Ho Kimberly, Marino Daniel
Brown University Health, Providence, RI, USA.
NYU Langone Health, New York, NY, USA.
Dig Dis Sci. 2025 Apr 16. doi: 10.1007/s10620-025-09050-7.
Innovation in gastroenterology (GI) is experiencing several favorable tailwinds. Despite the increasing amount of capital invested in the technology and pharmaceutical sectors of GI, trends in venture capital (VC) funding for this field remain understudied. This is the first analysis of VC investment in GI.
This study aimed to understand the allocation of VC investment in gastroenterology from 2012 to 2022.
We conducted a retrospective cross-sectional analysis of VC investments in gastroenterology from January 1, 2012, to December 31, 2022. Data was obtained from the PitchBook private capital market database. Investments were categorized broadly into biotechnology, pharmaceuticals, devices and supplies, healthcare services, etc. Total and annual investments were quantified in USD.
From 2012 to 2022, $33.34 billion was invested in gastroenterology fields involving 3419 deals with steadily increasing growth, representing a compound annual growth rate of 15.7% between 2012 and 2022. Pharmaceuticals and biotechnology received the largest share (64.61%) followed by healthcare devices and supplies (12.75%). Investments in pharmaceuticals and technology had an outstanding increase from 2019 to 2020 of 141% and has yielded the largest sector in each year throughout 2012 and 2022.
Our study highlights a notable rise in both the value and volume of VC investments in gastroenterology over time. Particularly noteworthy is the escalating allocation of funds toward biotechnology, pharmaceuticals, and devices which have skyrocketed over the past few years, suggesting a long-term financial interest in the success of gastroenterology innovation. Further research will be needed to explore the impact of VC funding in the field of gastroenterology.
胃肠病学（GI）领域的创新正面临着诸多有利因素。尽管在胃肠病学的技术和制药领域投入的资金不断增加，但该领域的风险投资（VC）资金趋势仍未得到充分研究。这是对胃肠病学领域风险投资的首次分析。
本研究旨在了解2012年至2022年风险投资在胃肠病学领域的分配情况。
我们对2012年1月1日至2022年12月31日期间胃肠病学领域的风险投资进行了回顾性横断面分析。数据来自PitchBook私人资本市场数据库。投资大致分为生物技术、制药、设备与耗材、医疗服务等类别。总投资和年度投资均以美元量化。
2012年至2022年期间，胃肠病学领域共获得333.4亿美元投资，涉及3419笔交易，且增长态势稳定，2012年至2022年的复合年增长率为15.7%。制药和生物技术领域获得的份额最大（64.61%），其次是医疗设备与耗材（12.75%）。2019年至2020年，制药和技术领域的投资显著增长了141%，并在2012年至2022年的各年份中均成为最大的投资领域。
我们的研究突出了随着时间推移，胃肠病学领域风险投资的价值和数量均显著增加。特别值得注意的是，资金越来越多地流向生物技术、制药和设备领域，这些领域在过去几年中急剧增长，表明对胃肠病学创新成功有着长期的财务兴趣。未来还需要进一步研究来探索风险投资在胃肠病学领域的影响。
