Jeff Haxer, a partner with Bain & Company, said companies were hesitant to spend money due to the effects of the pandemic, such as elective surgeries dramatically falling as hospitals filled with patients with COVID-19. 

As elective surgeries slowly rebounded and the industry normalized, Haxer added, companies' willingness to either buy up a competitor or be purchased as an asset also returned. That's likely to continue.

"Based on the conversations we have, I don't get a sense at all that they're looking to slow down in Q2 or the back half of the year," Haxer said.