Industry Intelligence Surveys

Health Care Holds Its Own Amid Tepid Deal Market, Reaching $444 B in 2023

Bain & Company's Global Healthcare Private Equity and M&A Report shows how AI and innovative new therapies, such as GLP-1s, are transforming the…

Michael Webb | January 04, 2024

Bain & Company's Global Healthcare Private Equity and M&A Report shows how AI and innovative new therapies, such as GLP-1s, are transforming the investment landscape.

The health care sector continued to be a hub of private equity (PE) deal activity in 2023, reaching around $444 billion in global buyout value, despite higher global interest rates, inflationary pressures, and broader geopolitical uncertainty. Biopharma captured the bulk of dealmaking momentum, attributing for 48% of global deal value, including six deals in excess of $2 billion. In 2024, investors will continue to bet on the transformative nature of generative AI; new modalities and innovative therapies, such as glucagon-like peptide-1 agonists (GLP-1s); and India as a place to deploy health care capital at scale.

These are among the findings of Bain & Company's recently published 13th annual Global Healthcare Private Equity and M&A report.

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