Hexagon Capital Alliance：2025年上半年医疗市场并购监测报告（英文版）（13页）.pdf

1、 HealthcareHealthcareMarket MonitorMarket MonitorYTD July 2025 ReviewMergers&AcquisitionsCapital RaiseStrategic AdvisoryEXPERIENCEEXPERIENCERecent Hexagon TransactionRecent Hexagon Transaction-CLOSED JULY 2025CLOSED JULY 20252MARKET DATAMARKET DATATotal U.S.Healthcare Services M&A VolumeYTD July 202

2、5 Healthcare Services M&A ActivityYTD July 2025 Healthcare Services M&A Activity3Source:CapitalIQThrough July 2025,there were 311 U.S.healthcare services M&A transactions,representing a 23.8%decrease from the same period in 2024.The home health/hospice and veterinarian segments were the bright spots

3、;home health is benefitting from Medicare Advantage and CMS tailwinds related to coverage and reimbursement increases,respectively.Veterinary continues to be attractive as the segment is not subject to increasing regulatory scrutiny compared to other provider roll-ups.While transaction activity has

4、decreased relative to the YTD period 2024,median EV/EBITDA multiples for publicly traded healthcare services companies have increased since the beginning of 2025 from 12.3x to 13.2x,reflecting continued investor appetite for the sector.The healthcare sector remains comparatively insulated from shift

5、s in consumer spending.Key M&A catalysts such as accelerated adoption of innovative care technologies,a more stable interest rate environment,supportive market fundamentals,and ample dry powder are expected to drive a rebound in transaction activity market during the second half of 2025.Healthcare S

6、ervices M&A Volume by Segment33 109 16 22 19 6 72 86 14 25 627 83 26 17 10 4 67 53 5 12 7-306090120150BehavioralHealthcareeHealthHome Health/HospiceHospitalsLabs/DiagnosticsManagedCareOtherServicesPhysicianMedicalGroupsPost-acuteCare/RehabSenior/AssistedLivingVetYTD July 2024YTD July 2025408 311-100