Reported med-tech deal value in the first seven months of 2025 remained sharply subdued, totaling just $657.44 million across all non-M&A transactions, a fraction of the $1.24 billion reported by this time last year. The current total is the lowest for any January-to-July period in the past seven years, though less than 2% of deals disclosed dollar values. 

Biopharma companies raised $34.89 billion through financings in the first seven months of 2025, including $5.66 billion in July, down from $7.38 billion in June. This year’s total falls short of $74.03 billion in the first seven months of 2024 and more than $80 billion in 2020 and 2021.

Med-tech companies brought in $18.11 billion through financings in the first seven months of 2025, marking a modest rebound from the sector’s recent lows. The total surpasses the $11.73 billion raised during the same period in 2023 and slightly edged out the $16.59 billion raised in the same period in 2024.

Biopharma companies raised $34.89 billion through financings in the first seven months of 2025, including $5.66 billion in July, down from $7.38 billion in June. This year’s total falls short of $74.03 billion in the first seven months of 2024 and more than $80 billion in 2020 and 2021. However, 2025 is on track to outperform post-pandemic lows of 2022 and 2023, when the seven-month totals reached $33.14 billion and $36.47 billion, respectively.

Infectious disease biopharma stocks bounced back in June and July, with the BioWorld Infectious Disease Index (BIDI) closing July up 4.34%. This marked a sharp reversal from earlier in the year, as the BIDI had dropped 17.83% by the end of April and 21.04% by the end of May.

Nonprofit dealmaking in biopharma has been limited in 2025, with total disclosed value reaching just $99.7 million through July. Nearly all of that came in January, when deals totaled $96.9 million. After a quiet first quarter, modest activity resumed with $1.4 million in April and $1.6 million in July, while the other months saw no reported nonprofit partnerships.

The BioWorld Drug Developers Index (BDDI) rebounded in the second quarter, ending the first half (H1) of 2025 up 1.23% after being down 7.36% at the end of March and 5.52% at April’s close. The BDDI continued to track just below the Dow Jones Industrial Average, which gained 3.64% in H1, and outperformed the Nasdaq Biotechnology Index, which ended June down 1.92%.

Med-tech companies raised $8.13 billion in the second quarter of 2025, a modest dip from the $8.32 billion recorded in Q1. While the quarterly total marks a continued improvement over 2023’s lower figures, it still lags behind pre-pandemic peaks and the $22.87 billion raised in 2Q20. Compared to 2Q24’s $7.49 billion, this year’s figure reflects a slight year-over-year gain.