Global healthcare private equity set a new record in 2025, with deal value reaching about $191bn as large transactions and exits returned in force, according to Bain & Company.

Dealmaking was powered by a sharp rise in transactions exceeding $1bn, offsetting a tariff-related slowdown in the second quarter. Investors announced 445 buyouts during the year, the second-highest total on record, while exit value surged to an estimated $156bn, up from $54bn in 2024.

Sponsor-to-sponsor activity played a central role in the rebound. Bain estimates more than 150 such deals in 2025, with aggregate value exceeding $120bn. More than 30 sponsor-to-sponsor transactions were valued above $1bn, compared with just eight the previous year.

Biopharma accounted for the largest share of deal value, rising to about $80bn, while provider services reached roughly $62bn, driven by healthcare IT and technology-enabled assets. Medtech also gained momentum, with deal value nearly doubling to around $33bn.

Regionally, Europe saw deal value double year-on-year to about $59bn, while North America recorded $90bn of exits. Asia-Pacific also posted record deal value, exceeding its previous peak despite continued volatility.

Bain said the stage is set for another active year in 2026, supported by high levels of dry powder and a growing pool of sponsor-owned assets approaching exit windows.

If you think we missed any important news, please do not hesitate to contact us at [email protected].

Can`t stop reading? Read more.