2025年医疗科技行业未来展望报告

October 2025 Market Highlights Investment Landscape That isn’t to say that over time, AI won’t be a transformative part ofhealthcare across the board. AI is developing into an integral part of themedical toolkit. Many changes appear set to stay and expand acrossalternative care, analytics, non-invasive monitoring, imaging and surgicaltools. Healthtechis attractinga bigger share ofventure capital (VC)investmentin 2025 thanever before.Investment in provider operationsis driving the surge. So far this year, $5.5B has been invested in activitiesthat support the delivery of healthcare, such as scheduling,documentation and billing. That puts provider ops well on track to surpassits 2021recordof $7.8B. Whiletheexpanded investment into new areasofhealthtechisencouraging to see, sometimes these increasesdon’talignwith thedemands of the venture economy. Many of the biggest deals aretappingintolargerinvestment firms that aren’t traditionally involved in healthcare.Inflatedpremiumscan contribute toa bigger and bigger investment bubble—time will tell how the market responds to this runup. To be more specific, AI in provider operationsisdrawing a crowd. AIcompanies didn’t justrack upa few morehealthtechdeals and a biggerpercentage of dollars this year—theirshare has leaped nearly 60% since2024. Valuations are climbing, but deals arealsogetting bigger. Amonghealthtechmega-dealsthis year, AI-enabled provider operations swept up73% of the total. Healthcare is a tricky business at the best of times. It requires a deepunderstanding of the nuances of everything from clinical specialties tobilling, workflows, purchasing processes and regulations. The timelines forsuccessful investments are long, and the rule book is ever-changing.Partnering with trusted advisors who have sector battle scars and offersage advice can help prudent companies scale for both today andtomorrow. Healthtechhas historically beenfocused on clinical care, dominated byalternative care modelssuch astelehealth and care management. Nowthere’sa new focuson front-and back-office administrative tools,andalternative care makes up less than 10% of total sectorinvestment. The biggest opportunities for AI in healthcare right now aresolvingbusiness problems, not medical care problems.Using AI toalleviateinefficiencies and business frictionis freeing up time for morecriticalthings, like caring for patients. Jennifer Friel GoldsteinHead of Relationship Management forTechnology & Healthcare Bankingjgoldstein@svb.com Consolidation through M&A has become themost realistic exit. Administrative AI is drivinghealthtechinvestment. Seed and Series A AI valuations are bigger thanthe 2021 boom. Strategic investors like UnitedHealth Group, BostonScientific and CVS—along with private equity (PE)—have stepped in as liquidity providers, especiallythrough roll-ups and platform building. 2025 is already the best year for provider operationsinvestment since 2021. If activity stays consistent,2025 will be the biggest year for provider ops ever. Valuations for AI companies are growing across theboard, but the bubble is worse for seed and Series Acompanies. Median valuations in the early-stage haveblown past the previous highs of 2021. Healthtechis now definitively an administrative sector,not a clinical one. In 2021, alternative care was42%ofhealthtechinvestment dollars. Today, it’sdownto 9%. Provider operations was 19% of investment fouryears ago; now it’s 44%. There’s no question: The AIboom has been good to provider operations. Meanwhile, recent IPOs are showing real strength.Tempus and Hinge Health showed that strongcompanies with solid fundamentals have a lot ofappeal to public markets. But even Omada is lookingbetter as the bottom line improves. Massive growth in buzzy early-stage tech is what you’dexpect to see in an investment bubble, but mid-and late-stage valuations are growing too. Not every company that emerged during the dot-comboom wasWebvanor Flooz.com. Some AI applicationsare noise, but some of them are very real. Infrastructurecompanies or those tackling long-standing problemareas likerevenue cycle are the best bets to stick around. Companies that have been holding off, waiting for theIPO market to recover, should take heart. The steady growth of health insurance coverage inAmerica is starting to reverse course. In 2024, the numberof uninsured people in the US went up to 27 million, thefirst increase since 2019. Now, federal budget cuts andchanges in eligibility requirements for Medicare andMedicaid could add 14 million more uninsured in the nextdecade.1That has troubling implications for costs andoutcomes as more people potentially avoid or postponeneeded treatments. We’re already seeing the start of thisdynamic play out. The percentage of Americans avoidingmedical care, mental health treatment and medicationpurchases are all increasing from their low marks in2021. But avoiding treatments doesn’t really save money.The missed doctor’s appointment can