What's New PitchBook's 2026 Healthcare Outlook calls this "one of the best investing opportunities we have seen in decades" across healthcare subsectors. AI is improving Phase I trial success rates from ~52% to ~80%, potentially more than doubling overall approval likelihood—with early-stage assets that have been "capital-deprived" offering the greatest return profiles. Why It Matters After pandemic-induced capital misallocation, healthcare is structurally de-risking. The r