area that is rapidlygrowing.Biopharma VCs have deeppo

82、ckets and will continue toapproach companies using techcapabilities to aid CTE.Subsector:Clinical Trial EnablementCTE Investment by Application,US and EU222Applications DollarsDealsDollarsDealsDollarsDealsDrugDiscovery$559M$26$1.5B51$66828WorkflowOptimization$97M6$459M12$347M12PatientRecr

83、uitment$7M2$122M5$38M6Mobile Trials$102M3$224M3$6M2Median Series A Post-Money Valuations,US and EU1Notes:1)EU includes UK-based companies.2)All 2022 data is through 9/30/22.Source:PitchBook,SVB proprietary data and SVB analysis.Click here or press enter for the accessibility optimised versionHealtht

84、ech Subsector:Wellness&EducationAs healthtech investor focusshifted to quality and outcomesthis year,health&wellness(H&W)investment focused oncompanies offering improvedhealthcare outcomes.Thesecompanies often pair a user-friendly consumer applicationwith devices or diagnostic tests.As H&W companies

85、 shift theirfocus to improving outcomes,weve seen some of thesecompanies evolve into the clinicalspace.For example,mindfulnessapp Headspace expanded theirplatform by acquiringGinger,a therapy provider,for$3B in 2021.H&W companies are also shiftingaway from direct-to-consumer(D2C)models to business-t

86、o-business(B2B)models.Withconsumer inflation at all-timehighs,and digital customeracquisition costs skyrocketing,competition to capture consumerdollars is high.Shifting to B2B and business-to-consumer(B2C)paves paths forH&W companies to scaleengaged customer bases byworking within existinghealthcare

87、 systeminfrastructures,and acquiringconsumers through healthsystems,payers and employers.Subsector:Wellness and EducationWellness Companies Shift to Outcomes,B2BWellness and Education Dollars and(Deals),US and EU1Notes:1)EU includes UK-based companies.Source:PitchBook,SVB proprietary data and SVB an

88、alysis.Subsector:Wellness&EducationHealth&Wellness Deals by Focus AreaUS&EU1,2020-20222In 2021,many new investors entered the H&W space as the pandemicsubstantially increased the prioritization of wellness by consumersacross the globe.Interestingly,new investor activity in 2022 wassustained,with 72%

89、of investors into H&W companies in 2022 beingnew to the company.Consumerization of healthcare has grown significantly in 2022.AsH&W companies lead the shift in focus to the consumer experience,we predict there will be an even stronger consumer presence shapingthe healthcare landscape in 2023.Series

90、A Post-Money Valuations,US and EU1Notes:1)EU includes UK-based companies.2)All 2022 data is through 9/30/22.Source:PitchBook,SVB proprietary data and SVB analysis.Click here or press enter for the accessibility optimised versionHealthtech Subsector:Healthcare NavigationHealthcare navigation(HN)sawth

91、e largest-ever investmentquarter this year in Q122 with$830M invested.Although 2022dollars and deal counts are downfrom 2021,average deal size is up38%,from$32M in 2021 to$47Min 2022.A handful of large 2022HN deals drive the average up:HealthC($212M),Transcarent($200M)and Alma($130M).HN companies fo

92、cused on pricetransparency saw the first-everdeal over$100M this year forWalnut($110M).Models such as buy now,paylater are disrupting the traditionalmethod of payment and areoffering more consumer flexibilityand accessibility to expensivehealthcare.As healthcare costs continue toincrease,we expect m

93、oreinvestment into pricetransparency companies.Subsector:Healthcare NavigationHealthcare Navigation Expands Offerings,Early Stage LagsHealthcare Navigation Dollars and(Deals),US and EU1Notes:1)EU includes UK-based companies.Source:PitchBook,SVB proprietary data and SVB analysis.Several companies hav

94、eestablished themselves as front-runners in HN,raising capitalconsistently year after year.Seven of the eight companieswho raised at least$50M in 2022also raised capital in 2021,also raised capital in 2021,establishing continued successand growth after 2021s recordyear.Meanwhile,early-stageentrants

95、into the HN market havereceived less investment this yearthan any other year,with just twodeals.Many HN companies havedeals.Many HN companies haveevolved to offer additionalservices,such as telehealth andinsurance plans.We expect thisto continue as consumersdemand HN features in everyhealthcare expe

96、rience.Subsector:Healthcare NavigationInvestment by Application,US and EU222Applications DollarsDealsDollarsDealsDollarsDealsProviderMatching$591M21$1.2B35$433M10PayerMatching$202M9$803M26$526M10Price$13M2$99M5$210M5Open full table in browser:https:/svb.turtl.co/story/svb-the-future-of-he

97、althtech-2022/page/11/2Investment by Company Stage,US and EU1Notes:1)EU includes UK-based companies.2)All 2022 data is through 9/30/22.Source:PitchBook,SVB proprietary data and SVB analysis.Click here or press enter for the accessibility optimised versionHealthtech Subsector:MedicationManagementMedi

98、cation management(MM)investment hit$831M this year,up 29%from$644M in 2020.Interestingly,deal count hasremained steady at 36 in 2021and 2022,despite dollars falling41%.This is due to larger average dealsizes this year.In fact,there werethe same amount of MM mega-deals(3)in 2021 and 2022.Thiscontrast

99、s the broader healthtechindustry,which saw a sharp drop(40%)in mega-deal financing.Two of the three mega-dealswere in pharmacy benefitcompanies,which offer solutionsto increase access andaffordability of prescription drugs.These deals mark the first-evermega-deals in pharmacybenefits,which is histor

100、ically thesmallest application.Investment is driven by theskyrocketing price of prescriptiondrugs,which has grown at afaster rate than inflation over thepast seven years,up 35%since20191in the US.Subsector:Medication ManagementGrowth and Mega-Deals Persistin Medication ManagementMedication Managemen

101、t Dollars and(Deals)US and EU2Notes:1)Kaiser Family Foundation Report.2)EU includes UK-based companies.Source:PitchBook,SVB proprietary data and SVB analysis.Subsector:Medication ManagementInvestment by Application,US and EU22020202120223Applications DollarsDealsDollarsDealsDollarsDealsMedicationDel

102、ivery$496M11$822M14$311M12MedicationCompliance$83M9$164M11$75M9WorkflowOptimization$42M4$128M10$150M10PharmacyBenefits$31M4$50M1$279M3Median Series A Post-Money Valuations,US and EU2Increased investment in MM also supports the overall flight to quality shown throughout healthtech.For example,a US-ba

103、sed study showed thatpost-hospital discharge medication delivery improved adherence by 57%1,highlighting the vast opportunity within this sector to improvehealthcare quality.Notes:1)American Heart Association Report.2)EU includes UK-based companies.3)All 2022 data is through 9/30/22.Source:PitchBook

104、,SVB proprietary data and SVB analysis.Click here or press enter for the accessibility optimised versionHealthtech GlobalExitsHealthtechs IPO window shut this year,marking an end to the wave of new listingsfrom 2019-2021.This years IPOs,both in Q3,were international provider operationscompanies Clou

105、Dr and Lunit,based in HongKong and South Korea,respectively.Inflation,supply chain constraints,interestrate hikes and the situation in Russia andUkraine all contributed to the stock marketsworst first half since 1970.The volatility hurtperformance across all sectors,butespecially in healthtech,with

106、median 2022performance at-58%.1Despite last years influx in healthtech IPOs,the end-of-year 2021 performance wasdisappointing,with the majority of healthtechstocks trading negatively.This revealed thepublic markets dissipating enthusiasm fortech-enabled healthcare growth stories.Global ExitsHealthte

107、ch IPO window slams shutVC-Backed Exits by Year1Notes:1)IPO data only includes venture-backed IPOs since 2015 with minimum$25M proceeds raised.2)De-SPACs graphed by date of announcement of intent to de-SPAC.3)Performance measured by changein index value as of 1/1/20.All 2022 data is through 9/30/22.

108、Source:S&P Capital IQ,PitchBook,SVB proprietary data and SVB analysis.VC-Backed IPO and De-SPAC Performance3Public performance of VC-backed unicornsborn in 2015-2021 was mostly negative in2021,with all trading negatively except OneMedical(+45%)and Health Catalyst(+92%).This year,performance worsened

109、 with onlyOne Medical(+22%)trading positivelyfollowing Amazons announcement to acquirethe company.SPACs,which exploded in popularity lastyear,seem to have fallen out of vogue,withall trading negatively.Median de-SPACperformance since merger close reached arecord low in Q322(-80%),downsignificantly f

110、rom 2021(-35%).As uncertainmarket conditions continue,we expecthealthtech companies to remain private anddelay IPO plans,while considering M&Aopportunities.Global ExitsVC-Backed IPO Performance,US1Notes:1)IPO data only includes venture-backed IPOs since 2015 with minimum$25M proceeds raised.Source:S

111、&P Capital IQ,PitchBook,SVB proprietary data and SVB analysis.M&A deal activity in healthtech this yearstarted strong in Q1(48 deals)but taperedoff in Q2(33)and Q3(30),with Q3 down44%from the peak in Q421(54).We expectM&A volume to be slightly down in Q422,with yearly totals behind 2021s record pace

112、.While M&A activity tapered slightly,medianacquisition prices were significantly down.Acquirers struggled with valuationdisconnect,driven by big step-ups andresulting lofty post-money valuations we sawwith regularity in 2020 and 2021.Deal pricing will likely remain unsettled asprivate valuations cor

113、rect.This is playing outin 2022 as median later-stage post-moneyvaluations($100M)are down 17%from theirpeak in Q4 2021($121M),while publicmarket healthtech market caps continue todrop below pre-record 2021 levels.There were only six publicly disclosedprivate healthtech M&As in 2022 over$50Mand zero

114、over$1B(2021 had four).M&A in2021 boasted strong return multiples2formany of the disclosed deals;however,in2022 public market corrections haveimpacted return multiples for investors,astwo of the six(Analytic Wizards andPlusDental)seemed to have larger priorprivate round post-money valuations thanexi

115、t values.Global ExitsUptick in M&A Volume,Deal Value DownVC-Backed M&A1Deals by Top SubsectorsNotes:1)M&A data only includes private,venture-backed M&A.All 2022 data is through 9/30/22.2)Return multiple defined as the acquisition price divided by the post-money valuation on the prior privateround.So

116、urce:PitchBook,SVB proprietary data and SVB analysis.Global ExitsNotable 2022 VC-Backed M&A1in Most Active SubsectorsNotes:1)M&A data only includes private,venture-backed M&A.All 2022 data is through 9/30/22.Source:PitchBook,SVB proprietary data and SVB analysis.Public healthcare companies lead priv

117、ateM&A activity in 2022,while acquisitions byPE firms have continued to decline sinceearly 2021.Healthtech companies acquiredthe most of any other healthcare sector(biopharma,diagnostics,and device),with70 acquisitions(86%of healthcare acquireractivity and 63%of overall activity)in 2022.We expect we

118、ll-positioned private healthtechcompanies,flush with cash on their balancesheets from 2021 mammoth rounds,tocontinue to be opportunistic acquirers in thespace in Q422 and 2023.This year saw some notable public M&Aactivity by Big 5 tech companies:Amazon(One Medical)and Microsoft(NuanceCommunications)

119、.We believe largetechnology companies,equipped withtechnology companies,equipped withtechnology,data and cash,will continue toventure into the healthcare industry,as itremains highly challenged and ripe forinnovation.Various industry factors lead us to believeM&A will remain steady.Healthcare acquir

120、erscan leverage growth-stage companiestechnology to build stronger relationshipswith providers and provide better navigationfor patients.We expect a wave ofconsolidation in the next three quarters witha broad range of acquirers including largetechnology companies.Global ExitsHealthtech Acquirers:63%

121、of 2022 M&A ActivityVC-Backed M&A1Deals by AcquirerTypeVC-Backed Healthcare AcquirersNotes:1)M&A data only includes private,venture-backed M&A.All 2022 data is through 9/30/22.Source:PitchBook,SVB proprietary data and SVB analysis.Global ExitsNotes:1)M&A data only includes private,venture-backed M&A

122、.Source:PitchBook,SVB proprietary data and SVB analysisClick here or press enter for the accessibility optimised versionAuthors,Disclaimersand GlossaryAuthorsGlossarySubsector DefinitionsWorkflow Optimization defined as the automation and/orintegration of a providers day-to-day processes.Clinical De

123、cision Support defined as solutions that help aprovider make the right decision at the right time.Drug Discovery Platform defined as data-driven drug discovery.Mobile Trials defined as decentralized clinical trials.Health&Wellness defined as solutions that encourage ahealthier lifestyle;users do not

124、 directly interact with a provider.Medication Compliance defined as solutions for medicationadherence and tracking.Pharmacy Benefits defined as solutions to increase access toprescription drugs and increase affordability.Acquirer DefinitionsHealthcare Acquirer defined as a company whose mainbusiness

125、 segments are within the life science and healthcareindustry.Non-Healthcare Acquirer defined as a company whose mainbusiness segments are not within the life science and healthcareindustry.Geography DefinitionsBay Area defined as all the cities within the Alameda,ContraCosta,Marin,Napa,San Francisco

126、,San Mateo,Santa Clara,Solano and Sonoma counties.Boston Area defined as Boston,Cambridge and Waltham,Massachusetts.GlossaryDeal DescriptionsVenture-backed defined as any company that has at least oneventure capital investor within its private financing deal history.Corporate Investor defined as bot

127、h corporate venture andparent company investment into venture-backed companies.Series A defined as all first-round institutional or corporateventure investment and all first-round investments equal to orgreater than$2M,regardless of investor.Years to Exit defined as the time from the close of a comp

128、anysfirst institutional round of financing to the M&A,IPO or de-SPAC.Alternative Care DefinitionsPrimary Care defined as solutions for preventive healthmeasures by a provider or licensed care coach for adults(ages18 to 64).Senior Care defined as solutions for preventive health measuresby a provider

129、or licensed care coach for elders(ages 65 andolder).Alternative Care Definitions continuedPediatrics defined as solutions for preventive health measuresby a provider or licensed care coach for children(18 years ofage).Platform Care defined as companies that combine primary careand specialty care.Men

130、tal Health defined as companies treating psychiatricdisorders and substance use.Neurology defined as solutions for pain,Alzheimers disease,motor functions,autism,motion sickness,fall prevention andselect sleep disorders.Womens Health defined as any healthcare service for women.Gastrointestinal defin

131、ed as disorders of the digestive system,such as irritable bowel syndrome.Digital Therapeutics(DTx)defined as companies that haveclinically validated software-based solutions to prevent,manageor treat conditions.GlossaryMental Health DefinitionsProviders defined as physicians,nurses,pharmacists andli

132、censed therapists.Patients defined as individuals who are prescribed Healthtechsolutions by their healthcare provider(s).Direct-to-Consumers defined as individuals having directaccess to Healthtech solution(s)and the solution does notrequire provider consent.Employers/Payers defined as companies,hos

133、pitals,health plansand insurance providers.Omni-Channel defined as a combination of the following targetcustomers:providers,patients,direct-to-consumers andemployers/payers.Anxiety and Depression defined as companies that primarilytarget anxiety and depression disorders.Substance Use defined as comp

134、anies that primarily focus onsolutions for addiction and drug use.Mindfulness defined as companies that primarily focus onimproving overall well-being and happiness,often offeringmeditation guidance,sleep therapy and stress regulationpractices.Platform defined as companies that target a combination

135、ofmental and behavioral health conditions such as ADHD,anger,anxiety,bipolar disorder,depression,eating disorders,OCD,PTSD,schizophrenia,sleep,stress and substance use and mayalso include mindfulness and overall well-being practices.Disclaimers1.The material contained in this document,including with

136、out limitation the statistical information herein,is provided for informational purposes only and is notintended to forecast or predict future performance or events,including in relation to the performance and outlook of SVB Financial Group and its subsidiaries.Thematerial is based in part upon info

137、rmation from third-party sources that we believe to be reliable,but which has not been independently verified by us and,assuch,we do not represent that the information is accurate or complete.This information should not be viewed as tax,investment,legal,or other advice,nor is it tobe relied on in ma

138、king an investment or other decision.You should obtain relevant and specific professional advice before making any investment decision.Nothing relating to the material should be construed as a solicitation,offer,or recommendation to acquire or dispose of any investment or to engage in any othertrans

139、action.2.The views expressed in this report are solely those of the authors and do not reflect the views of SVB Financial Group,or Silicon Valley Bank,or any of itsaffiliates.3.All credit products and loans are subject to underwriting,credit and collateral approval.All information contained herein i

140、s for informational and referencepurposes only and no guarantee is expressed or implied.Rates,terms,programs and underwriting policies subject to change without notice.This is not acommitment to lend.Terms and conditions apply.4.SVB Private is a division of Silicon Valley Bank.Banking and loan produ

141、cts and services are offered by Silicon Valley Bank.Loans and credit cards are subject tocredit and/or collateral approval.Financing is available and varies by state.Restrictions may apply.5.SVB Securities is a member of SVB Financial Group.Products and/or services offered by SVB Securities LLC are

142、not insured by the FDIC or any other federalgovernment agency and are not guaranteed by Silicon Valley Bank or its affiliates.SVB Securities LLC is a member of FINRA and SIPC.Disclaimers6.To execute your wealth plan we work with third-party,unaffiliated specialists in the areas of Tax,Insurance and

143、Trust&Legal Services.Founders Circle Capitalis a third party and not affiliated with SVB or SVB Investment Services,Inc.Silicon Valley Bank does not have a direct relationship with Founders Circle Capital(FCC)and has no responsibility or affiliation.Silicon Valley Bank,as a member of SVB Financial G

144、roup,has an indirect financial interest in FCC and,as a result,hasan indirect interest in making client referrals to FCC.FCC is a registered investment advisor and is not a bank or member of the Federal Reserve System.7.All companies listed throughout this document,outside of Silicon Valley Bank and

145、 the related entities,non-bank affiliates and subsidiaries listed on this“Disclaimer”page are independent third parties and are not affiliated with SVB Financial Group.8.SVB Asset Management,a registered investment advisor,is a non-bank affiliate of Silicon Valley Bank and a member of SVB Financial

146、Group.SVB Securities is anon-bank affiliate of Silicon Valley Bank and a member of SVB Financial Group.Member FINRA and SIPC.9.SVB Investment Services is a registered investment advisor,non-bank affiliate of Silicon Valley Bank and a member of SVB Financial Group.10.Wealth planning and investment an

147、d stock option strategies are provided through SVB Investment Services,Inc.,a registered investment advisor,and non-bank affiliate of Silicon Valley Bank.11.Foreign exchange transactions can be highly risky,and losses may occur in short periods of time if there is an adverse movement of exchange rat

148、es.Exchangerates can be highly volatile and are impacted by numerous economic,political and social factors as well as supply and demand and governmental intervention,control and adjustments.Investments in financial instruments carry significant risk,including the possible loss of the principal amoun

149、t invested.Before enteringany foreign exchange transaction,you should obtain advice from your own tax,financial,legal and other advisors and only make investment decisions on thebasis of your own objectives,experience and resources.12.Any predictions are based on subjective assessments and assumptio

150、ns.Accordingly,any predictions,projections or analysis should not be viewed as factualand should not be relied upon as an accurate prediction of future results.Disclaimers13.Silicon Valley Bank is an authorized foreign bank branch under the Bank Act(Canada).14.SPD,SHANGHAI PUDONG DEVELOPMENT BANK,an

151、d 浦发银行有限公司 are trademarks,separately and in combination,of Shanghai Pudong DevelopmentBank,Ltd.in China,and are used under license.SPD Silicon Valley Bank is a Sino-U.S.joint-venture bank of Silicon Valley Bank,the California bank subsidiary andcommercial banking operation of SVB Financial Group,and

152、 Shanghai Pudong Development Bank.15.Silicon Valley Bank UK Ltd is not licensed to undertake banking business in Denmark or to undertake any other regulated activity in Denmark.16.Silicon Valley Bank UK Limited is not licensed to undertake banking business in Sweden or to undertake any other regulat

153、ed activity in Sweden.17.Silicon Valley Bank UK Limited is registered in England and Wales at Alphabeta,14-18 Finsbury Square,London EC2A 1BR,UK(Company Number 12546585).Silicon Valley Bank UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authori

154、ty and Prudential RegulationAuthority(Firm Reference Number 543146).18.Silicon Valley Bank Germany Branch is a branch of Silicon Valley Bank.Silicon Valley Bank,a public corporation with limited liability(Aktiengesellschaft)underthe laws of the U.S.federal state of California,with registered office

155、in Santa Clara,California,U.S.A.is registered with the California Secretary of State under No.C1175907,Chief Executive Officer(Vorstand):Gregory W Becker,Chairman of the Board of Directors(Aufsichtsratsvorsitzender):Beverley Kay Matthews.SiliconValley Bank Germany Branch with registered office in Fr

156、ankfurt am Main is registered with the local court of Frankfurt am Main under No.HRB 112038,BranchDirectors(Geschftsleiter):Phillip Lovett,Dayanara Heisig.Disclaimers19.Silicon Valley Bank,Silicon Valley Bank UK Ltd and SVB Financial Group UK Limited are not licensed in Ireland to undertake banking

157、business in Ireland or toundertake any other regulated activity in Ireland.SVB Financial Group UK Ltd.is registered in England and Wales at Alphabeta,14-18 Finsbury Square,LondonEC2A 1BR,UK under No.5572575.20.SVB Israel Advisors Ltd.is a subsidiary of SVB Financial Group.Neither SVB Israel Advisors

158、 nor SVB Financial Group is licensed to conduct banking businessor provide other financial services in Israel and neither engages in unlicensed banking activities.Banking services are provided by Silicon Valley Bank,a memberof FDIC.Silicon Valley Bank is not supervised by the Supervisor of Banks in

159、the Bank of Israel but by the US Federal Reserve Bank and the California Departmentof Financial Protection and Innovation(DFPI).21.If you no longer wish to receive marketing communications from SVB Financial Group or Silicon Valley Bank,you may unsubscribe.Read about our PrivacyPolicy.If you have an

160、y questions or concerns about our privacy policies,please contact us by email .2022 SVB Financial Group.All rights reserved.SVB Financial Group(SVB)is the holding company for all business units and groups.SVB,SVB FINANCIALGROUP,SILICON VALLEY BANK,SVB SECURITIES,SVB PRIVATE,SVB CAPITAL and the chevr

161、on device are trademarks of SVB Financial Group,used underlicense.Silicon Valley Bank is a member of the FDIC and the Federal Reserve System.Silicon Valley Bank is the California bank subsidiary of SVB Financial Group(Nasdaq:SIVB).About SVBSVB is the financial partner of the innovation economy,helpi

162、ngindividuals,investors and the worlds most innovative companiesachieve their ambitious goals.SVBs businesses Silicon Valley Bank,SVB Capital,SVB Private and SVB Securities together offer theservices that dynamic and fast-growing clients require as they grow,including commercial banking,venture inve

163、sting,wealth planning andinvestment banking.Headquartered in Santa Clara,California,SVBoperates in centers of innovation around the world.Learn more complete disclaimers on previous pages.2022 SVB Financial Group.All rights reserved.SVB Financial Group(SVB)is theholding company for all business unit

164、s and groups.SVB,SVB FINANCIAL GROUP,SILICON VALLEY BANK,SVB SECURITIES,SVB PRIVATE,SVB CAPITAL and thechevron device are trademarks of SVB Financial Group,used under license.SiliconValley Bank is a member of the FDIC and the Federal Reserve System.SiliconValley Bank is the California bank subsidiary of SVB Financial Group(Nasdaq:SIVB).Click here or press enter for the accessibility optimised versionGet regular updates from SVBs life sciencesand healthcare practice.Subscribe CookiesTermsPrivacyP O W E R E D B Y