Key Findings
Optimism for markets returns
It is encouraging to see stronger conviction in a positive outlook for markets, with two thirds of respondents believing the FTSE 100 will be higher by the end of 2025, with only 8% believing it will be lower. This confidence is even higher for Healthcare itself, with 73% expecting the MSCI World Healthcare Index to end higher by the end of 2025, up from just over half of respondents last year.


Key findings
Funding challenges remain, but are less critical
Whilst the availability of capital remains a big concern, it is markedly less urgent this year. 48% of respondents say the inability to raise capital is having a major adverse effect, down from a significant majority of 68% last year. It has been overtaken as the biggest risk to the sector by geopolitical risks, following a tumultuous year.
Key findings
North America Continues to dominate
North America continues to drive our respondents’ interest and appetite, viewed by 74% as the biggest market opportunity. Versus a stable UK, Europe has dropped down the list, particularly for investors. Amid ever-more complex global tensions, China has recovered slightly from last year, highlighted by 16% of respondents, up from 12% in 2023.


Key findings
Healthcare bulls
Appetite for exposure to the healthcare sector remains stable, with 46% of participants expecting to increase their exposure to Healthcare in the next 12 months. Only 2% expect to reduce their weighting.
Key findings
Confidence in the IPO pipeline
64% of respondents expect there to be more IPOs in 2025, in a strong signal that the equity capital markets will be one to watch next year. Private Equity is the most bullish, at 69%, with Corporates themselves similarly looking forward to getting back to the public markets. 20% expect equity financing and IPOs to dominate transactional activity – the highest number since we began this survey in 2018.


Key findings
M&A market continues to be dominated by Corporates
There is clear appetite to get deals done, with an encouraging 72% expecting levels of M&A to be higher in 2025. This is expected to continue to be dominated by Corporate-led M&A.
Key findings
Weight loss drugs are here to stay
GLP-1 has exploded onto the world stage, and respondents have conviction that weight loss drugs are here to stay. 47% said that the impact of weight loss drugs will be very large and with long-term sustainability, up from a more uncertain 33% last year. Versus last year, a dwindling number need more information to make their mind up over the drugs, at 18% (down from 32% last year).
