Q2 2026

Healthcare M&A Update

In Q2, the S&P 500 Healthcare Industry Index increased by 7.4%, underperforming the S&P 500 which increased 14.0% over the same period.
The median EV/EBITDA multiple for reported private equity deals in the Healthcare sector decreased to 14.5x through 1H 2026 from 15.3x in 2025, but increased for strategic deals to 15.3x from 9.0x in the prior year.
M&A deal volume in the sector increased 9.4% in Q2 to 907 deals from 829 in Q1 2026, and increased 11.8% from 811 deals in Q2 of the prior year.
North America was the most active region in Q2 with 464 deals. A notable North American deal was ADIA’s $20.5B acquisition of Hologic, a Massachusetts-based developer of medical imaging systems and surgical products.
Total capital invested in M&A transactions increased 56.7% in Q2 to $146.1B from $93.2B in Q1, in part due to the Hologic deal mentioned above along with several other sizeable transactions in Q2 including Danaher’s acquisition of Masimo (see page 10).