India emerged as the dominant player in the Asia-Pacific healthcare private equity market in 2024, representing 26% of the region’s deal volume. According to a report by Bain & Company, the global healthcare private equity deal value reached a record $191 billion in 2025.
The report highlighted India as the largest market in the region by volume, with a shift in buyout activity from China towards India, Japan, and South Korea due to favorable macroeconomic conditions. Bain & Company’s partner, Nirad Jain, expressed optimism about the healthcare private equity outlook for the year, citing high investor confidence in market fundamentals.
Investment focus in India has primarily been on provider services, including hospitals, clinics, and related services, as well as biopharma sectors. While healthcare buyout volumes in India saw an 18% decline in 2024, the Asia-Pacific region experienced a significant 49% drop overall.
The global biopharma deal value surged to an estimated $80 billion in 2025 from $55 billion in 2024, with an anticipated volume increase of nearly 20% to over 130 deals. Despite a second-quarter slowdown, Asia-Pacific set a new deal value record in 2025, surpassing the high of 2021 by over 30%.
The healthcare private equity market in the region continues to be primarily driven by the biopharma and provider segments, with notable growth in MedTech and healthcare IT sectors. The global healthcare private equity market saw a record-setting growth, propelled by a rise in deals exceeding $1 billion and overcoming tariff-related slowdowns in North America and Asia-Pacific during the second quarter.
