Device companies raised 50% more in Q1 2016 than the previous quarter, reaching $1.8 billion and led by debt offerings; diagnostic imaging acquisitions, such as Toshiba Medical Systems, were abundant. Diagnostics financings double in Q1, mostly from venture funding, including strong showing from liquid biopsy companies.

Five years after the genomics bubble burst and financing doors shut, a small window may be opening for research tool suppliers that help pharma improve R&D efficiency and cost structure. But clinically-oriented research companies face particular challenges, notably how to build a business where customer adoption is slow but technology is evolving rapidly and investors are impatient.