1st Half 2025 Healthcare Industry Trends

1ST HALF 2025 KEY HIGHLIGHTS

The largest transaction in 1st Half 2025 was Siemens’ acquisition of Dotmatics, a leader in R&D scientific software connecting science, data, and decision-making, for $5.1 billion.

1ST HALF 2025 KEY TRENDS

Total transaction volume in 1st Half 2025 increased 20 percent over 2nd Half 2024, from 161 to 193.

In terms of acquirer type, strategic volume increased 35 percent on a half year basis, from 108 to 146. Private equity volume decreased 11 percent, from 53 to 47.

Total transaction value in 1st Half 2025 increased by 60 percent over 2nd Half 2024, from $10.5 billion to $16.8 billion.

The median revenue multiple rose from 2.5x in 2nd Half 2024 to 3.0x in 1st Half 2025.

M&A MARKET OVERVIEW

Berkery Noyes tracked 939 Healthcare/Pharma Information and Technology transactions between 2023 and 1st Half 2025, of which 147 disclosed financial terms, and calculated the aggregate transaction value to be $37.46 billion. Based on known transaction values, we project values of 792 undisclosed transactions to be $12.88 billion, totaling $50.34 billion worth of transactions tracked over the past two and a half years.

Transactions from 1st Half 2023 to 1st Half 2025 with enterprise values in the $10-$160 million range had a median revenue multiple of 2.6x, whereas those above $160 million garnered a median revenue multiple of 4.9x.

Disclosed median enterprise value multiples for all segments combined in this report during the last 30 months were 2.5x revenue and 15.2x EBITDA.