1st Half 2026 Healthcare Industry Trends

1ST HALF 2026 KEY HIGHLIGHTS

The two largest transactions of 1st Half 2026 were telehealth related. They included Hims & Hers Health’s $950 million acquisition of Eucalyptus, an international operator of digital healthcare clinics, and Universal Health Services’ $813 million acquisition of Talkspace, a leading virtual behavioral healthcare provider.

1ST HALF 2026 KEY TRENDS

Total transaction volume in 1st Half 2026 remained nearly constant over 2nd Half 2025, from 200 to 201.

In terms of acquirer type, strategic volume increased 8 percent on a half year basis, from 133 to 144. Private equity volume decreased 15 percent, from 67 to 57.

Total transaction value in 1st Half 2026 decreased by 30 percent over 2nd Half 2025, from $15.2 billion to $10.7 billion.

The median revenue multiple fell slightly from 3.6x in 2nd Half 2025 to 3.5x in 1st Half 2026.

M&A MARKET OVERVIEW

Berkery Noyes tracked 949 Healthcare/Pharma Information and Technology transactions between 2024 and 1st Half 2026, of which 169 disclosed financial terms, and calculated the aggregate transaction value to be $47.7 billion. Based on known transaction values, we project values of 780 undisclosed transactions to be $13.5 billion, totaling $61.2 billion worth of transactions tracked over the past two and a half years.

Transactions from 1st Half 2024 to 1st Half 2026 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 4.7x.

Disclosed median enterprise value multiples for all segments combined in this report during the last 30 months were 3.0x revenue and 14.6x EBITDA.