Global healthcare private equity activity reached a new high in 2025, with deal value climbing to an estimated $191 billion, exceeding the prior peak set in 2021, according to Bain & Company’s Global Healthcare Private Equity Report 2026. Investors announced 445 buyouts during the year, the second-highest
Kara Murphy, partner at Bain & Company, said, “Healthcare private equity delivered a record performance last year as large deals spiked and deal count rose across all tiers,” adding that renewed exits signal “the return of exit activity as sponsors re-launch sale processes for high-conviction assets.”
Regional performance strengthened across major markets. North America recorded 26 deals above $1 billion, with more than 70% involving sponsor-to-sponsor transactions, while Europe’s deal value doubled year over year to an estimated $59 billion, led by biopharma. Asia-Pacific also set a record, surpassing its 2021 level despite midyear volatility. Sector-wise, biopharma deal value rose to about $80 billion, provider-related services reached $62 billion, healthcare IT within providers doubled to $32 billion, and medtech nearly doubled to $33 billion.
Looking ahead, Bain expects continued momentum. Nirad Jain, partner at Bain & Company, stated, “We are optimistic about the outlook for healthcare private equity this year,” noting that strong sponsor activity and alternative deal structures point to sustained investment interest in 2026.