Inside Healthcare M&A FY2025: Transaction Volumes, Sector Trends and FY2026 Outlook 

Year on year, the healthcare sector remains one of the most active in terms of mergers and acquisitions (M&A). According to the latest Translink Corporate Finance M&A Healthcare Insights Report, 2025 maintained strong transaction levels, as well-capitalised corporates, private equity (PE) and venture capital (VC) investors sustained momentum despite macroeconomic and geopolitical uncertainty. 

M&A Activity in 2025 

Total healthcare transactions in 2025 were broadly in line with the prior year, with 4,242 reported deals compared to 4,187 in 2024. Although activity levels differed across sub-sectors, overall deal flow continued to reflect the sector’s strong underlying fundamentals. Several structural themes remained central to investment and acquisition strategies: 

• Artificial Intelligence (AI): From enhanced diagnostics and patient engagement to accelerated drug development and operational efficiency, AI-enabled platforms continued to attract significant investor interest. 

• Ageing demographics and workforce shortages: Sustained demand for care services, medical equipment and digital health solutions is prompting further consolidation, while government budget pressures are accelerating the shift toward tech-enabled and cost-efficient care models. 

• Technological advancements: Healthcare innovation remains robust, particularly within biologics, personalised medicine, surgical robotics and advanced medical devices, while the rise of biosimilars continues to improve access and affordability. 

• Geopolitical considerations: Although uncertainty persists, regional incentive programmes and supply-chain resilience initiatives are creating new investment opportunities. 

What to expect for FY26 

Looking ahead, the fundamental drivers of healthcare M&A are expected to remain firmly in place.  Venture capital, private equity, and large corporate buyers are likely to continue pursuing strategic growth, innovation, and portfolio optimisation with a renewed focus.  

Transaction activity is likely to focus on high-quality, scalable, and tech-enabled assets, reflecting an ongoing emphasis on operational efficiency, digital transformation, and sustainable long-term growth. Strong capital reserves and ongoing structural pressures are expected to drive investment in innovative therapies and technologies, alongside consolidation and the expansion of outpatient, tech-enabled, and AI-supported care models. 

In 2025, Translink Corporate Finance completed 14 healthcare transactions. Our active Healthcare Industry Group includes 26 partners across 18 countries, supporting clients on both sell-side and buy-side mandates. With over fifty years of experience in mid-market M&A and deep healthcare industry expertise, Translink Corporate Finance is your partner to get the deal done.  

Explore our full analysis, including in-depth sub-sector transaction data and case studies, in the complete report here.