2026年全球医疗保健私募股权报告

Contents Healthcare Private Equity Market 2025:Resurgence and Record Growth2What Differentiates Winning Healthcare IT Investments12New Models of Value Creation for Physician Groups18 Healthcare Private Equity Market 2025:Resurgence and Record Growth Healthcare private equity investment posted a very strong year for deal value andvolume, paired with a strong rebound in exits. By the Healthcare Private Equity Team At a Glance Despite a second-quarter tariff-related pause, global healthcare private equity activity set arecord, with more than $190 billion in estimated deal value, while deal volume logged its An uptick in deals exceeding $1 billion drove the record value, but deal counts grew across all Exits also surged as sponsor-to-sponsor deals rebounded from post-Covid lows, but publicmarket opportunities remain an active hunting ground for private equity Provider and biopharma remain the largest market segments, driven by healthcare IT activity,while medtech has shown outsized growth since 2020 Healthcare private equity (PE) delivered a record performance in 2025, with disclosed deal valueexceeding an estimated $191 billion, surpassing the previous high in 2021. Deal activity was similarlyrobust: Investors announced an estimated 445 buyouts, marking the second-highest annual total on Global Healthcare Private Equity Report 2026 The year also saw a rebound in exits. Exit value reached its second-highest year ever, while exit volumeranked third all-time(see Figure 2). The leap in exit value—from $54 billion in 2024 to an expected$156 billion for 2025—was similarly propelled by a sharp increase in large deals. In 2024, only 16 exits Strong activity reflects two key themes within PE: high levels of dry powder to deploy and a growingcohort of sponsor-owned assets reaching the end of their fund lives. These trends signal continued Resurgent performance overcame a second-quarter pullback Global growth was propelled by Europe’s sustained activity and an inflection after the second quarter in The year started on a hot streak, with first-quarter deal volume up around 21% relative to the first quarterof 2024. Momentum in North America and Asia-Pacific slowed in the second quarter amid policy shifts,trade tensions, and tariff uncertainty, while activity in Europe remained strong throughout, in part due tolimited exposure to these shocks(see Figure 3). Despite the midyear turbulence, the market regained its Global Healthcare Private Equity Report 2026 Global Healthcare Private Equity Report 2026 Europe was fueled by biopharma and provider deals Dealmaking in Europe rose sharply in 2025, with deal value doubling to an estimated $59 billion.Biopharma continued to lead buyout activity, making up the top five deals that accounted for 65% of totaldeal value in Europe. Some 15 deals exceeding $1 billion in 2025 reflect a reemergence of large-capactivity compared with just 3 and 4 deals topping $1 billion in 2023 and 2024, respectively. Deal countsimilarly grew, outpacing 2024’s high-water mark and continuing an upward trend begun in 2022. Exit Large transactions propelled North America Macroeconomic and policy uncertainties in the second quarter drove a major pullback in North America,with deal count and value down 19% and 37%, respectively, from the first quarter. Despite the temporaryretreat, North America delivered a healthy 2025, bolstered by an uptick in deals exceeding $1 billion; 26transactions surpassed this threshold through November 2025, compared with 14 in full-year 2024. Of Asia-Pacific showed broad strength across markets In Asia-Pacific, deal value set a record for the year, exceeding 2021’s high by more than 30% despite asecond-quarter slowdown. Investment spanned a greater breadth and depth across countries and sectors:Biopharma and provider continue to drive most of the healthcare PE market, but we also saw growth in The year 2025 underscored both the durability and evolutionof healthcare PE, with biopharma and provider anchoring activity Japan, India, and Australia and New Zealand saw notable growth since 2024, and activity in GreaterChina more than doubled its 2024 performance in terms of both volume and value(see Figure 4). Global Healthcare Private Equity Report 2026 China’s rebound was driven by biopharma and medtech, although overall activity is still below recent Turning to sectors, the year 2025 underscored both the durability and evolution of healthcare PE, withbiopharma and provider anchoring activity and medtech gaining momentum as a new growth engine. Biopharma commanding a large share of deal value Biopharma deal value rose to an estimated $80 billion from 2024’s $55 billion, and volume is expected toincrease nearly 20% to more than 130 deals. This sector continued to be a major focus for investors,accounting for about 30% of overall deal volume and at least 22% of deal value each year since 2020.Europe drove much of this momentum, with a 40% increase in deal volu