PwC: Healthcare M&A in 2026 Will Favor Bolt-Ons Over Platform Deals

Bypaulgruensfelder
Fierce Healthcare December 16, 2025
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AI-Generated Summary

PwC analysts note that total 2025 deal value dropped to $46B, but Q4 activity rebounded. For 2026, the focus will be on bolt-on acquisitions and carve-outs rather than transformational deals, with investors prioritizing discipline and regulators providing more clarity. The environment rewards strategic buyers with strong operational platforms.

Why It Matters

Understanding where deal flow is heading — and why — helps operators time entry, structure conversations with PE, and position their platforms for the current market.

healthcare M&A trends bolt-on acquisitions carve-outs investor discipline deal pipeline private equity

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