Healthcare private equity surged in 2024, led by large transactions across the globe. In North America, provider services, healthcare IT, and biopharma stepped into the limelight, while in Europe, investments in biopharma services and consumer health provided momentum. Meanwhile, activity in Asia-Pacific continued to tilt toward India, Japan, and South Korea. With a growing array of tradeable assets in portfolios, pressing demand for limited partner liquidity, and ample dry powder ready for deployment, the industry should continue its strong momentum in 2025.

This report analyzes the trends fueling deal activity, including sellers’ heightened focus on demonstrating equity value-creation potential, buyers turning to carve-outs for deal volume, dealmakers’ growing interest in other countries within Asia-Pacific, and the need for mid-market firms to evolve their investment approaches to maintain strong performance.

— Bain’s Healthcare Private Equity Leadership Team