2025年制药生物工具风投生态系统概览

EMERGINGTECHRESEARCH

PharmaBiotoolsVCEcosystemOverview

IndustryandtaxonomyupdatewithlatestVCactivity

2025

REPORTPREVIEW

ThefullreportisavailablethroughthePitchBookPlatform.

PublishedonMarch21,2025

Contents

Verticaloverview3

PharmabiotoolsVCdealsummary5

PharmabiotoolsVCecosystemmarketmap6

VCactivity7

Segmentoverview10

Maturetech11

Advancedtech14

Emergingtech17

Thisreportisanannualoverviewofthepharmabiotoolsindustry.Foramoregranularperspectiveonthepharmabiotoolsindustry,pleaseseeourlatestquarterlyedition.

Note:PharmabiotoolsisaVC–focusedreplacementforpharmatech.ThePEfocusforpharmatechandpharmaserviceswillbefeaturedinaseparatereport—pharmabioservicesPE—inQ22025.

2025PharmaBiotoolsVCEcosystemOverview

InstitutionalResearchGroupAnalysis

KaziHelal,Ph.D.SeniorAnalyst,Biotech

kazi.helal@

pbinstitutionalresearch@

Data

CollinAndersonSeniorDataAnalyst

Publishing

ReportdesignedbyChloeLadwig,JuliaMidkiff

CONFIDENTIAL.NOTFORREDISTRIBUTION.PG2

2025PharmaBiotoolsVCEcosystemOverviewCONFIDENTIAL.NOTFORREDISTRIBUTION.PG7

VCactivity

Q42024VCactivityupdate

Investmentinpharmabiotoolshasmirroredbroaderbiopharmacycles.Afterapeakduring2020to2021,fundingexperiencedacorrectionin2022to2023,followedbyatargetedresurgencein

2024.WhilematuretechnologiesattractfewerVCdollars—favoringstrategicM&Abyindustry

giantssuchasThermoFisherandDanaher(forexample,theacquisitionsofOlinkandAbcam)—advancedandemergingtechcontinuetoseerobustventurefunding.Q42024showedanuptickwithapproximately59dealsrecorded,representinga9.3%QoQincreasefromQ32024.Totaldealvaluereached$0.73billion,declining30.6%fromthepreviousquarter.

Investmenttrendsandmarketdynamics

AreassuchasAI-drivendrugdiscovery,syntheticbiology,andnext-generationsequencinghavedrawnsubstantialinvestment,evenassomeIPO/SPACvaluationscameunderpressure.Investorsareincreasinglyfavoringplatformtechnologieswithmultipleapplicationsoversingle-product

companies,reflectingastrategicshifttowardversatiletechnologieswithbroadmarketpotential.Labautomationandcomputationaltoolsfordrugdiscoverycontinuetoattractsignificantfunding,whilediagnosticplatformsleveragingmulti-omicsapproachesaregainingmomentum.

Q42024exitactivityandM&A

Exitactivityshowedmodestimprovement,withfivetransactions,includingtwopubliclistingsandthreeacquisitions.Consolidationisongoing,withcreativedeal-making(mergers,reversemergers,distressedassetsales)shapingthelandscape.Strategicbuyersarefocusingontechnologies

thatcomplementtheirexistingportfolios,withparticularinterestinAI&MLplatformsfordrug

discoveryanddevelopment.OnenotabletransactionwasTempusAI’sIPO,whichservesasthebellwetheroftheindustry,withhopesthatmorewillfollowintheadvancedandemergingtechspaces.

2023and2024VCactivitycomparison

Pharmabiotoolsventureactivityshowedsignsofcontractionin2024.LTMdealcountdecreasedby2.9%YoYto323deals,whiletotalfundingincreasedby1.6%to$5.01billion,signalingfewerbutslightlylargerfundingrounds.Exitactivityremainedchallenged,withtotalexitsdecliningfrom

21to11,reflectingcontinuedmarketvolatilityandvaluationpressures.However,strategicM&Aremainedaviablepathaslargeindustryplayerscontinuedtoacquireinnovativetechnologies,

suchasIllumina’sM&AofFluentBiosciences,toenhancetheirproductportfoliosearlyonforlowvaluations.

Outlook

Lookingaheadto2025,thepharmabiotoolssectorisexpectedtobenefitfromsustaineddemandfortechnologiesthatacceleratedrugdiscoveryanddevelopment.Investmentwilllikelyfocus

onplatformsthatdemonstrateclearROIthroughenhancedR&Dproductivityormanufacturing

efficiency.TheJPM2025HealthcareConferencehighlightedoptimismfortoolsthatsupportnext-generationtherapeutics,particularlyincellandgenetherapymanufacturing.Regulatoryclarity

andpotentialpolicyshiftsfollowingtheUSpresidentialelectionmayfurtherinfluenceinvestmentpatterns,potentiallycreatingmorefavorableconditionsforinnovativebiotoolscompanies.

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PharmabiotoolsVCdealactivity

VCACTIVITY

400

$6.4

$9.8

$6.9

$4.1

$4.2

280

321

240

233

20202021202220232024

Dealvalue($B)Dealcount

Source:PitchBook•Geography:Global•AsofDecember31,2024

Q42024pharmabiotoolsVCdealactivitybysegment

16

21

22

●

$180.8$287.3$266.4

MatureAdvancedEmerging

Dealvalue($M).Dealcount

Source:PitchBook•Geography:Global•AsofDecember31,2024

PharmabiotoolsVCexitactivity

44

$45.4

21

23

18

$11.4

11

$0.1

$7.8

$0.4

20202021202220232024

Exitvalue($B)Exitcount

Source:PitchBook•Geography:Global•AsofDecember31,2024

TTMpharmabiotoolsVCdealactivitybysegment

92

76

65

$1,309.3$1,658.0$1,186.9

MatureAdvancedEmerging

Dealvalue($M).Dealcount

Source:PitchBook•Geography:Global•AsofDecember31,2024

Segmentoverview

Maturetech

Maturebiotoolsarewellestablished,

widelyadoptedtechnologiesthatserveasindustrystandardsinpharmaR&Dandmanufacturing.

Advancedtech

Advancedtechnologiesleveragerecentscientificbreakthroughsandearly

commercialsuccess—suchassingle-

cellanalysis,syntheticbiology,CRISPR,andAI—todriverapidinnovationand

expandcapabilitiesindrugdiscoveryandproduction.

Emergingtech

Emergingtechnologies—includingquantumcomputing,microfluidicautomation,real-timebiosensorswithAIdiagnostics,next-genAI&MLmodeling,anddigitaltwins—representthecuttingedgeandarepoisedtodisrupttraditionalworkflowsastechnicalchallengesareovercome.

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Maturetech

Overview

Maturebiotoolsincludeestablishedplatformssuchashigh-throughputscreening(HTS),

massspectrometry(MS),chromatography,PCR/qPCRsystems,andtraditionalbioprocessing

equipment.Thesetoolshavelonghistories,extensiveuserbases,androbustsupplierecosystemsthatensuresteadydemanddespitemodestyear-over-yeargrowth.

LegacyincumbentsincludingThermoFisherScientific,AgilentTechnologies,WatersCorporation,andBio-RadLaboratoriesdominatethroughestablishedR&D,manufacturinginfrastructure,

andglobaldistributionnetworks.However,innovativestartupscontinuetofindopportunities

bydevelopingspecializedapplicationsorincrementalimprovementstoexistingtechnologies.

Companiessuchas908Devices(portableMS)andCarterra(high-throughputantibodyscreening)exemplifyhowfocusedinnovationwithinmaturetechnologycategoriescancreatesignificant

valueandmarketdifferentiation.

Subsegments

Analytical&pharmatools

Instrumentsandsystemsforcompoundidentification,characterization,andpharmaceutical

development,includingmassspectrometry,chromatography,spectroscopy,andrelatedanalyticaltechniques.

Basicmolecular&cellbiology

ToolsandequipmentforgeneticandcellularresearchincludingPCR/qPCRsystems,cloningtechnologies,nucleicacidanalysisplatforms,flowcytometry,microscopy,andcellcultureequipment.

Bioinformatics&cheminformatics

Softwareplatformsandcomputationaltoolsforanalyzingbiologicalandchemicaldata,supportingresearchanddevelopmentacrossmultiplelifescienceapplications.

Traditionalmanufacturing,bioprocessing&pharmaservices

Bioreactors,filtrationsystems,purificationtechnologies,andrelatedequipmentforconventionalbiologicsmanufacturing,alongwithcontractresearchandmanufacturingservicesforthe

pharmaceuticalindustry.

Industrydrivers

•Reliabilityandregulatoryentrenchment:Widelyadoptedtechnologieswithstandardized

methodsembeddedinpharmacopeiasandqualityguidelines,creatingstabledemandacrosspharmaR&Dandmanufacturing.

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MATURETECH

•Incrementalinnovationanddigitalintegration:Ongoingimprovementsinminiaturization,automation,andthroughput,enhancedbyincorporationofdataanalyticstoimprove

functionalityofestablishedplatforms.

•Operationalefficiency:Focusonreducingcostsandimprovingproductivityinstandardizedprocesses,drivingsteadyadoptiondespitelimitedrevolutionaryadvances.

Businessmodel

Companiesinthisspacefocusonsteady,incrementalupgradesandconsolidationthrough

strategicM&Aratherthanradicalinnovation.Theirbusinessmodelstypicallyrelyonlongproductlifecyclesandhigh-volume,low-marginsalestolarge,establishedpharmacompanies.Recurringrevenuestreamsfromconsumables,services,andsoftwaresubscriptionsprovidefinancial

stabilityandpredictablegrowth.

Keyperformanceindicatorsinclude:

•Installed-baseexpansionandupgradecycles

•Consumableattachmentratesandservicecontractrenewals

•Geographicmarketpenetration

•Integrationwithexistinglaboratoryworkflows

Maturetechnologystartupsoftentargetspecializedmarketsegmentswithlesspresencefrom

establishedcompanies,capitalizingonenhancedusability,costbenefits,orapplication-specificoptimizationstoachievemarketgrowth.Moreover,thismaturetechsectorisaligningwith

investmentactivitieswithinPE’sfocusonpharmaceuticalservicesforpost-IPOorlargeprofitableprivateenterprises.

Opportunities

•Integratedprocessimprovementsandserviceexpansion:Fasterassayreadouts,enhancedsensorintegration,andexpandeddigitalserviceofferingsthattransformstandaloneproductsintointegratedworkflowsolutions.Forexample,startupssuchasBenchlingareenhancing

labdatamanagementbyintegratingexperimentalworkflowswithreal-timeanalytics,whileInscriptaisdevelopingautomatedplatformsthatstreamlinegenomeengineeringprocesses.

•Miniaturizationandpoint-of-needapplications:Bringinglaboratorycapabilitiesto

decentralizedsettingsthroughportable,user-friendlyversionsofestablishedtechnologieswithimprovedinterfaces.Opentronsisaprimeexample,offeringaffordable,compactlabautomationsystemsthatenableHTSandassayexecutionoutsidetraditionalcentrallabs.

•Dataanalyticsandgeographicexpansion:Addingintelligenceandpredictivecapabilitiestomaturetechnologieswhiletargetingemergingmarketswithadapted,cost-effectiveversionsofprovenplatforms.StartupssuchasLabforwardareleveragingcloud-baseddataanalyticstooptimizelaboratoryoperations,andemergingplayersareadaptingtheseplatformsforuseinregionswithgrowingbiotechmarkets.

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