Full Year 2025 Healthcare Industry Trends

2025 KEY HIGHLIGHTS

With an acquisition price of $5.1 billion, Siemens’ acquisition of Dotmatics, a leader in R&D scientific software connecting science, data, and decision-making, was the largest Healthcare transaction in 2025.

The most active acquirer in 2025 through its affiliated businesses was New Mountain Capital, a New York-based investment firm, with 6 transactions. These included the acquisitions of Spring & Bond, Performant Healthcare, Greater Than One, MyHealthTeam, Access Healthcare and Machinify.

There were 113 financially sponsored transactions in 2025, with an aggregate value of $16.7 billion, representing 29 percent of the total volume and 53 percent of the total value, respectively.

2025 KEY TRENDS

Total transaction volume in 2025 increased by 11 percent over 2024, from 353 to 392.

Total transaction value in 2025 rose by 72 percent over 2024, from $18 billion to $31 billion.

The median revenue multiple increased from 2.5x in 2024 to 3.3x in 2025. The median EBITDA multiple inceased significantly from 9.2x in 2024 to 18.3x in 2025.

M&A MARKET OVERVIEW

Berkery Noyes tracked 1,137 Healthcare/Pharma Information and Technology transactions between 2023 and 2025, of which 183 disclosed financial terms, and calculated the aggregate value to be $48.8 billion. Based on known transaction values, we project values of 954 undisclosed transactions to be $16.3 billion, totaling $65.1 billion worth of transactions tracked over the past three years.

Disclosed median enterprise value multiples for all segments combined in this report during the last 36 months were 2.6x revenue and 14.86x EBITDA.