PitchBook：2025年医疗保健与生命科学行业展望报告（英文版）

In 2025, the healthcare & life sciences VC industry will be defined by fewer but larger deals and funds. Investors will increasingly focus on late-stage, capitalintensive opportunities with strong clinical validation and clearer paths to commercialization, consolidating resources into high-potential ventures. The shift toward concentration in healthcare & life sciences VC is the result of several intersecting historical trends, macroeconomic pressures, and industry dynamics, with the