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                      【桑葛石原研翻譯系列】風險投資蜂擁投資醫療科技創新的背景分析

                      • 來源:互聯網
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                      • 2021-11-25
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                      • T小字 T大字

                      作者:桑葛石

                      由于新冠疫情的持續,醫療科技行業的并購出現下滑,但2020年,醫療科技的估值表現強于大多數生命科學行業。2021年前幾個月該行業復蘇速度高于預期,更多投資者重返醫療科技領域——主要目標包括診斷和遠程患者監測等子領域。

                      全球醫療生態系統面臨應對新冠的新冠疫情以及應對老齡化人口日益增長的需求,醫療科技在未來幾年將至關重要。通過創造新產品,改善健康數據、支持遠程護理和將工作流程數字化,醫療科技領域是私營企業和風險投資的一個巨大機會。據Sky醫療科技公司的Bernard Ross說,“醫療科技行業近年來出現了大幅增長,這一趨勢預計將繼續下去,歐洲醫療科技市場估計價值超過1200億美元,德國、法國和英國在新醫療設備的研發和實施方面處于領先地位。”事實上,在2019年新冠新冠疫情之前,全球醫療科技行業的年總收入為5100億美元,在全球醫療行業所占的份額不斷增加。到2025年,全球醫療設備行業的估值預計將達到6127億美元,年復合增長率為5.4%。增長有幾個驅動因素:首先,全球醫療支出的很大一部分已被轉移用于直接抗擊新冠,包括為醫院購買醫療物資等。其次,人口老齡化所面臨的挑戰以及慢性病的日益流行,因此需要提供可獲得的、具有成本優勢的數字健康解決方案。最后,醫療科技領域的創新,特別是在人工智能、機器學習、移動和云計算等領域,正在以驚人的速度加速前進,以滿足這些需求。綜上所述,這些趨勢使醫療科技成為未來投資的成熟領域。

                      醫療科技行業的現狀

                      雖然醫療科技在全球醫療市場的份額越來越大,但它不是一個單一的整體。廣義來說,該行業可以分為五個核心部分,這些是:

                      • 醫療設備(如核磁共振和超聲波)
                      • 醫療器械(如人工關節和支架)
                      • 醫用耗材(一次性產品,如繃帶等或個人防護用品)
                      • 體外診斷(用于人體血液或人體組織的生物樣本的檢驗)
                      • 生命科學工具
                      • 目前,醫療科技市場正處于高度分散的狀態。由于有機會收購和合并多家公司,并通過成本協同效應實現收入增長,這種分散化對私募股權投資者來說是一個有吸引力的。根據BGG網站的數據,十大醫療科技公司僅占市場的40%左右,而沒有一家公司收入超過總收入的8%。在就業方面,數據顯示,該行業相對較好地度過了新冠疫情的沖擊。例如在美國,目前有10.6萬人在醫療科技行業工作,已經從2020年的輕微低迷中恢復過來,超過了2019年的數字。這意味著自2016年以來五年中,就業人數增長了31%。在歐洲,3.2萬家醫療科技公司直接雇傭了超過73萬名員工。
                      • 人口老齡化

                        到本世紀中葉,英國將多有860萬65歲及以上的人口,這大致相當于整個倫敦的人口數量。據測算到2050年,地球上將有六分之一的人口達到退休年齡。人口老齡化對醫療具有巨大的影響,更多的人將依賴醫療,但是如果按比例計算提供醫療服務的人數會更少。并且在當前的醫保體系下,就業人口減少意味著支付這些日益增長的資金也將減少。雖然這一趨勢在新冠疫情爆發之前就已經開始了,但長期以來對全球醫療系統積累的壓力幾乎被疫情推到了臨界點。人口老齡化意味著糖尿病或心臟病等慢性疾病發病率隨之上升,這些情況產生了對創新的迫切需求,以改善當前這類疾病的診斷和治療。通過促進定制、個性化護理和更有針對性的治療,醫療科技(如可穿戴設備或智能吸入器)對幫助人們延長壽命、更有質量的生活至關重要。此外,醫療科技還可以提高全球醫療系統的效率和可持續性。直到現在,這些系統一直受到瑣碎的護理路徑的困擾,并依賴于有限的資源。隨著醫療專業人員和患者對醫療科技產品的需求不斷增加,在醫療科技市場的投資有一個巨大的機會,特別是在新興市場。創新醫療科技為醫療中的一些主要問題提供了一種創新的解決方案。隨著越來越多的創新技術的誕生,醫療科技組織可以開發更便宜更高效的產品,以滿足更多的健康需求。醫療科技行業是STEM中最具創新性的行業之一。2019年,它們向歐洲專利局(EPO)申請了近1.4萬項醫療科技專利,占申請總數的7.7%。在歐洲所有的技術部門中,醫療科技在專利申請方面僅次于數字通信領域。事實上,醫療科技的應用是生物技術的兩倍多,也遠遠超過了制藥公司。盡管新冠疫情最初使專利申請下滑,但對疫情的應對,加上醫療科技解決緊急問題的能力,使該行業繼續引領創新的道路。根據最新的EPO數據,2020年醫療技術在發明數量方面處于領先地位。事實上,美國在該領域處于領先地位,在2019年EPO授予的10480項醫療科技專利中,有4300項(41%)的成功申請來自美國。新冠疫情導致的創新加速包括生產疫苗和測試,同時醫療服務轉向人工智能的使用和遠程護理,許多醫療科技公司的股價已經大幅上漲。斯特萊克(SYK)、雅培(SYK)和Owens&Minor(OMI)等醫療科技股去年的估值大幅飆升。事實上,在2020年,MedTech100指數(由世界上最大的醫療科技公司組成)總額從86.86美元增長到104.55美元,增長了20.4%。總之,這些趨勢表明該行業有上升軌跡。增長強勁的同時投資者仍需要擔心的一些小問題。定價可以說是最顯著的癥結,特別是隨著政府在醫療產品和服務上的支出的上升,但又表現出不可持續性的財政趨勢。為了減少高額的支出,政府和支付者越來越要求產品展示其價值,以了解一種產品或服務與更便宜的替代品的區別。這些挑戰也為醫療科技公司帶來了機會,正如BCG所說,“有遠見的公司正在開發更全面的解決方案,可以在治療的整個過程中創造價值。”從長遠來看,這種模式可以通過優化醫院和其他醫療設施的運營效率來達到降低成本的目的。

                        醫療科技的投資者在尋找什么

                        BCG說,“對私募股權投資者來說,醫療科技行業有著巨大的前景,具有強勁的盈利能力、有彈性的需求和令人鼓舞的增長前景。”由于投資存在風險因素,醫療科技投資的驅動因素與之前概述的市場增長的主要驅動因素略有不同。私募股權投資者關注著六個特定的主題(BCG):

                      • 提供卓越的結果,例如可以顯著提高患者生活質量的旗艦產品。
                      • 專注于創新。
                      • 病人病例的所有權,特別是對那些持續的慢性疾病。
                      • 制造健康消費的能力,例如糖尿病細分市場中的患者監測應用程序。
                      • 開發高質量、有價值定價的產品。
                      • 提高效率,降低醫療科技領域的高成本結構。
                      • 對于醫療科技公司來說,通過上述六點來展示差異,將有助于它們在潛在投資者面前脫穎而出。對于投資者來說,要想取得成功,了解持續塑造這個行業及其未來的動力是必不可少的。
                      • 原文】

                        Why VCs are rushing to invest in medtech innovation

                        While the medtech sector saw a downturn in merger and acquisitions (M&A) due to COVID disruption, medtech valuations performed stronger than most life sciences sectors throughout 2020. With the sector recovering quicker than expected in the first months of 2021, more investors are returning to the medtech space — with top targets including sub-sectors like diagnostics and remote patient monitoring.As pressure builds on global health ecosystems to meet the pandemic and face the growing demands of an ageing population, medical technology will prove vital for years to come. By creating innovative new products that can improve health data, support remote care, and digitise workflows, the medtech sector is a huge area of opportunity for private and venture capital.According to Bernard Ross of Sky Medical Technology, “the medtech sector has seen substantial growth in recent years and that trend is expected to continue — the European medical technology market is estimated to be worth more than €120bn [£102.5bn or $141bn], with Germany, France, and the United Kingdom leading the way in research, development, and implementation of new medical devices.”Indeed, prior to the pandemic in 2019, the total annual revenue of the global medtech industry stood at $510bn (£370.9bn or €434.4bn) — representing an increasing substantial share of the overall global healthcare sector. By 2025, the global medical devices industry is expected to reach a valuation of $612.7bn (£440.5bn or €521.8bn), growing at 5.4% CAGR.There are several drivers for this growth. Firstly, a substantial portion of global healthcare spending has been diverted to directly combat the pandemic, including the purchase of medical technologies for hospitals. Secondly, the challenges of ageing populations and a greater prevalence of chronic health conditions necessitate the need for accessible, cost-effective digital health solutions.Finally, innovation in medtech — particularly in fields such as AI, machine learning, mobility, and the cloud — is speeding ahead at breakneck pace to meet these demands. Taken together, these trends make medtech an area ripe for future investment.

                        The state of the medtech sector

                        While medtech encompasses an increasingly large share of the global healthcare market, it is far from a monolithic block. Broadly speaking, the sector can be divide into five core segments. These are:

                      • Medical equipment (e.g. MRI and ultrasound machines)
                      • Medical devices (e.g. artificial joints and stents)
                      • Medical consumables (single-use products such as bandages or PPE)
                      • In-vitro diagnostics (IVDs — tests used on biological samples of human blood or body tissue)
                      • Life science tools
                      • Currently, the medtech market is highly fragmented. With the opportunity to buy and merge multiple companies and achieve revenue growth through cost synergies, such fragmentation is an attractive proposition for private equity investors. According to the BGG website, the ten largest medtech companies collectively hold only about 40% of the market in aggregate, while no company generates more than 8% of the overall revenue.As for employment, the figures suggest that the industry has weathered the COVID-19 storm relatively well. In the United States, for example, >106,000 people currently work in the medtech sector — recovering from a slight downturn in 2020 to exceed 2019’s figure. Taken over the last five years, this represents a 31% increase in employment since 2016. In Europe, the medtech sector directly employs over 730,000 people across 32,000 companies (Medtech Europe).
                      • Ageing populations

                        By mid-century, there will be an extra 8.6 million people aged 65 and over in the UK -- roughly equivalent to the population of London. Globally, it is estimated that 1 in 6 people on Earth will be retirement age by 2050.An ageing population has huge implications for healthcare. More people will rely on healthcare, but there will be a smaller pool (proportionally speaking) of health workers to provide it. There will also be fewer people in employment to pay for these growing health demands.This trend was already well underway before COVID-19 struck, and the pressures long exerted on healthcare systems across the globe were almost pushed to breaking point by the pandemic.Of course, an ageing population means a concomitant rise in the prevalence of chronic illnesses such as diabetes or heart disease — creating an urgent demand for innovations that can improve the diagnosis and treatment of such diseases. By facilitating a drive towards bespoke, personalised care and more targeted treatments, medical technologies (e.g. wearables or smart inhalers) are critical to helping people live longer, healthier lives. In the process, they also contribute to an improved quality of life for patients.Moreover, medtech can also boost efficiencies and sustainability in global healthcare systems that until now have been beset by fractured care pathways and rely upon finite resources. With greater demand for medtech products from both medical professionals and patient-consumers, there is a huge opportunity for investment in the medtech market — particularly in emerging markets.

                        Innovation

                        Medtech offers an innovative solution to some of the main problems in healthcare. With increasingly innovative technologies at their disposal, medtech organisations can develop cheaper and more efficient products that address more niche health demands.The medtech industry is one of the most innovative in STEM. In 2019, nearly 14,000 medical technology patents were filed with the European Patent Office (EPO) — 7.7% of the total number of applications. Of all technical sectors in Europe, medtech is second only to digital communication for patent applications. Indeed, medtech applications were more than double that for biotechnology and far surpassed pharmaceuticals.Though the initial shock from COVID saw a downturn in patent applications, the response to the pandemic — coupled with medtech’s capacity to solve urgent problems — has seen the industry continue to lead the way for innovation. According to more recent EPO data, in 2020, medical technology was the leading field for inventions in terms of volume.The European medtech sector is in a healthy place, but the U.S. is leading the way for innovation in the space. Of the 10,480 medtech patents granted by the EPO in 2019, 4,300 (41%) of successful applications came from the United States.With innovation accelerating due to the pandemic — including efforts to produce vaccines and testing while pivoting to artificial-intelligence-based and remote care — many medtech companies have seen their share prices climb substantially.Medtech stocks such as Stryker (SYK), Abbott Labs (ABT), and Owens & Minor (OMI) have seen their valuations soar over the last year. Indeed, over the course of 2020, the MedTech 100 Index (made up of the world’s largest medtech companies) grew from a total of $86.86 to $104.55. This represented an increase of 20.4%.All in all, these trends suggest an upward trajectory for the industry. Despite strong growth, there are some small areas of concern for investors.Pricing pressure is arguably the most notable sticking point, especially as the rise in government spending on healthcare products and services demonstrates the unsustainability of fiscal trends. In seeking to reduce such high spending, governments and payers are increasingly demanding proof of value to see how a product or services differentiates from cheaper alternatives.That said, such challenges also present opportunities for medtech. As stated by BCG, “rather than primarily selling products on a per-unit basis, forward-thinking companies are developing more comprehensive solutions (including services) that can create value throughout a patient’s journey.” Despite having a higher pricing point, such models can save money in the long run by optimising operational efficiencies in hospitals and other healthcare facilities.

                        What medtech investors are looking out for

                        “For private equity investors, the medical technology industry holds significant promise, with a record of strong profitability, resilient demand, and encouraging growth prospects.”— BCGWith investment carrying an element of risk, the drivers for investment in medtech are slightly different to the main drivers of market growth outlined earlier. According to BCG, there are six specific themes things that private equity investors look out for in a medtech company. These are:

                      • The delivery of superior outcomes, e.g. flagship products that can significantly improve quality of life for patients.
                      • A focus on innovation.
                      • Ownership of the patient journey, particularly for those with ongoing chronic conditions.
                      • The ability to capitalise on the consumerisation of health, e.g. patient monitoring apps within the diabetes segment.
                      • The development of high-quality, value-priced products.
                      • Improved efficiencies to bring down the high cost structure in medtech.
                      • For medtech companies, demonstrating differentiation by ticking the boxes above will help them stand out to potential investors. For investors, understanding the dynamics that continue to shape the industry — and its future — is imperative for success.

                      人口老齡化

                      到本世紀中葉,英國將多有860萬65歲及以上的人口,這大致相當于整個倫敦的人口數量。據測算到2050年,地球上將有六分之一的人口達到退休年齡。人口老齡化對醫療具有巨大的影響,更多的人將依賴醫療,但是如果按比例計算提供醫療服務的人數會更少。并且在當前的醫保體系下,就業人口減少意味著支付這些日益增長的資金也將減少。雖然這一趨勢在新冠疫情爆發之前就已經開始了,但長期以來對全球醫療系統積累的壓力幾乎被疫情推到了臨界點。人口老齡化意味著糖尿病或心臟病等慢性疾病發病率隨之上升,這些情況產生了對創新的迫切需求,以改善當前這類疾病的診斷和治療。通過促進定制、個性化護理和更有針對性的治療,醫療科技(如可穿戴設備或智能吸入器)對幫助人們延長壽命、更有質量的生活至關重要。此外,醫療科技還可以提高全球醫療系統的效率和可持續性。直到現在,這些系統一直受到瑣碎的護理路徑的困擾,并依賴于有限的資源。隨著醫療專業人員和患者對醫療科技產品的需求不斷增加,在醫療科技市場的投資有一個巨大的機會,特別是在新興市場。創新醫療科技為醫療中的一些主要問題提供了一種創新的解決方案。隨著越來越多的創新技術的誕生,醫療科技組織可以開發更便宜更高效的產品,以滿足更多的健康需求。醫療科技行業是STEM中最具創新性的行業之一。2019年,它們向歐洲專利局(EPO)申請了近1.4萬項醫療科技專利,占申請總數的7.7%。在歐洲所有的技術部門中,醫療科技在專利申請方面僅次于數字通信領域。事實上,醫療科技的應用是生物技術的兩倍多,也遠遠超過了制藥公司。盡管新冠疫情最初使專利申請下滑,但對疫情的應對,加上醫療科技解決緊急問題的能力,使該行業繼續引領創新的道路。根據最新的EPO數據,2020年醫療技術在發明數量方面處于領先地位。事實上,美國在該領域處于領先地位,在2019年EPO授予的10480項醫療科技專利中,有4300項(41%)的成功申請來自美國。新冠疫情導致的創新加速包括生產疫苗和測試,同時醫療服務轉向人工智能的使用和遠程護理,許多醫療科技公司的股價已經大幅上漲。斯特萊克(SYK)、雅培(SYK)和Owens&Minor(OMI)等醫療科技股去年的估值大幅飆升。事實上,在2020年,MedTech100指數(由世界上最大的醫療科技公司組成)總額從86.86美元增長到104.55美元,增長了20.4%。總之,這些趨勢表明該行業有上升軌跡。增長強勁的同時投資者仍需要擔心的一些小問題。定價可以說是最顯著的癥結,特別是隨著政府在醫療產品和服務上的支出的上升,但又表現出不可持續性的財政趨勢。為了減少高額的支出,政府和支付者越來越要求產品展示其價值,以了解一種產品或服務與更便宜的替代品的區別。這些挑戰也為醫療科技公司帶來了機會,正如BCG所說,“有遠見的公司正在開發更全面的解決方案,可以在治療的整個過程中創造價值。”從長遠來看,這種模式可以通過優化醫院和其他醫療設施的運營效率來達到降低成本的目的。

                      醫療科技的投資者在尋找什么

                      BCG說,“對私募股權投資者來說,醫療科技行業有著巨大的前景,具有強勁的盈利能力、有彈性的需求和令人鼓舞的增長前景。”由于投資存在風險因素,醫療科技投資的驅動因素與之前概述的市場增長的主要驅動因素略有不同。私募股權投資者關注著六個特定的主題(BCG):

                      原文】

                      Why VCs are rushing to invest in medtech innovation

                      While the medtech sector saw a downturn in merger and acquisitions (M&A) due to COVID disruption, medtech valuations performed stronger than most life sciences sectors throughout 2020. With the sector recovering quicker than expected in the first months of 2021, more investors are returning to the medtech space — with top targets including sub-sectors like diagnostics and remote patient monitoring.As pressure builds on global health ecosystems to meet the pandemic and face the growing demands of an ageing population, medical technology will prove vital for years to come. By creating innovative new products that can improve health data, support remote care, and digitise workflows, the medtech sector is a huge area of opportunity for private and venture capital.According to Bernard Ross of Sky Medical Technology, “the medtech sector has seen substantial growth in recent years and that trend is expected to continue — the European medical technology market is estimated to be worth more than €120bn [£102.5bn or $141bn], with Germany, France, and the United Kingdom leading the way in research, development, and implementation of new medical devices.”Indeed, prior to the pandemic in 2019, the total annual revenue of the global medtech industry stood at $510bn (£370.9bn or €434.4bn) — representing an increasing substantial share of the overall global healthcare sector. By 2025, the global medical devices industry is expected to reach a valuation of $612.7bn (£440.5bn or €521.8bn), growing at 5.4% CAGR.There are several drivers for this growth. Firstly, a substantial portion of global healthcare spending has been diverted to directly combat the pandemic, including the purchase of medical technologies for hospitals. Secondly, the challenges of ageing populations and a greater prevalence of chronic health conditions necessitate the need for accessible, cost-effective digital health solutions.Finally, innovation in medtech — particularly in fields such as AI, machine learning, mobility, and the cloud — is speeding ahead at breakneck pace to meet these demands. Taken together, these trends make medtech an area ripe for future investment.

                      The state of the medtech sector

                      While medtech encompasses an increasingly large share of the global healthcare market, it is far from a monolithic block. Broadly speaking, the sector can be divide into five core segments. These are:

                      Ageing populations

                      By mid-century, there will be an extra 8.6 million people aged 65 and over in the UK -- roughly equivalent to the population of London. Globally, it is estimated that 1 in 6 people on Earth will be retirement age by 2050.An ageing population has huge implications for healthcare. More people will rely on healthcare, but there will be a smaller pool (proportionally speaking) of health workers to provide it. There will also be fewer people in employment to pay for these growing health demands.This trend was already well underway before COVID-19 struck, and the pressures long exerted on healthcare systems across the globe were almost pushed to breaking point by the pandemic.Of course, an ageing population means a concomitant rise in the prevalence of chronic illnesses such as diabetes or heart disease — creating an urgent demand for innovations that can improve the diagnosis and treatment of such diseases. By facilitating a drive towards bespoke, personalised care and more targeted treatments, medical technologies (e.g. wearables or smart inhalers) are critical to helping people live longer, healthier lives. In the process, they also contribute to an improved quality of life for patients.Moreover, medtech can also boost efficiencies and sustainability in global healthcare systems that until now have been beset by fractured care pathways and rely upon finite resources. With greater demand for medtech products from both medical professionals and patient-consumers, there is a huge opportunity for investment in the medtech market — particularly in emerging markets.

                      Innovation

                      Medtech offers an innovative solution to some of the main problems in healthcare. With increasingly innovative technologies at their disposal, medtech organisations can develop cheaper and more efficient products that address more niche health demands.The medtech industry is one of the most innovative in STEM. In 2019, nearly 14,000 medical technology patents were filed with the European Patent Office (EPO) — 7.7% of the total number of applications. Of all technical sectors in Europe, medtech is second only to digital communication for patent applications. Indeed, medtech applications were more than double that for biotechnology and far surpassed pharmaceuticals.Though the initial shock from COVID saw a downturn in patent applications, the response to the pandemic — coupled with medtech’s capacity to solve urgent problems — has seen the industry continue to lead the way for innovation. According to more recent EPO data, in 2020, medical technology was the leading field for inventions in terms of volume.The European medtech sector is in a healthy place, but the U.S. is leading the way for innovation in the space. Of the 10,480 medtech patents granted by the EPO in 2019, 4,300 (41%) of successful applications came from the United States.With innovation accelerating due to the pandemic — including efforts to produce vaccines and testing while pivoting to artificial-intelligence-based and remote care — many medtech companies have seen their share prices climb substantially.Medtech stocks such as Stryker (SYK), Abbott Labs (ABT), and Owens & Minor (OMI) have seen their valuations soar over the last year. Indeed, over the course of 2020, the MedTech 100 Index (made up of the world’s largest medtech companies) grew from a total of $86.86 to $104.55. This represented an increase of 20.4%.All in all, these trends suggest an upward trajectory for the industry. Despite strong growth, there are some small areas of concern for investors.Pricing pressure is arguably the most notable sticking point, especially as the rise in government spending on healthcare products and services demonstrates the unsustainability of fiscal trends. In seeking to reduce such high spending, governments and payers are increasingly demanding proof of value to see how a product or services differentiates from cheaper alternatives.That said, such challenges also present opportunities for medtech. As stated by BCG, “rather than primarily selling products on a per-unit basis, forward-thinking companies are developing more comprehensive solutions (including services) that can create value throughout a patient’s journey.” Despite having a higher pricing point, such models can save money in the long run by optimising operational efficiencies in hospitals and other healthcare facilities.

                      What medtech investors are looking out for

                      “For private equity investors, the medical technology industry holds significant promise, with a record of strong profitability, resilient demand, and encouraging growth prospects.”— BCGWith investment carrying an element of risk, the drivers for investment in medtech are slightly different to the main drivers of market growth outlined earlier. According to BCG, there are six specific themes things that private equity investors look out for in a medtech company. These are:

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