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Articles by Nirad Jain
Navigating Uncertainty: Healthcare Private Equity 2026 Midyear Update
Global healthcare buyout deal activity moderated in the first half of 2026, with disclosed deal value falling below that of the first half of 2025, even as volume edged higher. The momentum characterizing the second half of 2025 waned as a wave of uncertainty—the AI-driven “SaaSpocalypse,” the Iran war, and redemption stress in the private credit market—weighed on activity.
Healthcare Private Equity Market 2025: Resurgence and Record Growth
This article is part of Bain's 2026 Global Healthcare Private Equity Report. Healthcare private equity (PE) delivered a record performance in 2025, with disclosed deal value exceeding an estimated $191 billion, surpassing the previous high in 2021. Deal activity was similarly robust: Investors announced an estimated 445 buyouts, marking the second-highest annual total on record behind 2021 (see Figure 1).
New Models of Value Creation for Physician Groups
This article is part of Bain's 2026 Global Healthcare Private Equity Report. Physician groups play a pivotal role in the healthcare system, operating at the front line of clinical care and service delivery. Amid continued fragmentation in many specialties, physician groups still attract private capital, particularly in the US and among middle-market investors.
Global healthcare private equity hits record $190 billion deal value in 2025—Bain & Company
Skip to Content January 08, 2026 min read Press release Global healthcare private equity hits record $190 billion deal value in 2025—Bain & Company Featured Experts
Deal Markets Recalibrate: Healthcare Private Equity 2025 Midyear Update
In the first half of 2025, global healthcare buyout deal value fell slightly below 2024 on an annualized basis. The second quarter in particular saw a drop in value, which was most pronounced in medical technology and biopharma. Still, deal value was higher compared with the first half of 2024. Regionally, North America was weaker than during the same period a year earlier. In Asia-Pacific, deal volume in India was buoyed by major provider deals, and Japan hosted large carve-outs.
Bloomberg TV: Global health care PE soars to $115B in 2024
Skip to Content Bloomberg TV's 'The Close' January 15, 2025 min read Bloomberg TV's 'The Close' Bloomberg TV: Global health care PE soars to $115B in 2024 Featured Experts
Why Mid-Market Healthcare Private Equity Firms Are Outperforming
This article is part of Bain's 2025 Global Healthcare Private Equity Report. Mid-market healthcare-focused funds—which range between $500 million and $4 billion in assets under management—have historically outperformed the broader market (see Figure 1), benefiting from continued innovation and evolution of their investment strategies.
Carve-Outs Open Up Value in a Tight Deal Market
This article is part of Bain's 2025 Global Healthcare Private Equity Report. Despite annual variability in deal activity, healthcare carve-outs have been on an upward trajectory since 2010 (see Figure 1). This trend has been propelled by a mix of public companies trying to improve shareholder value and PE firms eager to acquire sizable assets. Successful carve-outs offer a favorable outcome for both the parent company and PE buyer.
Maximizing Exit Value: An Imperative for Both Sellers and Buyers
This article is part of Bain's 2025 Global Healthcare Private Equity Report. Healthcare private equity (PE) exit deal volume remained low in 2024, down 41% from its 2021 peak (see Figure 1). Interest rates, an uncertain macroeconomic backdrop, and misaligned expectations have resulted in a stalemate between buyers and sellers. Therefore, fewer assets are changing hands, prolonging hold periods and straining funds’ ability to return capital to their limited partners (LPs) (see Figure 2).
An Optimistic Growth Outlook in Asia-Pacific
This article is part of Bain's 2025 Global Healthcare Private Equity Report. Private equity (PE) firms are expanding their investments beyond China into the broader Asia-Pacific region, where deal value rose at a roughly 21% compound annual growth rate (CAGR) since 2016 (see Figure 1).
Spurred by megadeals, global healthcare private equity deal value soared to $115 billion in 2024, the second-highest total on record
Despite high borrowing costs and extended hold times in 2024, dealmaking roared ahead for healthcare private equity with a heavy focus on biopharma North American and European deal activity surged in 2024, offsetting a 49% decline in deal volume in Asia-Pacific since 2023 NEW YORK—January 9, 2025— Global healthcare private equity (PE) soared in 2024 to an estimated $115 billion, reaching the second-highest deal value total on record.
Big Deals Rule: Healthcare Private Equity Midyear Update
Skip to Content Infographic en We work with ambitious leaders who want to define the future, not hide from it. Together, we achieve extraordinary outcomes. Your email Please enter a valid email address
The Case for “Guarded Optimism” in the Healthcare Sector
One recurring question we’ve been asking on Dry Powder is when the private equity industry will finally regain its momentum. Today on the podcast, we may have a clue. You can listen to this episode of Dry Powder and catch future episodes by subscribing on Apple Podcasts, Google Podcasts, Spotify, or wherever you may listen.
Healthcare Private Equity Market 2023: Year in Review and Outlook
This article is part of Bain's 2024 Global Healthcare Private Equity Report. The healthcare sector continued to be a hub of private equity (PE) deal activity in 2023, relative to all PE deals across the world, despite higher global interest rates, inflationary pressures, and broader geopolitical uncertainty (see Figure 1). Across all regions, a number of common themes emerged.
Generative AI Will Transform Healthcare
This article is part of Bain's 2024 Global Healthcare Private Equity Report. Foundation models, large language models (LLMs), and generative artificial intelligence (AI) captured the attention of providers, biopharmas, payers, and investors over the past year, driven by the promise of making healthcare delivery more efficient, innovative, and effective (see Figure 1).
Healthcare IT Hits a Speed Bump
This article is part of Bain's 2024 Global Healthcare Private Equity Report. Healthcare information technology (HCIT) sits at the intersection between the steady resilience of the healthcare sector to recession and the high returns of the software and broader IT sector. The result: an attractive upside potential with lower downside risk (see Figure 1). Learn More Interested to see which HCIT subsector generated the highest MOIC? The results may surprise you. Unlock deeper insights with DealEdge.
Life Sciences: Navigating Shifts in the Innovation, Regulatory, and Operational Terrains
This article is part of Bain's 2024 Global Healthcare Private Equity Report. The life sciences sector has assumed a growing importance to private equity (PE) funds as investors look for innovative, recession-resistant businesses. From 2018 through 2022, PE investments into the biopharma, life-sciences tools, and diagnostics sectors surged, with approximately 650 buyout deals consummated globally.
India’s Healthcare Industry Comes of Age
This article is part of Bain's 2024 Global Healthcare Private Equity Report. Healthcare markets in the Asia-Pacific region are maturing—and in parallel, private equity (PE) deal volume is bucking the slowdown seen in North America (see Figure 1). Asia-Pacific’s share of global healthcare PE deals continues to rise, growing from 26% of global deal activity in 2022 to a projected 34% in 2023.
Healthcare holds its own amid a tepid deal market, reaching $60 billion in announced deal value
NEW YORK—January 3, 2024—The healthcare sector continued to be a hub of private equity (PE) deal activity in 2023, reaching $60 billion in announced deal 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.
Healthcare holds its own amid a tepid deal market, reaching $444 billion in 2023
Skip to Content 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 January 03, 2024 min read Press release Healthcare holds its own amid a tepid deal market, reaching $444 billion in 2023 Featured Experts
On the Rise: Healthcare Private Equity Midyear Update
Skip to Content By Kara Murphy, Nirad Jain, Justin Doshi, and Sharon Fry Infographic en We work with ambitious leaders who want to define the future, not hide from it. Together, we achieve extraordinary outcomes. Your email Please enter a valid email address
Healthcare Private Equity Market 2024: Year in Review and Outlook
This article is part of Bain's 2025 Global Healthcare Private Equity Report. Global healthcare private equity (PE) soared in 2024 to an estimated $115 billion, reaching the second-highest deal value total on record. This surge was propelled by an increase in the number of large deals. In total, five transactions exceeded $5 billion, compared with two deals in 2023 and one in 2022.
Takeaways from Bain's 2023 Global Healthcare Private Equity and M&A Report
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Down but not out: healthcare private equity deals reached nearly $90 billion in 2022, the industry’s second-biggest year on record
Skip to Content Bain & Company’s report shows the resilience of healthcare in a downturn, citing biopharma and life sciences, value-based care and AI as areas for investors to watch April 10, 2023 min read Press release Down but not out: healthcare private equity deals reached nearly $90 billion in 2022, the industry’s second-biggest year on record BOSTON—April 10, 2023— Published today, Bain & Company’s 12th annual Global Healthcare Private Equity and M&A report reflects the continued...
Healthcare IT: Technologies Help Improve Patient Experiences at Lower Costs
At a Glance Healthcare IT deal counts and value dropped modestly due to the effects of Covid-19 and lockdowns. But enthusiasm for technology’s support in shaping healthcare delivery, innovating R&D, managing healthcare payments, and reducing costs keeps growing. Private equity investors sought companies that use technology to help patients find the right site of care, improve outcomes, and achieve a better experience at lower cost.
Global Healthcare Private Equity and Corporate M&A Report 2016
Within the healthcare PE landscape, we saw many of the same trends as in prior years, including strong competition across the board, particularly for gem assets, which generated many busy processes and a lot of activity. As a result, prices remained near record highs in most markets. Although demand outpaced available assets, many PE investors put meaningful capital to work: Nearly twice as many deals valued over $1 billion were announced in 2015 as in 2014.
Riding The Disruption Wave In Healthcare
When it comes to innovation, healthcare presents a paradox. It is both a hare and a tortoise. While life-altering breakthroughs in medical treatments can come at a rapid pace, improvements to the way healthcare is actually delivered often happen very slowly. The forces that have disrupted other service industries—from retail to travel to media—have so far made only tentative inroads into healthcare.
Global Healthcare Private Equity and Corporate M&A Report 2018
With these currents propelling the industry, healthcare private equity had another banner year. Total disclosed deal value reached $42.6 billion, the highest level since 2007, and deal count rose to 265 from 206 in 2016. Funds continued to make large investments in areas that have historically produced rich returns, including retail health, healthcare IT (HCIT), and contract services for pharma and medtech. In 2017, underlying trends once again triumphed over uncertainty.
Why Private Equity Loves Retail Healthcare
By Nirad Jain, Kara Murphy and Jeremy Martin The biggest challenge facing private equity investors for several years running has been finding attractive investment opportunities. Amid high prices and stiff competition, overall deal count has dropped 19% since 2014, the high-water mark for deal activity in the current economic cycle. Yet one sector, retail healthcare, has been conspicuous in its growth.
How Private Equity Picks Healthcare Winners
If healthcare is in so much turmoil, why do private equity investors like it so much? The total value of healthcare private equity deals announced in 2016 surged to $36.4 billion, the highest level since 2007, according to Bain & Company’s annual Global Healthcare Private Equity and Corporate M&A Report. Investors have latched onto healthcare as a safe-haven investment—that is, one with a proven resilience to economic volatility.
Global Healthcare Private Equity and Corporate M&A Report 2017
Private equity investors contended with a world of uncertainty. 1 Would the long-running global recovery gain strength, falter or muddle along? Would the UK vote to exit the EU? Who would win the US presidential election? Amid all this volatility, investors latched onto healthcare as a safe haven—that is, an industry with proven resilience to economic turbulence.
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