U.S. healthcare companies have collected $23.4 billion in venture capital funding this year — already surpassing the amount the sector obtained in all of 2017, according to a recent report from Pitchbook, which tracks VC investments.
For the healthcare sector, pharmaceuticals and biotechnology amassed the most cash, raking in more than $14 billion in 548 deals through the third quarter of 2018. This is more than they've collected in any previous year. Healthcare services and systems raised about $4.3 billion in 376 deals, and healthcare devices and supplies raised about $4.6 billion in 433 deals.
The report shows that the healthcare sector is attracting as many investments as the up-and-coming sectors in the tech industry. For example, the life sciences sector attracted more early stage VC funding than the blossoming artificial intelligence industry, and two of the four biggest early stage deals were for biotech companies Gossamer Bio and Compass Therapeutics.
Across all sectors, U.S. companies have already raised $84.3 billion across 6,583 VC deals through the third quarter of 2018. About 28 percent of that VC funding went to healthcare companies.
Read the full report here.