Global healthcare private equity achieved a new high in 2025, reaching an estimated $191 billion in deal value, surpassing the previous peak in 2021. The surge in deal value was driven by a significant increase in deals exceeding $1 billion, compensating for slowdowns in North America and Asia-Pacific during the second quarter. According to a report by Bain & Company, deal volume was also strong, with 445 buyouts announced, the second-highest on record.
Exit value in the healthcare private equity sector also saw a significant increase, reaching an expected $156 billion, the second-highest ever recorded, up from $54 billion in 2024. This increase was attributed to a rebound in sponsor-to-sponsor deals following lows experienced post-pandemic. Kara Murphy, a partner at Bain & Company and co-leader of its Healthcare Private Equity team, highlighted the record performance in 2025, emphasizing the rise in large deals and overall deal count across all tiers, with biopharma and provider segments leading the way.
Asia-Pacific witnessed a record-setting deal value in 2025, surpassing the previous high of 2021 by over 30%, despite a slowdown in the second quarter. The biopharma and provider segments were key drivers of the region’s healthcare private equity market, with growth also seen in medtech and healthcare IT. Notable growth was observed in Japan, India, Australia, and New Zealand, while Greater China more than doubled its 2024 performance in both volume and value, although overall activity in China remains below recent highs.
Biopharma deal value surged to an estimated $80 billion in 2025 from $55 billion in 2024, with volume expected to rise by nearly 20% to over 130 deals. Investor focus on this sector has been consistent, accounting for about 30% of overall deal volume and at least 22% of deal value annually since 2020. Nirad Jain, partner at Bain & Company and co-leader of its Healthcare Private Equity team, expressed optimism for the sector’s outlook in 2026, citing high investor confidence in market fundamentals despite challenges faced last spring.
