2025年全球医疗健康行业私募股权报告

This work is based on secondary market research, analysis of financial information available or provided to Bain & Company and a range ofinterviews with industry participants. Bain & Company has not independently verified any such information provided or available to Bainand makes no representation or warranty, express or implied, that such information is accurate or complete. Projected market and financialinformation, analyses and conclusions contained herein are based on the information described above and on Bain & Company’s judgment,and should not be construed as definitive forecasts or guarantees of future performance or results. The information and analysis herein doesnot constitute advice of any kind, is not intended to be used for investment purposes, and neither Bain & Company nor any of its subsidiariesor their respective officers, directors, shareholders, employees or agents accept any responsibility or liability with respect to the use ofor reliance on any information or analysis contained in this document. This work is copyright Bain & Company and may not be published,transmitted, broadcast, copied, reproduced or reprinted in whole or in part without the explicit written permission of Bain & Company. Global Healthcare Private Equity Report 2025 Contents Healthcare Private Equity Market 2024: Year in Review and Outlook2Why Mid-Market Healthcare Private Equity Firms Are Outperforming12Carve-Outs Open Up Value in a Tight Deal Market17Maximizing Exit Value: An Imperative for Both Sellers and Buyers26An Optimistic Growth Outlook in Asia-Pacific32 Healthcare Private Equity Market2024: Year in Review and Outlook Despite high borrowing costs and extended hold times in 2024, dealmaking roaredahead, marking the second-highest year on record. By the Healthcare Private Equity team At a Glance `Global deal activity surged in 2024, spurred by a large number of megadeals that resultedin the second-highest year on record in North America and a record-breaking year in Europe`Biopharma buyouts are seeing significant movement across the world, including a numberof sizable deals`Healthcare IT continues to benefit from providers’ reliance on technology to boost operatingefficiencies, investments in clinical trial IT infrastructure, and payer focus on advanced analytics`Key trends include innovation at mid-market funds, more carve-outs, a sharper focus on exitvalue maximization, and evolution of the investment landscape in Asia-Pacific Global Healthcare Private Equity Report 2025 Global healthcare private equity (PE) soared in 2024 to an estimated $115 billion, reaching the second-highest deal value total on record. This surge was propelled by an increase in the number of large deals.In total, five transactions exceeded $5 billion, compared with two deals in 2023 and one in 2022. However,this number would likely be higher if terms were disclosed on the recent addition of new investorsMubadala, Norwest, and HarbourVest to Bain Capital and Parthenon Capital’s portfolio company, Zelis.North America continues to be the largest market, representing 65% of global deal value, with Europeand Asia-Pacific accounting for 22% and 12%, respectively (see Figure 1). Deal volumes remained steadyrelative to historical levels, with a wave of activity in North America and Europe offsetting a 49% declinein deal volume in Asia-Pacific since 2023. A wave of activity in North America and Europe offseta decline in deal volume in Asia-Pacific. Global Healthcare Private Equity Report 2025 Biopharma led all other healthcare segments in deal value (see Figure 2). This growth was fueled byinvestments in clinical trial IT infrastructure (such as GI Partners’ investment in eClinical Solutions) andNovo Holdings’ purchase of Catalent, enabling its subsidiary, Novo Nordisk, to bolster manufacturing andthe fill/finish capacity for its GLP-1 therapies. In North America, derivative services boosted providerdeals, but in Asia-Pacific, provider investments focused on hospital chains, clinics (both multi- and single-specialty), and senior living. Other notable investments in healthcare IT targeted core systems of recordand revenue cycle management within the provider space. In North America, derivative services boosted providerdeals, but in Asia-Pacific, provider investments focused onhospital chains, clinics (both multi- and single-specialty),and senior living. Share of healthcare buyout deal value, $ billions (excluding add-on deals) European dealmaking rebounds to record highs In Europe, deal volume has surged past its 2021 peak (see Figure 3), boosted by a focus on smaller dealsin the first half of the year. Biopharma and medtech were two of the leading sectors in 2024, as firms thatpurchased assets in these sectors can easily scale up across the region. Within biopharma and medtech services, European PE firms are investing in companies playing furtherup the value chain, such as equipment manufacturers and raw material vendors. This