Global Healthcare Private Equity Deals Surge to Record $191 Billion in 2025

Global healthcare private equity (PE) achieved a remarkable milestone in 2025, reaching an estimated deal value of $191 billion. This figure surpasses the previous record set in 2021, according to a report released by Bain & Company on Thursday. The increase was driven primarily by a surge in transactions exceeding $1 billion, despite a slowdown linked to tariffs in North America and Asia-Pacific during the second quarter.

In terms of deal volume, the healthcare PE market remained strong with 445 buyouts announced, making it the second-highest total recorded. The report highlighted a significant rebound in exit values, projected to reach $156 billion—a considerable rise from $54 billion in 2024. This resurgence signals a recovery in exit activity, as sponsors are now actively re-engaging in sale processes for high-value assets.

Kara Murphy, a partner at Bain & Company and co-leader of the firm’s Healthcare Private Equity team, commented on the impressive performance: “Healthcare private equity delivered a record performance last year as large deals spiked and deal count rose across all tiers, with the biopharma and provider segments leading the way, driven by healthcare IT activity.” Murphy noted that the strong exit value recovery indicates a promising outlook for future transactions, particularly as many sponsor-owned assets approach the end of their fund lives.

Asia-Pacific Market Sets New Record

The Asia-Pacific region also set a new record in healthcare private equity in 2025, exceeding the previous peak from 2021 by more than 30 percent, despite the observed slowdown in the second quarter. The biopharma and provider segments remain dominant in driving the market, but there was notable growth in the medtech and healthcare IT sectors. Countries such as Japan, India, and those in Australia and New Zealand demonstrated significant growth compared to 2024. Notably, Greater China experienced more than a doubling of its performance in both volume and value compared to the previous year, although overall activity levels in the region remain below historical highs.

In the biopharma sector alone, deal values escalated to an estimated $80 billion in 2025, up from $55 billion in 2024. The volume of transactions in this sector is projected to rise by nearly 20 percent to exceed 130 deals. This sector has consistently accounted for about 30 percent of overall deal volume and at least 22 percent of deal value each year since 2020.

Nirad Jain, also a partner at Bain & Company and co-leader of its Healthcare Private Equity team, expressed optimism for the year’s prospects: “We are optimistic about the outlook for healthcare private equity this year, particularly given investor confidence in market fundamentals remained high in the face of headwinds last spring.”

As the market gears up for 2026, the combination of ample available capital and an increasing number of assets poised for sale positions healthcare private equity for further growth in the coming years. The continued evolution of the sector reflects both investor confidence and the ongoing demand for innovative healthcare solutions worldwide.