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Global Healthcare Private Equity and M&A Report 2021

Healthcare private equity showed remarkable resilience in 2020 given the extent of disruption caused by Covid-19. But amid rising valuations and heated competition, investors will need to evolve their deal theses in order to thrive in 2021 and beyond.

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State of the Market

Welcome Letter: Fertile Conditions for Healthcare Private Equity Investment

Stiffer competition raises the bar for generating attractive returns.

Healthcare Private Equity Market 2020: The Year in Review

Despite new uncertainties, the healthcare profit pool showed remarkable resilience.

The Covid-19 Paradox: Widespread Repercussions for Demand, but New Healthcare Investment Opportunities as Well

Three demand scenarios can inform investment strategies.

Healthcare M&A: A Pandemic-Induced Slowdown in Every Sector

Category leadership should continue to motivate many acquisitions.

Healthcare Exit Activity: Robust Capital Markets Spur a Surge of IPOs

Holding periods held steady, though quick flips remained popular.

Healthcare Private Equity Outlook: 2021 and Beyond

What are the implications of “healthcare as national defense”?

Geographic trends

Healthcare Private Equity in North America: Bring On the Gem Assets

After a mild decline in deals, activity has started to bounce back on the strength of favorable underlying trends.

Healthcare Private Equity in Europe: Steady Dealmaking despite Many Deferrals

Investors seek out platforms in retail health and specialty pharma companies.

Healthcare Private Equity in Asia-Pacific: Riding a Wave of Domestic Innovation

Investors see underserved demand and favorable shifts in healthcare policies.

Sector trends

Healthcare Providers: New Roll-Up Candidates and a New Look for Risk-Bearing Providers

Consolidation accelerates in fragmented segments such as behavioral health, women’s health, and retail health.

Healthcare Payers: A Bid to Reduce Costs for Patients and Employers

The most successful companies have been able to demonstrate an ROI for both groups.

Biopharma: Commercialization Support Services Are Thriving

Other private equity deal themes range from modernizing clinical trials to cell and gene therapy.

Medtech: Four Themes Fueled Deals despite the Pandemic

Covid-19 caused patient volumes to plummet and squeezed supply chains.

Healthcare IT: Technologies Help Improve Patient Experiences at Lower Costs

Big data analytics to modernize clinical trials also drew investor interest.