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According to a report by industry grouping IVCA and EY, investments into startups by venture capital funds have halved to $1.6 billion across 82 deals in the month under review – which resulted in pulling down of the overall number. On the other hand, the report highlighted that in April this year, investments classified as those for ‘growth’ recorded a three-fold jump from the year-ago period to $ 2.8 billion.
The global biotechnology services market is expected to grow from $129.14 billion in 2021 to $151.10 billion in 2022 at a compound annual growth rate (CAGR) of 17.0%. The growth in the market is mainly due to companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
The north American digital health market is touted to reach a valuation of USD 261 billion by 2027. The adoption of IT solutions in healthcare, and the demand for advanced treatments is increasing among patients which are creating a positive industry outlook. Also, the high prevalence of chronic diseases like diabetes and heart diseases, increasing incidence of obesity, surging demand for remote patient monitoring services, and growing patient engagement & connectivity are aiding the industry growth.
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