Analysis of venture capital investments in anaesthesiology companies from 2000 to 2024

Anaesthesia and critical care have witnessed a surge in innovation and entrepreneurship driven by a rising demand for surgical and procedural care and the need to enhance both the efficacy and efficiency of delivery amidst a global shortage of anaesthetists [1]. Venture capital, a form of high-risk private investment in early-stage companies, plays a critical role in accelerating this innovation, which is particularly evident in the recent adoption of artificial intelligence (AI) to improve clinical decision-making and mitigate healthcare provider burnout [1, 2]. While private capital investments can drive innovations in healthcare, they also raise ethical concerns, with documented risks to care efficacy and patient cost increases [3, 4]. Previous studies have highlighted venture capital investments in medical devices [5] and surgical specialties [6, 7] as well as recent speculation about their potential impact on anaesthesia [8]. However, the specific role of venture capital investment in advancing innovation in anaesthesia remains underexplored. We analysed thematic and temporal trends in venture capital investments in anaesthesia companies to better understand investor interest, emerging innovations and potential areas of unmet medical need in the field.

Adapting from established methodologies [5-8], we extracted data from PitchBook (Seattle, WA, USA), a comprehensive capital markets database, to retrospectively examine venture capital investments in anaesthesia companies from 1 January 2000 to 1 July 2024. We selected companies based on their descriptions in PitchBook and product pipeline information from manufacturer websites. Three reviewers (RD, DW and SR) classified each company into thematic, non-mutually exclusive categories related to devices and therapeutics (Table 1). For each category, we analysed total capital raised, international patents and clinical trials listed or completed on ClinicalTrials.gov. Institutional review board approval was not required under the Common Rule. Data analysis was conducted using R (version 4.4.1; R Foundation, Vienna, Austria).

Table 1. Characterisation of venture capital funding of private anaesthesia companies, 2000–2024^a. Values are number (proportion) or median (IQR).

Thematic categories	Companies	Total raised; millions	Total patents	Patents per company	Clinical trials
Anaesthesia and respiratory equipment	54 (19.0%)	£521 (US$657, €629)	1061 (23.8%)	4 (0–23)	53 (18.5%)
Monitoring and diagnostic systems	62 (21.8%)	£700 (US$883, €846)	1002 (22.4%)	5 (0–10)	70 (24.4%)
Pharmaceuticals and pain management	84 (29.6%)	£ 39,899 (US$50,330, €48,216)	1576 (35.3%)	6 (0–22)	120 (41.8%)
Health technology and telemedicine	23 (8.1%)	£166 (US$209, €200)	179 (4.0%)	5 (0–14)	9 (3.1%)
Advanced analytics and AI	28 (9.9%)	£308 (US$388, €372)	172 (3.9%)	0 (0–4)	14 (4.9%)
Regulatory, quality, and compliance	8 (2.8%)	£28 (US$35, €34)	14 (0.3%)	0 (0–3)	2 (0.7%)
Robotics and wearables	21 (7.4%)	£359 (US$453, €434)	346 (7.7%)	5 (1–23)	26 (9.1%)
Infusion pumps	11 (3.9%)	£67 (US$84, €80)	180 (4%)	17 (1–24)	3 (1.0%)
Unknown	3 (1.1%)	£ < 1 (US$ < 1, € <1)	0	0 (0–0)	0
Therapeutic categories
General anaesthesia and critical care	88 (31.0%)	£1348 (US$1700, €1629)	1405 (31.5%)	2 (0–17)	69 (24.0%)
Pain management	71 (25.0%)	£3894 (US$4910, €4704)	1054 (23.6%)	1 (0–14)	96 (33.4%)
Pulmonary and respiratory care	44 (15.5%)	£506 (US$638, €611)	747 (16.7%)	6 (0–11)	58 (20.2%)
Cardiovascular care	53 (18.7%)	£912 (US$1150, €1102)	683 (15.3%)	5 (0–13)	62 (21.6%)
Neurological care	6 (2.1%)	£65 (US$82, €79)	157 (3.5%)	13 (2–42)	8 (2.8%)
Paediatric care	15 (5.3%)	£136 (US$171, €164)	88 (2.0%)	0 (0–3)	6 (2.1%)
Trauma and emergency medicine	11 (3.9%)	£60 (US$76, €73)	249 (5.6%)	17 (5–44)	6 (2.1%)
Renal care	9 (3.2%)	£103 (US$130, €125)	166 (3.7%)	17 (9–28)	19 (6.6%)
Infectious disease management	50 (17.6%)	£2965 (US$3738, €3582)	846 (19.0%)	5 (0–19)	52 (18.1%)
Unknown	5 (1.8%)	£11 (US$14, €13)	0	0	0
All companiesb	284	£42,065 (US$53,028, €50,811)	4464	5 (0–17)	287

• ^a Study period included investments made between 1 January 2000 and 31 July 2024 (inclusive).
• ^b Sum of proportion and company totals are greater than the total due to non-mutually exclusive categories.

Of 476 companies identified, 284 were relevant to anaesthesia and attracted £42.0 (US$53.0, €50.8) billion in venture capital funding, with a median capital raised of £5.6 (US$7.0, €6.7) million. Capital invested grew from £2.4 (US$ 3.0, € 2.9) million in 2000 to £0.87 (US$ 1.1, €1.1) billion in 2023, representing a compound annual growth rate of 28.1% over this period (Fig. 1). The pharmaceuticals and pain management sector emerged as the largest recipient of funding, representing 29.6% of all companies and accounting for 94.9% of the total capital raised, highlighting strong market demand for innovative pain management therapies. Another key area of investment was monitoring and diagnostic systems, comprising 21.8% of the companies and attracting £700.4 (US$883.2, €846.2) million in funding. This focus aligns with growing emphasis on patient safety and real-time data analytics. In terms of therapeutic categories, general anaesthesia and critical care represented 31.0% of companies, while pain management accounted for 25.0%. Venture capital funding in general anaesthesia and critical care totalled nearly £1.3 (US$1.7, €1.6) billion (3.2%), with notable clinical trial and patent activity. Pain management companies raised £38.9 (US$49.1, €47.0) billion (92.6%), driven by demand for advanced solutions addressing clinical anaesthesia needs. Advanced analytics and AI received £0.3 (US$0.4, €0.4) billion (0.7%). The potential of AI in anaesthesia is significant, enhancing predictive analytics, personalised anaesthesia delivery and operational efficiencies. As technology matures, investments in AI are expected to grow, with data-driven healthcare approaches attracting venture capital interest.

Figure 1

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Trends in venture capital investments in anaesthesia companies, 2000–2024. Total number of venture capital investments in anaesthesia-focused companies per year (left vertical axis), while the line graph shows the corresponding total capital invested in millions of $US (right vertical axis). From 2000 onwards, both investment frequency and capital amounts demonstrate a substantial upward trend, particularly after 2018. The data reflects sustained interest in anaesthetic innovations, with elevated investment levels in recent years compared with earlier periods. *Funding data for 2024 is current as of 1 July.

Venture capital interest is focused on areas where patents secure market advantages. The pharmaceutical and pain management sectors show high levels of patent activity, suggesting that investors prioritise fields with strong intellectual property protections. This reflects a broader healthcare trend, where patents not only safeguard innovations but also provide investors confidence against competitive threats.

Venture capital funding may accelerate advancements in anaesthesia care by providing an alternative to traditional funding sources like National Institutes of Health grants, which are often more bureaucratic [5]. However, this funding model presents its own challenges, especially regarding the prioritisation of commercial interests over patient-centred innovation. With a focus on rapid returns, venture capital investments may prioritise commercialisation at the expense of clinical validation, potentially compromising patient safety [2, 4]. This concern is particularly relevant for emerging technologies like AI where regulatory oversight may lag technological developments. Additionally, private capital tends to concentrate on high-revenue areas, which could sideline underserved populations, limiting their access to advanced care [8]. The profit-driven focus of venture capital funding may also contribute to disparities in access, as more affluent healthcare systems are more likely to benefit from these innovations.

As private capital increasingly influences the future of anaesthesia, regulatory bodies must ensure that these developments prioritise patient safety and equitable access to care. Future research is essential to evaluate the long-term effects of venture capital-backed anaesthesia innovations on clinical outcomes and to address the ethical considerations of such investments in healthcare. Thoughtful oversight will be necessary to safeguard the benefits of venture capital for both patients and the broader healthcare system, promoting sustainable innovation that balances technological advancements with improvements in patient care and outcomes.