Healthtech Report 2H2026
Our newly launched Healthtech M&A Market Report 2H2026 shows that deal activity remains on a high level levels, with 237 disclosed transactions in 1H2026 following 245 deals in 2H2025. Valuations remained broadly stable, with the trailing 30-month median EV/revenue multiple at 2.4x. At the same time, buyers are becoming increasingly selective, placing greater emphasis on profitability, recurring revenues, earnings quality and demonstrable operational value creation.
Structural pressures across healthcare continue to support M&A activity. Staff shortages, rising costs and the need to improve clinical productivity are driving demand for automation, healthcare software, AI-enabled workflows and more connected digital infrastructure. As AI becomes more widely embedded across Healthtech, technology alone is becoming less of a differentiator, with buyers increasingly focused on commercial adoption, defensible market positions and measurable customer value.
This development is particularly visible in Healthcare Vertical Software, which accounted for 50% of Healthtech transactions in 1H2026 and has become the largest subsector over the past 30 months. Buyers continue to favour mission-critical software embedded in clinical and administrative workflows, particularly where recurring revenues, high switching costs and differentiated data or AI capabilities support clear strategic value. At the same time, EHR & Information Management, Health IT Services & BPO and Online Healthcare Services continue to see active consolidation, driven by interoperability, automation, efficiency and platform expansion.
The report analyses M&A activity across four Healthtech subsectors:
- EHR & Information Management
- Health IT Services & BPO
- Healthcare Vertical Software
- Online Healthcare Services
Key topics addressed in the report include:
- Trends and analysis of M&A activity
- Transaction activity by geography and subsector
- Most active acquirers and selected deal highlights
- Valuation trends and key M&A drivers
- The growing role of AI, automation, interoperability and connected care
- How buyer priorities are shifting towards scalable, profitable and strategically relevant Healthtech assets
Top Buyers
The above graph covers the period between January 2021 and June 2026. Throughout this M&A report, median “trailing 30-month” multiples plotted in the graphs refer to the 30-month period prior to and including the half year.
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To read more about current M&A activity in the Healthtech sector, download the latest report below.