贝恩公司：2026年全球医疗健康行业私募股权报告（英文版）

Group 1: Market Overview - The global healthcare private equity (PE) market experienced a strong recovery in 2025, achieving record growth with disclosed deal value exceeding $191 billion, surpassing the previous peak in 2021 [14][19] - A total of approximately 445 transactions were recorded, marking the second-highest annual total in history [14][19] - Exit activity also rebounded significantly, with exit value reaching an estimated $156 billion, up from $54 billion in 2024, driven by an increase in large transactions [18][19] Group 2: Regional Performance - In Europe, deal value doubled to approximately $59 billion, primarily driven by biopharma and healthcare services transactions [28] - North America saw a temporary pullback in the second quarter due to macroeconomic uncertainties, but still achieved a healthy exit value of around $90 billion, significantly higher than 2024's $35 billion [29] - Asia-Pacific set a record for deal value, exceeding 2021's high by more than 30%, with notable growth in biopharma, medtech, and healthcare IT [30][31] Group 3: Sector Insights - Biopharma remained a core focus, with deal value rising to an estimated $80 billion, accounting for about 30% of overall deal volume [36] - Provider and related services saw a 57% increase in deal value to approximately $62 billion, driven by technology-enabled assets [41] - Medtech experienced significant growth, with deal value nearly doubling to an estimated $33 billion, reflecting investor interest in large-scale assets [42] Group 4: Deal Dynamics - Sponsor-to-sponsor transactions surged, with over 150 deals expected and more than $110 billion in estimated value, indicating a strong market [47] - High-value deals exceeding $1 billion contributed to the overall increase in average deal size, with more than 30 such transactions recorded in 2025 [54] - The healthcare IT sector continued to attract investment, accounting for nearly 20% of healthcare transactions in 2025, supported by strong fundamentals [62]