Lazard：2026年医疗服务行业领导者研究报告（英文版）（19页）.pdf

1、Lazard Healthcare Services Leaders Study 2026EXECUTIVE SUMMARYAPRIL 2026A Look Back at Lazards April 2025 Healthcare Services Leaders StudyBefore sharing the conclusions from our 2026 Healthcare Services Leaders Study,we reflect briefly on the predictive nature of our prior study.Lazards April 2025

2、study focused on expectations for capital availability,catalysts for M&A activity,predictions for private equity exits and the anticipated impact of the Trump administrations policies.A year later,we generally see a correlation between responses from industry leaders and the course of subsequent eve

3、ntswith a few exceptions.In April 2025,nearly all forms of capital were expected to become more available than the prior year with about 60%of respondents anticipating improved conditions for IPOs and venture capital.Renewed optimism for the 2025 IPO market was underpinned by a favorable combination

4、 of declining interest rates,stabilized market volatility and a backlog of high-quality private companies seeking liquidity after the prolonged market lull of 2023 and 2024.Most respondents believed companies would need over$250 million in revenue,strong growth and profitability to successfully IPO.

5、Indeed,several prominent healthcare services companies went public in 2025,the largest of which was Medline,which raised more than$6 billion of proceeds and saw its stock rise over 40%on its first trading day.Hinge Health and Omada Health also went public in 2025,highlighting renewed public markets

6、interest in differentiated health tech.In our 2025 study,80%of respondents expected the pace of private equity platform acquisitions to increase,and 60%expected large cap consolidation to become more common over the coming year.In fact,healthcare services private equity deal activity grew approximat