BAIN&COMPANYGlobalHealthcare Private EquityReport2026
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BAIN&COMPANYUGlobal HealthcarePrivate EquityReport2026ContentsHelthcarePrivateEquityMarket2025;Resurgence andRecordGrowth,....2What Oifferentiates Wining HealthcarelIT Investment.-....12New Models of Value Creation for Physician Groups.......18Plaving the LongGameinPharmaSevices,.22
HealthcarePrivate Eauity Market2025;Resurgenceand Record GrowthHealthcare private equity investrment posted a very strong year for deal value andvolume paired with a strong rebound in exits.AtaGlanceDespite asecond-quarter tariff-related pause, global healthcare private equity activity set asecond-best vearever.An uptick in deals exceeding $ 1 billion drove the record value, but deal counts grew across alldeal sizes.Exits also surged as sponsor-to-sponsor deals rebounded from post-Covid lows, but publicmarket opportunities remain an active hunting ground for private equityProvider and biooharma remain the largest market segments, driven by healthcare IT activity,whilemedtechhasshownoutsizedarowthsince2020Healthcare private eauity (PE) delivered a record performance in 2025, with disclosed deal valueexceedinganestimated $191 billion, surpassing the previous high in 2021. Deal activity was similarlrobust Investors announced an estimated 445 buyouts, marking the second-highest annual total onrecordbehind2021(see Figure1)
BAIN&COMPANYUGlobal HealthcarePrivate EquityReport2026Figure1:Healthcaredealactivitypostedanotherstronavearin2025NorthAmericaEuropeAsia-PacifcRestofWorldAnnualizedBuyout dealcountBuyoutdealvalue,$billions515445151403380378353126666f20202020int date: includes announced dealThe vear also saw a rebound inexits. Exit alue reached its second-highest year ever, while exit volum ranked hird all-ime (see Figure 2). The leap in exit alue-from S54 billion in 2024 to an expected$56 billionfor 2025-was similarls propelled by a sharp increase in large deals. In 2024, only 16 exitsStrone acivitv reflects two key themes within PE: high levels of dry powder to deploy and a growingcohortofsponsor-owned assets reaching the end of their fund lives. These trendssignal continuedtailwinds for the industry and set the stage for an active 2026Resurgentperformanceovercame asecond-quarterpullbackGlobal growth was propelled by Europe'ssustained activity and an in lection after the second quarter in The vear started on a hot streak, with firs-cquarter deal volume up around 21% relative to the frst quarteof2024. Momentum in North America and Asia-Pacific slowed in the second quarter amid policy shiftstrade tensions, and tariff uncertainty, while activity in Eturope remained strong throughout, in part due tolimited exposure to these shocks (see Figure 3) Despite the midyear turbulence, the market regained itsfooting in thesecond halfof the vear. Deal activity rebo...
