Global healthcare private equity reached a record $190bn in deal value in 2025, driven by a sharp increase in transactions valued at more than $1bn, according to Bain & Company’s Healthcare Private Equity Report 2026. The total surpassed the previous peak set in 2021, despite a second-quarter slowdown linked to tariff-related uncertainty in North America and Asia-Pacific.
Deal volume remained resilient, with 445 buyouts announced during the year, the second-highest total on record. Exit activity also rebounded strongly, with exit value rising to an estimated $156bn from $54bn in 2024, as sponsor-to-sponsor transactions recovered from post-pandemic lows.
Biopharma and provider services accounted for the bulk of activity, supported by continued investment in healthcare IT. Medtech also recorded significant growth, with deal value nearly doubling year-on-year. Sponsor-to-sponsor deals were a key driver, with more than $120bn in value recorded across more than 150 transactions, including over 30 deals exceeding $1bn.
Bain believes the outlook for 2026 remains positive, with Partner and Co-Leader of its Healthcare Private Equity team Kara Murphy saying “The stage is set for an active 2026 due to high levels of dry powder and a growing cohort of sponsor-owned assets reaching the end of their fund lives.”
