The Dual Challenge
Year in Review and Outlook
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Pushing through the macroeconomic headwinds
Global Healthcare
Private Equity Report 2024
Life Sciences Innovation
Generative AI Transforms Healthcare
India Comes of Age
Healthcare IT's Speed Bump
Stubborn inflation, high interest rates, geopolitical and economic uncertainty, and labor shortages exacted a toll on private equity markets in 2023, and healthcare private equity was not immune. Healthcare buyout values fell but despite those challenges were in line with pre-Covid norms, as demographic trends and the wave of innovation unleashed during the pandemic fueled deal activity. Now there are signals that momentum is picking up, as evidenced by a rising deal volume relative to 2022. Buyers and sellers have a vested interest in bridging valuation gaps to make 2024 a year for catching up.
This year’s report focuses on the forces creating major opportunities for investors and their portfolio companies, from generative AI to the burgeoning Indian market to innovation in life sciences.
After a surge in 2021, macroeconomic forces have taken a toll on healthcare buyouts
Meet the team
Nirad Jain
Kara Murphy
Dmitry Podpolny
Vikram Kapur
Franz-Robert Klingan
Alex Boulton
Resilience Imperatives
After a surge in 2021, macroeconomic forces have taken a toll on healthcare buyouts
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Global Coleader
Healthcare Private Equity
Partner, Southeast Asia Leader
Healthcare & Life Sciences
Partner, EMEA Leader
Healthcare Private Equity
Partner, Asia-Pacific Leader
Healthcare & Life Sciences
Partner
Healthcare & Life Sciences
Global Coleader
Healthcare Private Equity
$87B
$151B
$66B
$79B
$64B
$43B
Deal volume
= 10 deals
Deal value
= December 2023 forecast
2022
2021
2023
2020
2019
2018
2017
2022
2021
2020
2019
2018
2017
353
515
383
380
313
316
265
(estimate)
2023
(estimate)
Notes: Excludes spin-offs, add-ons, loan-to-own transactions, special purpose acquisitions, and acquisitions of bankrupt assets; based on announcement date; includes announced deals that are completed or pending, with data subject to change; deal value does not account for deals with undisclosed values; values updated based on Dealogic 2020 sponsor classifications; values include net debt where relevant; 2023E annualized assuming the average ratio of January–November to December from 2019 to 2022, based on data through November 30, 2023
Notes
Sources: Dealogic; AVCJ; Bain analysis
$60B
— Bain’s Healthcare Private Equity Leadership Team
