2026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 This work is copyright Bain & Company and may not be published,transmitted, broadcast, copied, reproduced or reprinted in whole or in part without the explicit written permission of Bain & Company.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 2026 Contents Healthcare Private Equity Market 2025:Resurgence and Record Growth2What Differentiates Winning Healthcare IT Investments12New Models of Value Creation for Physician Groups18Playing the Long Game in Pharma Services22 Healthcare Private Equity Market 2025:Resurgence and Record Growth Healthcare private equity investment posted a very strong year for deal value andvolume, paired with a strong rebound in exits. By the Healthcare Private Equity Team At a Glance Despite a second-quarter tariff-related pause, global healthcare private equity activity set arecord, with more than $190 billion in estimated deal value, while deal volume logged itssecond-best year everAn uptick in deals exceeding $1 billion drove the record value, but deal counts grew across alldeal sizesExits also surged as sponsor-to-sponsor deals rebounded from post-Covid lows, but publicmarket opportunities remain an active hunting ground for private equityProvider and biopharma remain the largest market segments, driven by healthcare IT activity,while medtech has shown outsized growth since 2020 Healthcare private equity (PE) delivered a record performance in 2025, with disclosed deal valueexceeding an estimated $191 billion, surpassing the previous high in 2021. Deal activity was similarlyrobust: Investors announced an estimated 445 buyouts, marking the second-highest annual total onrecord behind 2021(see Figure 1). Global Healthcare Private Equity Report 2026 The year also saw a rebound in exits. Exit value reached its second-highest year ever, while exit volumeranked third all-time(see Figure 2). The leap in exit value—from $54 billion in 2024 to an expected$156 billion for 2025—was similarly propelled by a sharp increase in large deals. In 2024, only 16 exitsexceeded $1 billion in disclosed value; in 2025, more than 40 deals have cleared this hurdle. Strong activity reflects two key themes within PE: high levels of dry powder to deploy and a growingcohort of sponsor-owned assets reaching the end of their fund lives. These trends signal continuedtailwinds for the industry and set the stage for an active 2026. Resurgent performance overcame a second-quarter pullback Global growth was propelled by Europe’s sustained activity and an inflection after the second quarter inNorth America and Asia-Pacific. The year started on a hot streak, with first-quarter deal volume up around 21% relative to the first quarterof 2024. Momentum in North America and Asia-Pacific slowed in the second quarter amid policy shifts,trade tensions, and tariff uncertainty, while activity in Europe remained strong throughout, in part due tolimited exposure to these shocks(see Figure 3). Despite the midyear turbulence, the market regained itsfooting in the second half of the year. Deal activity rebounded, with volume rising 39% between thesecond and third quarters, and the second half finishing an estimated 17% higher than the first half, asmomentum in Europe continued and deal activity rebounded in North America and Asia-Pacific. Global Healthcare Private Equity Report 2026 Global Healthcare Private Equity Report 2026 Europe was fueled by biopharma and provider deals Dealmaking in Europe rose sharply in 2025, with deal value doubling to an estimated $59 billion.Biopharma continued to lead buyout activity, making up the top five deals that accounted for 65% of totaldeal value in Europe. Some 15 deals exceeding $1 billion in 2025 reflect a reemergence of large-capactivity compared with just 3 and 4 deals topping $1 billion in 2023 and 2024, respectively. Deal countsimilarly grew, outpacing 2024’s high-water mark and continuing an upward trend begun in 2022. Exitactivity also rose substantially, to