Global biotech venture funding
Venture capital invested in biotech, $ billions.
About this data
Biotech venture funding peaked near $42bn in 2021, fell through the 2022–23 funding winter as rate rises closed the IPO window, and recovered to about $38bn in 2025 — a 28% gain on 2024’s $29.7bn that brings the sector back within reach of its peak.
Global biotech venture funding
Venture capital invested in biotech, $ billions.
Data table
| year | usd_b | series | source_ref | value_basis |
|---|---|---|---|---|
| 2021 | 42 | global_vc | mckinsey-biotech-vc | Global biotech VC peak ~$42bn, 2021 |
| 2024 | 29.7 | global_vc | mckinsey-biotech-vc | Global biotech VC $29.7bn, 2024 |
| 2025 | 38 | global_vc | mckinsey-biotech-vc | Global biotech VC ~$38bn, 2025 (+28% on 2024) |
Methodology & sources
Last updated: Aug 14, 2026Methodology
Two series with deliberately different scopes: "global biotech" is the broad sector total, "biopharma" is the narrower drug-developer subset. They are NOT alternative estimates of the same quantity and should not be compared point-to-point. Venture funding totals vary materially between data providers depending on whether crossover rounds, corporate venture and non-dilutive grants are counted. Each series here is kept to a single provider so the trend within a series is consistent. CAVEAT: 2020, 2022 and 2023 global totals are described qualitatively in the cited sources as a "funding winter" but no figure is published, so those years are omitted rather than estimated from the narrative. Re-verified 2026-08-10.
Sources
Comparisons are informative, not definitive. See each source for definitions and limits.