2025年LSX世界大会的启示2025

EMERGING TECH RESEARCHTakeaways From the2025 LSX World Congress PitchBook Data, Inc. Nizar TarhuniExecutive Vice President ofResearch and Market Intelligence Paul CondraGlobal Head of PrivateMarkets Research James UlanDirector of EmergingTechnology Research PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Institutional Research GroupAnalysis Aaron DeGagne, CFASenior Research Analyst,Healthcareaaron.degagne@pitchbook.com Introduction The 11th Annual LSX World Congress brought together global leaders in medtech,healthtech, and biotech for two days of networking and panel discussions atLondon’s Business Design Centre from April 29 to 30, 2025. Attendees were in highspirits—perhaps helped by unseasonably warm weather in London and a surprisesighting of Arsenal’s football team near the venue ahead of its Champions Leaguematch. Notably, this marks LSX’s final year in London, as the conference will move toLisbon for its 2026 edition next March. pbinstitutionalresearch@pitchbook.com PublishingDesigned byJosie Doan Published on May 8, 2025 This year’s event brought together 1,500 executives and industry participantsfrom startups, publicly listed companies, investors, strategics, and other keystakeholders. With programming that spanned the entire life sciences ecosystem,LSX 2025 featured dedicated speaker tracks for the medtech, healthtech, andbiotech sectors, and startup showcases offered an additional platform to spotlightemerging technologies and companies. Core panel sessions explored a wide rangeof topics, including strategies for global expansion, startup funding decisions,leveraging AI to address health equity gaps, data privacy in life sciences, andpathways to drive new product adoption in the UK’s National Health Service. Contents Introduction1Key takeaways2Momentum for European healthtech3Spotlight on women’s health4Appendix5 Key takeaways •Efficiency emerged as a key theme, with companies focused on doing more withless. Panelists discussed the potential downsides of large funding rounds, notingthat they can lead to inefficiencies and occasionally lower returns for investors. •“Don’t be the next Kodak.” In an environment where strategics are pullingback from corporate VC, Robert Kossmann from Fresenius emphasized thatstrategic investment could serve as a defensive tool to stay ahead ofdisruptive innovation. •Investors offered valuable advice to startups during panel discussions, stressingthat detractors can become your allies by providing strong feedback. Severalpanelists shared the view that it is crucial to understand the VC mindset whenfunding is declined so that startups can be positioned for a better outcomenext time. •Attendees were candid about the challenges European companies face in thecurrent tariff-driven landscape. However, there was also optimism, with manyseeing today’s market conditions as a chance to boost investment in EU and UKfirms capable of challenging, or at least keeping pace, with US dominance inhealthtech and life sciences. •A central theme was positioning startups for successful partnerships with largecorporates and health systems. Panelists emphasized the importance ofavoiding “solutions in search of a problem,” finding the right strategic fit, anddeveloping meaningful return on investment metrics across diverse populationsand geographies. Momentum for European healthtech While overallhealthtech VC fundinghas cooled in recent years, Europe’stop-of-funnel activity is gaining momentum—particularly among consumer-focusedhealthtech unicorns. Over the past year, Cera, Huma, and Flo Health all reachedunicorn status, with a combined $430 million in venture funding. Meanwhile,smart ring maker Oura secured a $200 million round in December, pushing itsvaluation up to $5.2 billion and making it one of the most highly valued digital healthstartups globally. In a shift, we are seeing the European venture ecosystem form the bedrock ofthe next generation of consumer healthtech companies. In contrast, many ofthe largest digital health unicorns in the US, such as IPO candidate Hinge Health,operate in the B2B2C space and sell through payers and employers rather than inthe consumer channel. While US public market investors were burned by severalpandemic-era digital health IPOs (as outlined in our latestHealthtech Public CompSheet and Valuation Guide), Europe has been carving out a strong position in theglobal healthcare venture landscape. The region has also seen strong momentumin biopharma, with Novo Nordisk becoming a global heavyweight in the weight lossdrug market—although its trajectory has recently slowed amid pricing pressuresand rising competition. From a broader perspective, VC funding in European and UK healthcare companieshas been resilient, totaling more than $12.3 billion in 2024—the third-highestfigure on record. At LSX, much of the discussion cente