2024 Future Healthcare Top 100 List Released: New Generation Embraces Mission and Drives Innovation

Where Does the Future of Medical Innovation Lie? Some Hesitate, Others Explore. Facts Have Proven That Even a Faint Glimmer or a Single Spark Can Inspire Countless Medical Pioneers to Forge Ahead Without Hesitation. It Is Precisely This Perseverance and Belief That Hold the Potential to Ignite a Prairie Fire in the Future.

Looking back at the healthcare landscape from 2023 to the present, marked by a chilling downturn and tightened IPO regulations, investment and financing data—a barometer of innovation in the healthcare industry—nevertheless reveal that 1,300 healthcare companies have secured new funding. This trend of steady, incremental progress reflects investors’ steadfast commitment to and affirmation of innovation during challenging times. Technological变革 is breaking through traditional industrial boundaries, endowing Chinese healthcare professionals with new missions and significance in this new era.

“New Youth” signifies passion, hope, and mission, as well as responsibility, accountability, and dreams. In the process of building new structures for the future, these pioneers will traverse uncharted territories and lead the changes of the times. The 8th Future Healthcare 100 Conference in 2024, themed “New Youth,” interprets the forward-driving spirit of healthcare innovation trailblazers.

Founded in2015 Future Healthcare Top 100Rankingis caused byVB100, VCBeat, and Eggshell Research Institute launched the first domesticIA ranking of innovative healthcare companies targeting non-listed enterprises, aimed at selecting Chinese innovators who truly represent the future of healthcare, identifying the core forces driving China’s future medical industry, and promoting innovation and transformation in the health and medical sector.InCheng。

Course of Disease8Years of practice and exploration,“Top 100 Future Healthcare Companies”Selection“Having received strong support and recognition from numerous investment institutions and enterprises, it has become a bellwether for investment in the healthcare sector, guiding development and investment trends in China’s healthcare innovation field both currently and in the foreseeable future, while providing valuable references for follow-on financing by innovative enterprises.”

The 2024 Top 100 Future Healthcare Companies list was announced at the awards dinner of the 2024 VBEF Future Medical Ecology Expo, held on May 9, 2024, at the Beijing Etrong International Exhibition & Convention Center, and was also publicly released via VCBeat’s official WeChat account.2024Top 100 Future Healthcare Companies SelectionSubdivisions:Future Healthcare Top 100 Main List、Listed Companies Innovation Ranking, VBEF Healthcare Industry Innovative Products List, Future Healthcare Top 100 Innovation Award。The following are excerpts from the current ranking and report.

This ranking is targeted at non-listed companies in the healthcare and medical sector. Based onBased on the VB100 Value Assessment Model, through a process comprising enterprise self-declaration, review by the VB100 Review Committee, cross-review by supporting institutions, and final review by the Expert Committee, across four major domains (Innovative Medical Devices and Intelligent Manufacturing/Innovative Pharmaceuticals and Biologics/Digital Healthcare and Health Services/Medical Commerce and Supply Chain Services) to select the valuation rankings respectivelyTop 100 Innovative Enterprises. Beyond valuation, we will additionally assess candidates’ growth and annual performance across four primary indicators—human resources, knowledge resources, key partner resources, and market performance—comprising a total of 17 secondary indicators.

This ranking targets listed companies in the healthcare and medical sectors. Based on annual report data from the past two years, it incorporates supplementary research on these companies’ innovation inputs, outputs, benefits, and activities.Selected based on over 30 relevant indicators across four dimensions, in conjunction with VCBeat’s assessment methodology for analyzing innovation trends and market potential in the sectors where listed companies operate.

The Innovation Awards are open to institutions, enterprises, industrial parks, individuals, and products in the healthcare sector. The evaluation focuses on the annual value performance and innovative breakthroughs of candidate institutions, enterprises, and industrial parks during the review period. For individual candidates, the assessment emphasizes multiple dimensions, including annual leadership performance, industry influence, reputation, and insightfulness during the review period. For the Product Award, the Organizing Committee identifies high-value segments in the upstream pharmaceutical and medical device supply chains through industry report analysis, investor interviews, and journalist interviews, and then selects outstanding products from each segment.

VCBeat’s Future Healthcare Top 100 releases an annual report on the growth performance of the top 100 companies featured in its rankings. On the occasion of the 2024 Future Healthcare Top 100 Conference, VCBeat has once again published the “2024 Growth Analysis Report for Future Healthcare Top 100 Companies,” providing a comprehensive analysis of data related to the leading enterprises across five main categories: the Top 100 Chinese Innovative Medical Devices and Intelligent Manufacturing Companies, the Top 100 Chinese Innovative Pharmaceuticals and Biologics Companies, the Top 100 Chinese Healthcare and Health Innovation Service Providers, and the Top 100 Companies in China’s Healthcare Industry Chain Services. Through multidimensional analysis of the companies listed in the annual Future Healthcare Top 100, we aim to summarize patterns of corporate growth and trends in industry evolution, offering valuable insights and references for healthcare enterprises and entrepreneurs.

This year’s four main lists feature a total of 400 companies, with an aggregate valuation of approximately RMB 1.26 trillion and an average valuation that has rebounded by about 2.74% year on year.Similar to previous editions, 86.75% of the listed companies have valuations concentrated in the RMB 1–6 billion range, constituting the main body of non-listed enterprises in the big health industry. Additionally, 12 companies have valuations exceeding RMB 10 billion, with two surpassing RMB 20 billion. The average valuation of the top 10 companies reached RMB 14.52 billion.

Beijing and Shanghai, with their distinct locational advantages, have consistently retained the top two spots in the ranking of headquarters locations for listed companies.Industrial clusters have become a new engine for regional development, with the Yangtze River Delta Economic Zone and the Guangdong-Hong Kong-Macao Greater Bay Area remaining fertile ground for the growth of big health enterprises. Shenzhen and Hangzhou constitute the second tier of locations for big health companies, while Guangzhou and Suzhou form the third tier. The big health industry in the western economic circle, centered on Chengdu, is rising rapidly, emerging as a key hub for the aggregation of medical and healthcare enterprises in western China.

The financing rounds of the listed companies are generally later than last year, with most being in Series B and C.Among them, Series B companies accounted for the largest number, reaching 137, followed by Series C companies with a total of 97. Notably, the number of listed companies at Series D and beyond surpassed that of Series A, ranking third. This indicates that during the capital winter, investors place greater emphasis on commercialization and cash flow, favoring enterprises with a certain scale and strong profitability.

There are 19 unicorn companies, along with 9 companies valued as unicorns.78.57% of unicorn (valuation) companies have reached Series C or later in their financing rounds. Unicorns (by valuation) that retained their status from last year to this year are primarily distributed across AI-driven drug R&D (8 companies), pharmaceutical CDMO (6 companies), high-value consumables – cardiovascular (4 companies), and specialized hospitals (4 companies).

The Yangtze River Delta economic zone, with Shanghai at its core, has the most listed companies, while Beijing has the highest number of unicorn enterprises.Shenzhen trails the leader by just two companies in the number of listed enterprises for innovative medical devices and intelligent manufacturing; Suzhou ranks second in the number of listed enterprises in innovative pharmaceuticals and biological products, while maintaining the highest average valuation consecutively; Hangzhou ranks third in the total number of listed enterprises, demonstrating relatively balanced development.

Listed companies in the innovative medical devices and intelligent manufacturing sectors have the shortest average establishment history and the latest financing rounds, yet maintain relatively stable total valuations, underscoring the industry’s resilience.Listed companies are predominantly concentrated in high-demand sectors such as imaging and therapeutic equipment, high-value cardiovascular consumables, surgical robots, and in vitro diagnostics (IVD), while niche blue-ocean segments within these major tracks are also garnering attention.

The Innovative Pharmaceuticals and Biologics List Saw the Greatest Year-over-Year Changes: 51% of Companies Are New Entrants This Year, with Only Three Retaining Their Top 10 Positions.Specifically in the fields of mRNA therapeutics, gene therapy, and innovative anti-cancer drugs. In 2023, the antibody drug and radiopharmaceutical segments within the innovative drug sector achieved counter-trend growth in financing, while out-licensing transactions are becoming a significant source of cash flow for Chinese biotech companies.

Specialized medical hospitals have maintained a strong growth momentum, with multiple areas showing positive results.On the one hand, popular specialty fields such as medical aesthetics, cardiology, ophthalmology, dentistry, and pediatrics continue to attract the majority of capital attention and maintain steady growth, with three specialty and chain hospital enterprises ranking among the TOP 6 on the Medical and Health Innovation Services List. On the other hand, emerging specialty hospitals in areas such as mental health and orthopedics are springing up.

"2024 Top 100 Future Healthcare Companies Growth Report" is structured as follows: