Financing plummeted by 19%. The AI track is attracting funds crazily. Global Healthcare Investment and Financing Analysis Report for H1 2025

In H1 2025, the global medical and healthcare investment and financing market remained in a cold winter, but different development trends emerged in segmented fields.

This report by Arterial Network deeply analyzes over two thousand investment and financing cases in the global medical and healthcare field in H1 2025. By integrating global investment and financing data from the past decade, it meticulously depicts the overall picture and subtle changes of global medical innovation investment and financing in H1 2025 from multiple dimensions such as segmented fields, transaction scale, frequency, project stage, investment institutions, and regions.

Research shows that although the global capital market was still in a downturn in H1 2025, from a broader perspective, this was just an ordinary period in the upward trend and also the starting point for the global medical innovation to enter the in - depth stage. This view more objectively assesses the current market environment and indicates that the medical innovation field has great development potential in the future.

Core Views in H1 2025

● In H1 2025, the number of financing events and the amount of financing in the global medical and healthcare industry continued to decline, failing to maintain the stable trend in 2024.

● Despite the overall decline, events with a single - financing amount exceeding $100 million accounted for 8%, even exceeding the level before the pandemic.

● Looking at the long - term cycle, the market transaction activity remained at a high level, but the reduction in financing amount made the average transaction scale approach a historical low. Investment institutions tended to prefer projects with higher certainty.

● After the in - depth integration of artificial intelligence with various segmented fields, it attracted a large amount of capital in the primary market and became the most concerned track in H1 2025.

● Only 25 companies globally completed two or more rounds of financing, a decline of over 40% compared to H1 2024, indicating that the proportion of high - quality projects that could attract funds further decreased.

● In the first half of the year, the scale of BD transactions in the biopharmaceutical industry was close to the full - year level in 2024. The upfront payments of License - out transactions have become an important way for Chinese innovative pharmaceutical companies to get capital back and increase revenue, successfully promoting the recovery of medical IPOs and attracting the attention of the secondary market.

Trend of Financing Changes in the Global Medical and Healthcare Industry from 2012 to H1 2025

Overall, in H1 2025, the global medical and healthcare investment and financing was in a phased downward trend.

In H1 2025, a total of 973 primary - market investments were completed in the global medical and healthcare field, with a cumulative financing of $27.5 billion. Compared with H1 2024, the total financing amount decreased by about 10 percentage points, and the number of financing events decreased significantly by about 19% from 1197 in H1 2024. The capital winter has not passed yet.

Looking at it quarterly, since 2012, primary - market investment and financing activities in the medical and healthcare field have often been concentrated in specific quarters. Especially in the biopharmaceutical and medical device fields, they were mostly concentrated in the first and third quarters, and this year was no exception. In Q1 2025, the total financing amount in the global medical and healthcare field reached $16.4 billion, a slight increase compared to $15.9 billion in Q1 2024, showing a good start. However, in Q2 2025, the total financing amount was only $11.1 billion, a 25.5% decline compared to $14.9 billion in Q2 2024, showing a lack of stamina.

In H1 2025, a total of 357 financing transactions were completed in the primary market of the domestic medical and healthcare industry, with a cumulative financing of about $3.5 billion. After the investment and financing peak in 2021, the financing in this market has shown a continuous downward trend. Compared with H1 2024, the total domestic financing amount decreased by 27% year - on - year, and the number of financing events also decreased by about 14% year - on - year.

In the context of the decline in the global primary - market investment and financing situation in the medical and healthcare field, the domestic market could not go against the trend. The estimated total transaction scale was only comparable to the level in 2016. Based on the comprehensive analysis of global and domestic investment and financing data, the impact of the capital winter on the medical and healthcare industry in H1 2025 continued. Looking at the quarterly differences, taking 2021 as the dividing point, before that, the financing activity in Q2 was higher than that in Q1, Q3, and Q4. After 2021, the activity in Q1 and Q2 was comparable, but Q3 and Q4 remained sluggish. According to this estimate, the total domestic financing amount will continue to decline on the basis of $7.3 billion in 2024.

In H1 2025, the number of large - scale transactions (over $100 million) was 75, an increase of 2 compared to the same period last year. They accounted for about 8% of the global primary - market financing in the medical and healthcare field, a slight increase year - on - year.

After a continuous decline, the proportion of financing events with an amount exceeding $100 million in H1 2025 was the highest in the past four years, even exceeding the level before the pandemic. In the current situation of the contraction of the primary - market financing scale, it means that funds are beginning to concentrate on leading projects. In H1 2025, the top three financing amounts were $1 billion, $600 million, and $600 million respectively, showing a large gap compared to $2.344 billion, $1 billion, and $970 million in H1 2024.

In terms of segmented fields, the scale of medical device and consumable projects exceeded that of biopharmaceuticals for the first time, showing a leading trend.

Popular Investment and Financing Areas in the Global Medical and Healthcare Field in H1 2025

The growth rate of medical device projects exceeded that of biopharmaceuticals, and digital health witnessed significant growth.

Globally, in H1 2025, the financing in the medical and healthcare industry was divided by segmented fields. There were 303 biopharmaceutical financings, totaling $11.9 billion; 358 medical device and consumable financings, totaling $7.9 billion; 269 digital health financings, totaling $6.6 billion; 35 medical service financings, totaling $800 million; and 8 pharmaceutical business financings, totaling about $100 million. Except for the 55% and 57% year - on - year increases in the transaction amounts of medical devices and consumables and digital health respectively, the other segmented fields showed significant decreases.

Domestically, in H1 2025, there were 185 financing transactions in the medical device and consumable field, with a total transaction amount of $1.7 billion. It was the segmented field with the largest number of transactions and the only segmented field with relative growth. The total financing amount in the biopharmaceutical field was $1.4 billion, with a total of 130 transactions. For the first time, it was exceeded by the medical device and consumable field. Compared with H1 2024, the total financing amount decreased by 39% year - on - year, and the number of financing events decreased by about 24% year - on - year.

Globally, in H1 2025, except for events with undisclosed rounds, the A - round financing transactions of medical device and consumable projects were the most numerous, reaching 96 times. Biopharmaceutical projects followed, with a total of 88 financing transactions completed. The overall scale of financing in medical service and pharmaceutical business projects was relatively low. Generally speaking, the financing transactions in the early rounds represented by the angel round and A - round accounted for a relatively large proportion. In the three major segmented fields of biopharmaceuticals, medical devices and consumables, and digital health, the proportions of early - round financings were 44%, 40%, and 45% respectively.

Domestically, in H1 2025, the distribution of transaction rounds in the primary market of the medical and healthcare field was similar to that of the global market, with a greater emphasis on early rounds such as the angel round and A - round. The later rounds, such as the D - round and above, showed a cliff - like downward trend. Projects that could not realize their own value would have difficulty attracting capital at this stage.

It is worth noting that the digital health field showed a differentiated trend. The number of global financings decreased by about 15% compared to the same period last year, while the domestic number decreased by 86% year - on - year.

The wave of artificial intelligence continued from 2024 to 2025 and topped the list of popular investment and financing keywords in H1 2025. At the same time, emerging technology forms such as gene therapy and cell therapy began to gradually realize their own value and became popular keywords in the investment and financing market, attracting the attention of capital. The segmented fields that were highly concerned in the past, such as digital therapy, contract research and manufacturing, and third - party medical services, showed an obvious downward trend in H1 2025.

In terms of single - financing transactions, in H1 2025, except for the top - ranked financing, the total amounts of the other 9 financing events in the top 10 were all below $1 billion. It is worth noting that although BVI Medical's $1 - billion financing was a relatively large one in the ophthalmic device track in recent years, looking at the list, the wave of artificial intelligence has shown its power, occupying 4 positions in the top 10. It is worth noting that in the top 10 global medical and healthcare financings in H1 2024, traditional medical device and drug R & D still dominated. Just one year later, the wave of artificial intelligence has swept in.

Domestically, different from previous years when the biopharmaceutical field dominated the list, in H1 2025, the top 10 domestic financing list was relatively balanced between biopharmaceuticals and medical devices and consumables.

Similar to the global top 10 list, artificial intelligence also occupied an important position in the domestic list. Whether it was empowering medical image analysis, driving drug R & D, or being applied to enzyme screening and modification, AI was