PitchBookaMorningstarcompanyInstitutional ResearchGroup2026 Healthcare OutlookearchAnalyst,Healthcare's rebound to accelerate in 2026PicheBokis aMoringtrcompayprvingthemostcomprehensie,mnosonDeGagne,CFAaccurate, and hard-to-find data for professionals doing business in the private marketsaarondegagne@pitcnZercher,PhDKey highlights2026 should se rebound in activity across biopharma and health care serviceswith continued strength in healthtech and HCIT.AssoclateAnalyst, Industry&Earlv indications are that Alisimproving clinical trial succesrates, potentilyPublshedonDecember2,2025afullanalvsis by dinical phase along with ramification forearly-stageestorreturnprofiles. The bottom-lineisthatfundingin the earlKeyhighlightsOvervlewprovide lists of companies and investors specializingin these areas2026outlooksContinuedhich medical costs arelikely to drive more significant healthcareBiotedh,pharma,&biotoolsreforms with activity heatina up in 2026. We highightpotential areas of reform.HealthcareservicesPEhealthcareIT12Weexpectcontinuedconvergenceincapabilitydevelopmentplaysin healthcar IT and healthtech. which should lead to substantil acquistions of VC-backedMedtechHealthtech15Appendix7We expectIPC2026HEALTHCAREOUTLOOK
OverviewWesee 2026 asproviding one ofthe bestinvesting opportunities wehave seenindecades acrossa number of subsectors. In biotech, M&A activity began to pick upinhe second halfof2025 and should see furtherimproverent in 2026 as US healthcareintv clears and additional rate cuts spur more speculativeinvesting bostures. Ad to that aditional fuelfrom recent M&Aactivty, including biding warsin the GLP-1 space, which also highlight BiqPharma's determination tomitigate itsupcoming patent clff. The H2 2025 rebound in the XBl biotech index should alsosupportathawingoftelPOmarketin2026oorfund performancelevelsfromtal advancements indrugAl-driven advancementsinrug application successrateses andcosts.Weexpecttheinthe2012to2014vintagetors.Early-stage assets,whichderfunded.willikely seetheareatestreturnprofiles.aiven Al-derived trialreducing physician administrativeq burnout, thereby extending the careersctedprovidershortages.as additional12026be theyearwhen.Albeginstoreverserativestate inhealthcare-anendemic thaIministrationemploymentincreased3,200%from1970 to150%overthe sametime.We anticipate,nts in 2026 in Al scribes, clinical decision support, and clinicalnavor adontion of Al solutions continuing tolagprovideadoption, havingreal-world implications for payer cost trends in the neartermepotentialelinination of enhanced low-income subsidy premiumontinued more strinaent Medicaid entrollment will sustain crosss on commercial medical cost trends. Given these overallweexpect provider-based administrative lavoffs will be meaninafulin 20262026HEALTHCAREOUTLOOK
2026 should also be active on the policy front, and movements to implement much.We also expect tocommercial healthrof the American consumer.Wecreasedinterestinareateradoptionofdefinedcontribution(ICHRA)h of Al.Still, VCinvestorsater chance ofexitina. We...
