医疗保健投资与退出 | 2026年上半年

Report Preview Reach outtoMeganScheffelor your SVB point ofcontact togain access to the full version of the report. Published January 8, 2026 Will those be enough for tools that have struggled for profitability?There’s another avenue that’s becoming more and more appealing:data sales. A tool with access to the searches and preferences ofthousands of providers or millions of patients certainly hassomething of value. And software user agreements can hide all kindsof permissions, even if a company isn’t selling any data rightnow. Private healthcare markets have split this year. AI-related dealsdominated headlines and fundraising. Meanwhile, the rest of themarket struggled to raise capital, hindered by lack of liquidity,profitability and exits. It was a year of bookends,and it’s really hard to be inthe middle. A Series A canstill come from a good teamand a strong idea, butSeries B and C are harder toraise than ever. A smallnumber of companies canhave success across theboard, but for moststartups, an early roundneeds to bring them acrossthe chasm into realevidence of success.” AI investing represented nearly 50% of fundraising and is reason forrenewed optimism, but there are struggles across the board inprivate markets. Biopharma investing is down by 19%, nearly $5Byear over year (YoY). Dx/Tools is down 15%, at about $2.2B. Brightspots have appeared in public and secondary markets, but fewercompanies are reaching points where those options are available. Even how we define product spaces is changing. “Longevity” hasmeant a lot of different things over the last few years, but some soliddefinitions have finally started to emerge. If you’re not familiar withconcepts like “geroscience,” “consumerhealthspan” or “intrinsiccapacity,” make sure you check out ourspotlight. It was a year of bookends, and it’s really hard to be in the middle. ASeries A can still come from a good team and a strong idea, butSeries B and C are harder to raise than ever. A small number ofcompanies can have success across the board, but for moststartups, an early round needs to bring them across the chasm intoreal evidence of success. Now, longevity andhealthspanis a multi-billion-dollar space. It’sspearheaded by a swath of deals where a $1B Series A isn’t evenclose to the biggest deal in the space over the last three years. It’scrossing the breadth of healthcare, from consumer products, digitaltherapeutics and clinicalhealthtechto cutting-edge therapeutics. Even our terminology is starting to look out of date. The mega-deal—a round more than $100M—has been the standard for animpressive funding round for decades. Between monetary inflationand deal trends, it’s just not the headline it used to be. Raising$100M or more is about twice as common this year as it was in 2019.Healthcare AI companies had to raise three times that amount in2025—more than $300M—to be in the same top percentile that amega-deal represented just six yearsago. The next big question is where liquidity will come from. Fundraisinghas dropped as limited partners (LPs) wait for returns and questionthe value of venture investing. Exits have continued to fade, as evenM&A—the most reliable exit as IPOs have stalled—has fallen off.Venture capital (VC) firms are still sitting on dry powder, but thestartup ecosystem relies onreinvestment. It’s always fascinating to watch market dynamics evolve and shift.And, as always, VC is at the leading edge. Keeping track of thesechanges and seeing where they’ll lead is difficult at the best oftimes. We’re excited to be here to help. The search for profitability has brought about a new wave ofmonetization beyond licenses and software-as-a-service (SaaS).OpenEvidencehas made a name for itself through ad-supportedservices, securing a massive share of clinical users. Others arefinding industry sponsors willing to pay to bring clinical decisionsupport or patient services to users. MeganScheffelHead of Life Sciences and Healthcaremscheffel@svb.com Macro Outlook Investor Sentiment Trending “Saying that there’s froth in artificial intelligence isn’t outside the consensusat this point. That said, the technological impact can still be dramatic andhave a positive impact on productivity and company margins. It is still tooearly to measure AI’s impact precisely, but company adoption is on the riseand will continue to grow. Much like the PC and internet boom of the ’90s,two things can be true: First, that froth often forms around a newtechnological breakthrough and second, that the same breakthrough can bemassively impactful to both the economy and users.” There are signs of renewed opportunity aspublic markets begin to rebound. M&A isslowly accelerating, especially inbiopharma as large-cap leaders refocuson pipeline innovation. Most of all,fundamentals are reassertingthemselves, creating a better backdropfor differentiated, well-capitalizedcompanies. 1.Healthcare investment is, increasingly, AI.Projected tohit $22B, AI is46% of all healthca