Greenwich Capital Group：2025年 Q4医疗行业并购动态报告（英文版）（17页）.pdf

1、HEALTHCAREHEALTHCAREQ4 2025Q4 2025M&A INDUSTRY UPDATEM&A INDUSTRY UPDATECopyright 2025 Greenwich Capital Group LLC.All rights reserved.PAGE 2|GCG HEALTHCARE INDUSTRY UPDATE|Q4 2025Industry Trends During 2025 and Beyond1Policy and Pricing ChangesThroughout 2025 policy changes,pricing pressures have p

2、resented as a headwind for the Healthcare sector.This contributed to elongated deal timelines with lengthened due diligence processes and more conservative underwriting.These dynamics drive buyers to utilize different deal structures to mitigate risk.M&A as a whole has shifted towards higher quality

3、 assets with clear revenue cycles due to buyers becoming more selective in their transaction decisions.2Financing throughout Q4 2025 remains elevated,prompting acquirers to increasingly rely on structured,earnout-heavy transaction constructs to mitigate risk and bridge valuation expectations.Accordi

4、ngly,deal activity has skewed toward minority investments and recapitalizations to allow for steady acquisition momentum while preserving capital flexibility.Despite these dynamics,the healthcare sector remains resilient from Q4 2024 with growing emphasis on recurring revenue,growth visibility,and s

5、calable businesses.3Healthcare M&A in 2025 is being shaped by policy and pricing changes,selective financing,and new emerging technology capabilities.While strategic acquirers have driven the majority of transaction activity,financial sponsors have remained active.Unique deal structure has shaped th

6、e market this quarter with acquirors utilizing earn out structures and other contingent consideration mechanisms to bridge valuation gaps.Sub-sectors such as Retail/Specialty Pharmacy,Medical/Surgical Supplies,and Assisted Living remain at the forefront of activity,driven by durable demand alongside